3-5 min read.
Canadians buying cars today with bad credit, no credit or even good credit can all normally agree it can be a difficult time finding the right car, price and best financing rates available. Getting a loan specialist is a great way to help with any difficulties or for getting better loan rates as they can shop around with all trusted Canadian Bank institutions.
Use our help tips below to best get you approved for your next car loan purchase.
Any Credit & Car Buying Help
When you apply for any loan today your credit score is going to factor if you get approved or denied. Someone with a higher credit score might not be as big of a risk to financial institutions compared to someone who has bad or no credit.
Canadian credit scores normally range from the low of 300 to a high score of 900 total points. Depending on your score it will make you and your possible loan specialists job easier or more difficult but not impossible.
If you have bad or no credit usually repairing your credit rating seems almost impossible when your credit sits below average (650). This is why a lot of customers can normally fail at getting any decent options and sometimes will take whatever is given.
Thankfully, there are lenders who specialize in poor, bad and no credit car financing loans. We have put together a list of our top 3 ways to help get your next car loan today in Canada.
#1 Starting a Savings Plan
When you start the process to save for a down payment on your next car purchase the chances of it being approved will normally be higher with a larger down payment. The more you can save for a down payment, the better equipped you will be while also making it more manageable longterm. Establish a savings goal today and get saving as soon as possible as every little bit can truly make a difference.
# 2 Find Cheaper Ways Daily
Your current and previous spending behaviour is normally calculated so saving dollars can sometimes mean as much as making more dollars. Here are a couple of ideas to start saving today while possibly improving your next car purchase.
- Do you buy new music? Try listening to the radio or cheaper apps more often.
- Do you buy new books? Try the library. They always have new books that you can borrow for free.
- Do you go out to the movies? Try renting or sticking with streaming/cable options. If you have kids this can save even more.
- Do you eat out a lot? Try eating out less or look for cheaper places to eat that you still like. You can also look for 2 for 1 coupons or Buy or find a Book/App and normally eat at the places that have coupons only.
- Do you spend a lot of money on your hobbies? Try spending less frequently or finding other hobbies that cost less.
- Do you buy a lot of new clothes? Try sticking with your current closet for a little longer, or selectively buy clothing items that coordinate with what you already have.
- Do you take expensive vacations? Try something less expensive or closer to home for your next trip.
- Eat at home or buy less snacks on the daily run as this really can add up.
If you are able to make some of these possible changes into your daily lifestyle, you can be well on your way to improving your your next car loan and purchase.
#3 Compare Loan Providers and Rates
Did you know?…Some car loan specialists can also include finding you the best local vehicle options in your approved budget with their province wide car dealership searches prioritizing your ideal car matches.
Buying your next car by comparing all the loan providers including their rates is always a great way to understand the long-term commitment and possible savings available. There is a selection of lenders who can help bad or no credit car buyers obtain affordable car financing, not all loan options are created equal and explained simply.
Remember when you purchase your next car or truck in Canada that using a car loan specialist might be the best way for you to start saving today even though its your next big expenditure.
Our car loan specialists know exactly what it takes to rebuild your credit and enjoy helping customers succeed at getting the best auto loan(s) and car(s).
*These tips are mainly for getting a car loan today in Canada but many of these tips can be used to save money and help get you a future loan for a home, RV, retirement, vacation or paying off your debts.*
Head Office: Canada’s Auto Loan: Langley B.C.