A Beautiful New Ride because of a Car Loan in the Fort McMurray Area
Are you itching to trade in your old vehicle for a newer ride? Are you currently without personal transportation, and ready to take the plunge? Whatever your situation may be, Loan Doctor can help even if you have poor credit. In fact, we are specialists when it comes to getting difficult car loan applications approved. Our network of banks whom we partner with are typically much more flexible than many other types of lending institutions. This means even if you have been rejected for car financing in the past, we still may be able to get you behind the wheel. If you are looking for bad credit car loans in Fort McMurray or surrounding areas, please give us a call or better yet fill out our online credit application!
What You Need To Know About Auto Finance in Fort McMurray
For consumers preparing to go make their first car purchase, the world of auto finance can be both confusing and overwhelming. There are some fundamental basics that are important to understand before heading to a dealership. Auto Finance What You Should Know is the kind of financing you qualify for and how you will be required to repay it.
Before applying for a loan, it's good to have a ballpark idea of what kind of vehicle you'd like to get and how much you're willing to pay for it. Do some homework by researching different dealers on the Internet. When you sit down with a lender, you will be asked to fill out an application. This application will include a credit inquiry and some basic information about your current employment and income. With a completed application and an idea of the vehicle you're hoping to purchase, the lending institution will be able to approve or deny your financing and share with you the terms.
Almost all auto financing is made in three or five year terms. The longer the term, the lower the monthly payment. While this may seem attractive at the outset, it also equates to more interest being paid over the life of the loan. No matter the term length, the interest you pay on your car loan will be directly tied to the interest rate the bank is willing to offer you. This number is best understood by looking at the Annual Percentage Rate (APR). The APR reflects the interest rate you pay annually on the loan's balance. For example, a 10% APR on a C$10,000 loan would equal a C$1,000 interest payment.
Before agreeing to a loan, make sure you clearly understand your payment options, prepayment penalties, total number of payments, and the exact amount of any down payment you're bringing to the purchase. Armed with this information, you're ready to take your financing and buy the car you've been waiting for!
Find out about parts availability
What is the price of commonly needed parts such as brakes or exhaust? If there are generic brands available from auto parts stores, it may help bring down your repair costs. Be cautious with cars that were pricey when new, especially if they're selling very reasonably as used vehicles, since their parts can be astronomically expensive.
You might be better off buying a slightly more expensive mainstream car than a cheaper model of a luxury brand if the brake job or water pump on the exotic is three or four times the price.
The Basics Of Car Finance
Car Finance does not have to be a complicated science for you, the consumer. There are, however, some things that you need to know before you embark on your new car purchase process. Since there normally is not a course everyone takes in high school about real world, and more specifically, car finance, it is important to school yourself.
Where do car loans come from?
Car loans in Fort McMurray can come from a multitude of sources. If you're lucky enough to have a friend or family member that will loan you money, that is fantastic. Most of us are not that fortunate. Your local bank or credit union will most likely be the provider of your loan because car dealers generally do not finance vehicle purchases from their own lot.
What are the parts of a car loan?
The loan principal is the total amount of money you borrow. After you decide what your budget for a new or used car is and you decide what kind of vehicle you'd like to buy the process is just beginning. You then have to find a lender willing to give you that principal amount you need to purchase the car. This amount will vary depending on the type of vehicle you want to buy as well as how much money you are able to put down on the car initially.
Arguably the most important aspect car finance is the interest rate you will be paying on your loan. Interest is how lenders make their money. You are charged an interest rate on the amount of money you borrow and it is calculated as a percentage.
The length of your loan is known as the loan term. The term is the number of months or payments you agree to have the loan paid off by. Common loan terms are 24, 36 and 72 months.
The final aspect of car finance is the monthly payment. The size of each monthly payment you make will determine how long it will take you to pay off the loan. It will also determine how much interest you will pay over the course of your loan and how much money you will end up paying in total.
Used Cars Can Still Have The New Car Smell
If you are looking to purchase a car, a used car is a great option for many people who might want to save some cash and still get a great vehicle. Even though the savings involved in buy a used car versus a new car can be substantial, a loan might still be in order.
Luckily, easy used car loans are commonplace in today's car market. Many websites offer accurate price look ups on used cars for free. You can search by make, model and year and get a reasonably good idea how much that car might cost you at a dealership or from a private seller.
Once you've chosen a price range and a car, start shopping for a car loan in Fort McMurray. As the credit environment has loosened, easy used car loans are more available to consumers. Furthermore it is becoming more common for car shoppers to choose used over new because of the savings, with this used cars are flying off dealer lots so act fast.
Getting Approved For A Car Loan in Fort McMurray Is Easy
Getting a car loan should not be a big hassle. The last thing you want to do when you are getting ready to purchase a car is fill out mounds and mounds of paperwork. You want to get in that car and start driving, right? That's why we offer easy car loans so you can get in, get financed and get out on the road.
One of the reasons it's easy to finance with us is because we don't make you jump through a bunch of hoops to get qualified. There is no extensive credit checks and we approve you no matter what type of credit you have. Bad credit, no credit even bankruptcy is no problem. You need a car and we want to finance you quick and easy. Buying a car should be an exciting experience, not a long, drawn out stressful experience. Many banks and credit unions will only approve you if you have good credit. They might look at past work history, past loans and it can take a long time to finally get an answer. Shouldn't getting a loan be easier than that?
Our friendly loan officers will make sure you quickly get approved for a car payment you can handle. They will not get you into a payment you can not afford. There's nothing worse than getting in over your head and having to pay more than you can afford. You still need money for other things and your car payment should not take up your entire paycheck.
Getting Financed For A Car Even With Slow Credit
If your credit report shows that you have a history of paying your bills late, that does not have to prevent you from getting slow credit auto financing. You can still get a car loan in Fort McMurray and get into the car you want.
Falling behind on bills is something that happens to a lot of people. Maybe you got into a loan payment that was too high and you weren't able to keep up on payments therefore your credit suffered the consequences. But there is always the chance to start over and to get into a payment you can afford. If you want to purchase an automobile but don't think you can get financed, you just need to talk to someone who can help you find a payment you can manage each month.
Slow credit does not have to prevent you from getting a new loan. Many people have bad credit and even bankruptcy but if you finance through the right company, you can get approved and be able to get a car you want. The key is getting a payment that you can afford. If you sit down and make a budget of your debt to income ratio, you will be able to find a payment you can realistically handle. Don't think about buying a car you know you can't afford, because you may just end up back in the same situation of having a payment that you can't make each month or that you fall behind on.
Getting slow credit auto financing is getting a second chance to prove you can handle a car payment. Talk to someone who can help you figure out how much you can borrow and what type of payment you can afford. Just because you have no credit, slow credit or bankruptcy, does not mean you can�t get a vehicle. It's important to be able to get from home to work or school and back home again. Having reliable transportation is necessary and we can help you get slow credit auto financing.
Have You Got A Couple Minutes?
Regardless of your credit standing, whether or not you qualify for a car loan in Fort McMurray can be assessed in a matter of minutes. Quick Car Loans are only a few minutes away with many lenders.
The application process is as simple as providing a current address, employment information and your personal income details. After submission, a credit specialist will be able to view your application and arrange a time to speak with you. Provided you have a driver's license and are currently employed, a quick car loan should be all but had.
Deciding whether or not a car loan is feasible for your personal situation is not a decision you will have to make on your own. A loan adviser will speak with you, clarify your personal credit situation and help you to pick both a vehicle and car loan that will fit your individual situation. A new ride may be only a few clicks away!
Making Car Financing in Fort McMurray Easier for You
People with damaged credit may find that it is difficult to obtain financing for another car. Yet anyone with a commute to work or with kids who need to go to school must have some form of transportation and the bus isn't always a viable solution.
At Loan Doctor, we know that bad credit could be due to circumstances that are out of your control. We can work with you to negotiate easy car loans. With a network of several banks, we have the resources to offer terms that are acceptable and comfortable.
With a specialization in damaged credit, we can make car loans happen when others have struggled. Our borrowers come in with frustration and, after working with us, leave with the financing they need for the car they want.
Car Financing in Fort McMurray Made Easy
There are several factors and components to traditional car financing practices that can make those looking to finance a new vehicle feel apprehension about the process. However, now auto financing options are available for nearly every situation and individual. It can be easy to find a dealership or bank that will cater to your specific needs and financial situation.
In order to gain access into these car financing deals, conduct a quick online search in order to seek out reputable dealerships and banks who may be able to help you into your next vehicle. Don't hesitate just because you think your credit score or financial history might stop you, you might be surprised at the wide variety of options that could be waiting for you. Apply for your car loan today at Loan Doctor.