How to Finance a Bad Credit Car Loan in Canada

How to Finance a Bad Credit Car Loan in Canada

Posted on March 3, 2023

Do you have poor credit? Don’t worry; we aren’t going to tell anyone about it. Our mission is not to judge you but show you how you can find a bad credit car loan in Brinbrook for 2022.

The reality is most Canadians are less than $200 away from having to go into serious debt or bankruptcy.

According to our research 53% of the population, this is more than the number of people who voted for our last Prime Minister, but we are not here to talk politics.

What Constitutes Bad Credit Car Loan?

The average credit score in Canada is around 660, so anything over that, and you are doing great.

Typically, if your credit score is under 600, then you are classified as having poor or subprime credit.

Don’t feel bad; we cannot stress this enough!

Your credit score is just a number, numbers can change, and we’ll explain what needs to happen for your score to move into positive territory.

Credit Building 101

You cannot fix your credit until you first get the lay of the land, which starts by ordering a free copy of your credit report from TransUnion and Equifax.

Each of these reporting agencies will keep detailed information on your financial interactions with creditors.

Should you notice any mistakes inside your credit report, you need to go through the proper dispute channel that the agencies have posted on their website.

When you are going through the dispute process, keep detailed notes on all of your interactions.

The government has laws in place that protect consumers from the damages caused by inaccurate credit reports, but you need to notify the agency about those errors.

While you are looking over your reports, note the score that each agency is reporting; this is your starting point. You may have poor credit right now, but that can all turn around for the better in a few months.

Do you have any accounts that are in collections or past due? While keeping all of your current obligations current, come up with a plan to get these delinquent accounts current as soon as possible.

Your credit score will not fully recover until these delinquent accounts are brought up to date.

Where to find Binbrook car loans for borrowers with poor credit?

There is a way you can access poor credit car loans today.

However, these lenders are not found online. The marketplace for people with poor credit is relatively small, and the lenders who offer these loans cannot scale the business because of the labour-intensive underwriting that comes with these loans.

The only way you can get access to a poor credit car loan is with the help of a professional car dealership in your community.

The dealership has an extensive network of lenders that specialize in these poor credit car loans; the dealership will be able to negotiate a fair deal on your behalf and get you behind the wheel of a new car.

By working with the dealership, you can test drive and go home with a new car today, so you should contact them right away.

If you're ready for a car loan, we'd love to help with that! simply fill in the form below to get started.