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Bad Credit Truck Loans In Canada: Your Easy Guide To Approval

Bad Credit Truck Loans In Canada: Your Easy Guide To Approval

When we talk about cars on this blog, we also mean SUVs, crossovers, trucks, vans, and other vehicles too. We use the term car for convenience so we don’t bore you with a long list of vehicle types every time we write.

 

However, there are times when we need to get specific. Like when you want to finance a bad credit truck loan. Which is what we’re going to discuss today.

 

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Our Stoney Creek auto loans team is going to explain the exact steps you need to take to buy a truck with bad credit. We hope it helps.

 

How to Buy a Truck With Bad Credit

Whether you need the truck for work, rest, or play, there are ways to keep costs sensible even when you have bad credit.

 

Do the following and you should find your truck becomes a lot more affordable!

 

Check Your Credit Report

Everyone should check their credit report regularly. Get a copy from TransUnion or Equifax and check it for accuracy, to make sure everything is correct, and that accounts have the right amount or are marked closed when they have been settled.

 

Then check your credit score as we need to know your starting point so you can measure any improvement.

 

If you have time before you apply for a bad credit truck loan, do what you can to improve the score. Pay down credit cards, settle outstanding debts, and set up automatic payments so you have a spotless payment history.

 

Save for a Down Payment

Down payments benefit every auto loan, bad credit or not. They reduce the amount you have to borrow and can reduce the interest rate you’ll pay. A down payment insulates the lender from a loss if you default, which lowers the risk, which results in a lower rate.

 

The more you can put down, the less you’ll need to borrow, which also lowers the risk. If you don't have the luxury of time to save for a down payment, no-money down car financing is always an option, but it's not preferred.

 

Prepare Your Trade-in

If you have something to trade in, now is a good time to fix it up so it looks its best. That could be as simple as giving it a thorough clean inside and out or be more difficult.

 

The more you can do to make the car look ready for a new owner, the better. Balance the need to spend money on parts and repairs against the potential future value of the trade in.

 

Only spend money if it seems worth it. Otherwise, save it for the down payment.

 

Come Visit Our Auto Loans Team!

When you have a down payment, boost your credit score as much as you can, and prepare your trade-in, come see us.

 

We can work with you to assess the ideal loan amount and loan term, find you a great deal on a bad credit car loan, and get you through preapproval.

 

We can probably find you a great bad credit truck loan while you’re here!

 

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

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