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Electric Car Loans with Bad Credit: How to Find a Deal

Electric Car Loans with Bad Credit: How to Find a Deal

If you're looking for decently priced electric car loans with bad credit, these suggestions are going to make your life a lot easier.


However, before our Copetown auto loans team shows you how to navigate the world of EV financing, we need to spend a little time looking at the many benefits that come with owning an EV.


To be fair, there are some additional considerations that you need to bear in mind when shopping for an EV.


Should you buy a used electric car in Copetown?


The EV used market is growing in Canada, there are some great bargains to be had, but you need to have the right approach.


When buying a used gas-powered car, you would look at mileage, condition of the vehicle, and whether it was properly maintained. EV used car buying is different.


How to assess the condition of a used EV


The first thing you need to look at is the overall condition of the battery. This is not something you can do yourself, but turn to an expert or insist on dealing with a reputable local car dealership that performs their own comprehensive inspection of all used EVs they sell.


The average rate of range degradation is 1%-2% per year, how the car was charged and maintained directly impacts this.


Since the EV used market is fairly new, you should only buy from local, reputable dealerships. While most Canadians are honest, their EV could have a serious electrical problem that may end up costing you thousands to repair.


By going through a local dealership, you don’t have to worry about any of those underlying issues.


Taking a look at your financial situation


When you have identified the used EV you are interested in buying, you need to work out your budget and determine what you can afford.


When looking at your budget, what you are currently spending on gas could be allocated towards your car payment.


The money you will be saving on gas, when compared to the costs of electricity no matter where you are living in Canada, is the difference between day and night.


Understanding your credit


Once you have sorted out your budget, you need to look at your credit score and understand why it is mediocre. It could be something as simple as not having the right mix of credit products, or you could be carrying high balances on all of your credit cards.


The best way to overcome these credit challenges is by speaking with a credit expert at your local car dealership.


You will need financing to purchase your used EV, and you will not be able to identify the best lender on your own.


When you work with a local dealership's in-house credit expert, they will show give you a step-by-step plan on how to raise your credit score and get a competitive used EV car loan in Copetown.


The biggest takeaway from this experience is you are going to have complete peace of mind knowing you are making the right decision.


The EV market is going to change the automobile industry in Canada, and by being an early adopter of this technology, you stand to save thousands and help the environment.


We’d love to help you find electric car loans with bad credit. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Burlington dealership. 


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    Categories: EV motoring