How to Find Bad Credit Car Loans in Flamborough

How to Find Bad Credit Car Loans in Flamborough

Posted on January 4, 2022

In Canada, you need a car if you want to lead a normal life. While most of us are working remotely due to the pandemic, it is just a matter of time before we all return to the office.

Even if you plan on working from home fulltime post-pandemic, you will need a car to do errands. Our auto loans team is here to help you find bad credit car loans in Flamborough if you need one.

Facing credit challenges

If your credit score has recently taken a hit, you know how difficult it can be to get a Flamborough car loan or any type of credit related service.

Since the onset of the pandemic, lenders have tightened up their underwriting processes and, only the most credit worthy borrowers can get an ultra-low car loan.

All is not lost, we have done the research and will show you how to easily find bad credit car loans in Flamborough, these suggestions will work anywhere though.

Taking stock of your finances

The first step is to list all of your income sources, there is a growing number of Canadians that have more than one income stream.

You need to print up copies of your income documents that show how much money you are receiving and from what sources. Prospective lenders need these documents if you want to get approved for a car loan.

Now get a free copy of your credit report from Equifax and Transunion and look it over for any errors. In the unlikely event there are mistakes, they could weigh down your credit score.

You should make it a habit to check your credit report often, identity theft is a serious problem and you could be a victim of it.

Potential causes of a low credit score

The most likely reason your credit score is low, is unpaid debts that are past due or have already gone to collections.

You should contact the creditors where the accounts have gone into collections and negotiate a settlement. This settlement would be in exchange for payment, the creditor will remove the account from your credit report. If the creditor is agreeable to this request (most will agree) then get it in writing.

After you have paid off the accounts that have gone into collections, you can focus on paying down the balances you owe on your current debts.

How to get bad credit car loans in Flamborough

If you need a car fast and cannot wait the time it takes for your credit score to increase naturally, there are options available.

You can find car loans by going to your local car dealership that specializes in second chance credit. These dealerships will already have working relationships with all of the lenders that specialize in bad credit car loans.

You will need to pay a higher interest rate because of your bad credit score but the dealership can help you refinance the car loan to a lower rate once your credit score rises. The good news is you can still get a car but you should move fast before the Omicron variants wreaks even more havoc on the economy.

For any questions, concerns, or inquiries. Please don’t hesitate to contact us here! 

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