Many people across Ontario are dealing with poor credit. Whether you have poor credit because of a past bankruptcy, failure to pay a loan, or a simple lack of credit history, it is still possible to get a car loan.
Poor credit impacts auto finance in a few important ways that you should be aware of when you approach a lender for a loan. Here's what you need to know:
Anyone can get a loan. It doesn't matter how bad your credit is, it is possible to get a loan if you approach the right lenders and have a sound financial plan to give them. People with poor credit can still secure auto finance options.
Know your history. When you go in for a loan, your lender is going to do a credit history check. During that check, the lender will come up with information relating to your credit history, such as bankruptcies or failure to repay a loan. Therefore, be prepared to address each issue in your credit history that lenders may ask about.
Two Minute Application
Quick, easy and secure credit application. This is the first step in rebuilding your credit and getting the vehicle you want.
Choose Your Vehicle
Loan Doctor has access to thousands of cars, trucks, vans and SUVs across the country. We finance all makes and models!
Congratulations on your new car! Loan Doctor will continue to work on lowering your interest rate even after you drive away.