Bad Credit Car Loans and Auto Financing Burnaby, British Columbia
Burnaby auto loans for bad credit in British Columbia
If you have credit rating problems, Loan Doctor can still get you approved, the interest charged on your auto loan will be higher, however this will improve your credit score, and allow lower interest rates in the future.
Making as large a down payment as possible will reduce your monthly auto loan installment which will help you go in for a shorter loan term.
Trade in your old car to cover the as much of the down payment as possible. If the value of your old car is greater than the down payment amount, do not be tempted to pocket the extra cash. It is always better, in this case, to increase the amount of the down payment and reduce the duration of the auto loan or the monthly installments.
Deciding on the auto loan duration is not only about the money you save on interest. It also depends on how long you plan to keep the car. The rates of depreciation for different models vary. If you are planning to replace your car in 3 years and the model you have has a high depreciation rate, you will not get much of a resale price for it.
However, if you are planning on keeping your car for a long time, the rate of depreciation is not so important. This is an important issue that many people overlook.
You may be asked to provide credit insurance, which the dealer will be able to arrange for you. But before taking this route, check if any of your existing insurance covers this. If so, compare the rates before deciding how to proceed.
Always get in writing the amount you will have to pay each month. Some auto loan plans have very low initial installments which are compensated by larger payments in later months. You must be sure of your auto loan liability for each month of the loan period.
Buying A Car With Bad Credit
Purchasing a car can already be a tricky experience with finances involved. However, it is even more difficult for those with a bad credit score. Bad credit car loans in Burnaby are still possible here at Loan Doctor. We understand how tough it can be having poor credit, as well as how vital it can be to have a car at your disposal.
This vital form of transportation is needed to get to work, run errands, take care of family members, and more. The bottom line is, a car makes many aspects of life much easier. At Loan Doctor, you will be able to sit down with an experienced lender who can go over all of the details with you and ensure that everything is understood. Finding the best option for you is now easier than ever.
Loan Doctor Offers Great Rates on Car Loans in Burnaby
Loan Doctor offers amazing rates on car loans. For each of our customers, we prepare a rate package that we can stand behind as being the best available. We offer a variety of rates and terms to choose from. Our loan specialists are highly-trained to find the best options available for every applicant we work with. We start with a simple online application.
Shortly after receiving the completed application, we will schedule a brief in-person appointment. At that stage, our customers will typically go ahead and pick out a car. Our packages are so great that there is little incentive for them to search any further. Plus, we aim to make the process as seamless as possible. Our credit specialists ensure that our clients are fully satisfied, and we even follow up after the entire process is complete.