Shopping for a New Car with Bad Credit in Stoney Creek

Shopping for a New Car with Bad Credit in Stoney Creek

Posted on March 1, 2022

Whether we like to admit it or not, debt is what fuels our modern economy, and having a poor credit score drives up the costs of everything. In some instances, having poor credit can prevent you from taking new jobs or even buying a new home.

If you have poor credit, we are going to help you get back on a solid financial footing and still buy a new car with bad credit in Stoney Creek.

We will keep everything simple and easy to follow, so let us begin.

Are you able to afford a new car payment?

This is not a rhetorical question; everyone in Canada wants to have a reliable car but owning a car comes with a high financial cost.

The average car loan in Stoney Creek can easily reach five hundred dollars a month. For a typical car, luxury car payments can easily reach $900 or more per month.

One of the main reasons that consumers are able to finance these purchases is due to the low-interest rates being charged.

Covid-19 has forced the Government of Canada to print money via quantitative easing and, at the same time, prevented the Bank of Canada from raising interest rates.

This has caused a massive amount of inflation, pushing prices higher in all sectors of the economy, including automobiles.

Once interest rates begin to rise, and they once the pandemic restrictions are lifted, then you could be priced out of the car market for quite some time.

That was quite the tangent but getting back to your budget, you should make sure you can handle a $500 monthly car payment plus insurance, maintenance, and fuel.

Fuel is especially important since oil prices are reaching pre-pandemic highs.

Assessing your poor credit

You may have poor credit, but you could have average credit! The only way to know with certainty is to get free copies of both your credit report and score from Equifax and TransUnion.

There is no cost for this; you just need to go through identity verification.

When you receive the reports and scores, look them over for potential mistakes.

Never presume that the reports are 100% accurate; should you come across any errors inside your report, you must go through the dispute page on the respective agencies' websites.

Even if there are no mistakes, it doesn’t hurt to stand on top of your credit.

How to Access a Great New Car with Bad Credit in Stoney Creek

Your best and frankly only viable option is working with a car dealership specializing in poor credit car loans in Stoney Creek.

They will know which lenders would be willing to provide you with a car loan and can also show you how to repair your credit.

While you may have poor credit right now, you can start working on rebuilding your score and getting a new car at the same time.

However, you will need to take the first and most important step, which is reaching out to the dealership today and find out what is the maximum car loan you can get.

We’d love to help you find the perfect new car with bad credit in Stoney Creek. Simply fill in the form below and we’ll get back to you ASAP! 

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