If you have bad credit or no credit but still need to buy a car, chances are good that you are concerned about whether or not you will be able to qualify for a car loan in Ottawa. The good news is that when you apply for a car loan with our dealership, you can be sure to get one regardless of whether you have bad credit or good credit.
Here are a few things that you need to know in order to get an excellent car loan for a reliable car that will last for years to come:
Before you apply for a car loan, it’s important to understand what credit is and why credit is an important factor in your car loan in Peterborough. Credit is an accumulation of points related to your past financial decisions. When you have a history of making wise financial decisions, you will have positive points attributed to your credit. However, if you have made bad financial decisions or do not have a long credit history, then you will have negative points applied to your credit.
How credit impacts a loan
Based on your credit score, lenders will determine how much of a loan to give you and what interest rate to apply to that loan. If you have a good credit score, you may be able to qualify for a higher loan and lower interest rate. If you have a bad credit score, you will still qualify for a loan with us, but you may qualify for a smaller loan and a higher interest rate than those customers with good credit. Keep in mind that you will still be able to get a safe and reliable car from us even if you do have limited credit opportunities – so don’t worry about that aspect!
How to apply
Whenever you take out a car loan, you’ll need to start the process by completing a credit application. The credit application is designed to provide us with information about your credit history and current financial situation. Based on your credit application, we’ll be in a better position to design a loan program that suits your budget and lifestyle without being difficult for you to afford. You can start this process online using our online credit application.
Contact us today to learn more about how you can qualify for a no credit or bad credit car loan in Ottawa today!