Car Loans from the Loan Doctor in the Southern Ontario Area

Southern Ontario Bad Credit Car Loans

Used Car Financing for Everyone

The ability to experience the freedom associated with owning your own car is a liberty that every working adult should be able to enjoy. Untethered to the schedules of public transportation, you will be amazed at how liberating it feels to be able to drive anywhere, any time, for any reason. If poor credit has kept you from applying for financing for a car loan, it's time to stop delaying. Loan Doctor not only helps those with bad credit, but also actually specializes in bad credit car loans in the Southern Ontario area. While it's true that your interest rate may be a little higher than those borrowers who have good credit, the benefits of vehicle ownership typically far exceed the associated costs. To learn more, get in touch with Loan Doctor today.

Easy 3-Step Process
 

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!

 

Drive Away...

Congratulations on your new car! Loan Doctor will continue to work on lowering your interest rate even after you drive away.

Finding a Car when You Have Bad Credit in Southern Ontario

Finding a car can be difficult for anyone, but finding one when your credit is less than stellar can be even more difficult. Luckily, at Loan Doctor, we offer bad credit car financing in Southern Ontario for consumers of all types. Rushing into a car loan can lead you to sign up for one that won't give you ideal financial specifics. We'll work with you to find the financing terms that work with your specific situation, and we'll help you get behind the wheel of a car quickly. We are focused on offering car loan options for those with poor credit, and we believe everyone deserves a second chance. Give us a call or fill out our online credit application to learn more about our car financing options, and how we can help you meet your transportation needs.

Types Of Loans For Bad Credit And Auto Financing in Southern Ontario

If you think that bad credit and auto financing will only qualify you for a loan with an extravagantly large interest rate, think again. Due to the many types of loans available, you may qualify for a different type of auto loan even if your credit rating isn't perfect. Many people are unaware of the options available to them in the auto financing world. If you are afraid that your credit score will hold you back from the car of your dreams, then look into a type of loan that differs from the standard pre-computed loan.

A simple interest loan could be an option for you if you are financially savvy, just don't have the credit score to prove it. Instead of interest being calculated by month, interest is computed daily. If you have the ability to pay more than the balance of your monthly payments, then this type of loan is for you. Not only will you be able to raise your credit score by consistently lowering the balance on your loan, but you will be able to reduce your interest payments in the long run.

Bad credit and auto financing are able to go hand in hand when you use a car equity loan instead of a traditional one. These loans are meant for short time periods and their only downfall is that you will not be able to borrow the complete value of the vehicle from a lender. This will force you to pay off the full value of your new car in a short time period. Not only will this help you own your car free and clear sooner, but getting your car paid off will increase your credit score substantially.

Another type of loan that you might be able to get with not so great credit is an auto title loan. These loans are generally offered by small finance companies and may be more lenient when it comes to your credit history. Be especially careful when considering this type of loan. Although this loan may be a great option for bad credit and auto financing, the lenders offering this type of loan may do you more harm than good.

Used Car Financing for Everyone

The ability to experience the freedom associated with owning your own car is a liberty that every working adult should be able to enjoy. Untethered to the schedules of public transportation, you will be amazed at how liberating it feels to be able to drive anywhere, any time, for any reason. If poor credit has kept you from applying for financing for a car loan, it's time to stop delaying. Loan Doctor not only helps those with bad credit, but also actually specializes in bad credit car loans in the Southern Ontario area. While it's true that your interest rate may be a little higher than those borrowers who have good credit, the benefits of vehicle ownership typically far exceed the associated costs. To learn more, get in touch with Loan Doctor today.

Get My Application Started!
Finding a Car when You Have Bad Credit in Southern Ontario

Finding a car can be difficult for anyone, but finding one when your credit is less than stellar can be even more difficult. Luckily, at Loan Doctor, we offer bad credit car financing in Southern Ontario for consumers of all types. Rushing into a car loan can lead you to sign up for one that won't give you ideal financial specifics. We'll work with you to find the financing terms that work with your specific situation, and we'll help you get behind the wheel of a car quickly. We are focused on offering car loan options for those with poor credit, and we believe everyone deserves a second chance. Give us a call or fill out our online credit application to learn more about our car financing options, and how we can help you meet your transportation needs.

Types Of Loans For Bad Credit And Auto Financing in Southern Ontario

If you think that bad credit and auto financing will only qualify you for a loan with an extravagantly large interest rate, think again. Due to the many types of loans available, you may qualify for a different type of auto loan even if your credit rating isn't perfect. Many people are unaware of the options available to them in the auto financing world. If you are afraid that your credit score will hold you back from the car of your dreams, then look into a type of loan that differs from the standard pre-computed loan.

A simple interest loan could be an option for you if you are financially savvy, just don't have the credit score to prove it. Instead of interest being calculated by month, interest is computed daily. If you have the ability to pay more than the balance of your monthly payments, then this type of loan is for you. Not only will you be able to raise your credit score by consistently lowering the balance on your loan, but you will be able to reduce your interest payments in the long run.

Bad credit and auto financing are able to go hand in hand when you use a car equity loan instead of a traditional one. These loans are meant for short time periods and their only downfall is that you will not be able to borrow the complete value of the vehicle from a lender. This will force you to pay off the full value of your new car in a short time period. Not only will this help you own your car free and clear sooner, but getting your car paid off will increase your credit score substantially.

Another type of loan that you might be able to get with not so great credit is an auto title loan. These loans are generally offered by small finance companies and may be more lenient when it comes to your credit history. Be especially careful when considering this type of loan. Although this loan may be a great option for bad credit and auto financing, the lenders offering this type of loan may do you more harm than good.

How Do Car Loans in Southern Ontario For Used Vehicle Differ From New Vehicles?

Many shoppers come to dealerships unsure of whether they want a new or used vehicle, and look at the availability of car loans for used vehicles as one of the criteria toward their decision. These shoppers want to balance their car buying power with their budget. One way to do this effectively is to understand completely the differences between car loans for new cars versus used cars.

The basic difference between the two types of loans is based on collateral. Auto loans carry comparatively lower rates because they are secured by the card. The old adage that a car loses 10% of its value the moment you drive it off the lot also applies to the car loan. The minute you drive a car off the lot, your cost to secure a car loan for the same vehicle will suddenly jump several interest rate points. The best way to control this is to choose a car that holds its value.

This is a good strategy to use beyond the financing advantage. A car that holds its dollar value is holding its intrinsic value. That is, the car lasts longer. The finance companies recognize this and structure their loans accordingly.

If you are considering a used car, then you should recognize a second distinction: that of a very used car. After a car is several years old and has a significant amount of mileage on it (very roughly 100,000), its collateral value drops like a rock. It is generally a very unwise strategy to finance a vehicle that surpasses these limits. The lack of collateral power makes it so that you are in effect buying your used car with a credit card. This can be expensive.

As you draw this balance, work with the finance agent at your dealership. He can give you the current cutoffs for model year and mileage for reasonable used car loans, and show you particular vehicles that will match your budget for both the new and used vehicles on the lot.

Find out how much the vehicle will cost to insure

Insurance rates are based on many factors and percentages including how many accidents a particular model has been in. The differences may surprise you so it's always a good Idea to call and check before deciding on a vehicle.

Will the vehicle fit into your driveway or garage? Sounds funny, I know but it wouldn't be the first time a customer takes their new car home only to find its too tall for the garage or to long for the driveway! Don't worry though; Your Loan Doctor Specialist will let you try it on for size!

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How To Get Approved For A Car Loan With Bad Credit

Having a low credit rating does not have to stop you from getting the things you want and need, like a new car. There are several reputable companies that can assist those with credit issues and help get their car loans in Southern Ontario approved. How you might ask?

First of all, many of these companies specialize in financing people who have credit problems due to divorce, bankruptcy, repossessions, credit counseling, are new to the country or are paid with cash and tips.

Their primary goal is to provide cars to as many people as they can, even those who are not the most ideal financing candidates. Many of these businesses even take things a step further and continue to offer support once a loan has been approved and a car is purchased. They will keep on working with you to get your interest rate down and your credit score up so that you can enjoy the financial benefits of better rates.

If you have had struggles in your life that have affected your credit standing, know that there are options out there for you that can help you attain the things that you require.

Find Low Interest Car Loans At Your Dealership

Most people who purchase automobiles finance their purchase. For this reason, they look for low interest car loans in Southern Ontario. The interest directly relates to the monthly payment: a lower interest yields a lower monthly payment. After the customer goes through the fun of finding a new car, she goes through the work of finding a reasonable car loan interest rate.

There are several strategies to finding the minimum interest rate loan available. Some loan shoppers begin by checking the internet and searching for loan rates common in their area for their particular vehicle. They many not necessarily go with one of these lending houses, but they will note the various rates and get a feel for the market.

A next step can be to go to individual financial institutions in the area, and get a specific quote. Some shoppers worry that they are taking up too much of the lending agencies time, but the dollar amount of the loan generally precludes this concern. One of the best places to start is at your own bank. They know you through your long-term relationship, and you can often leverage this for the lowest rates possible.

The power of visiting various agencies is that they will be induced to compete for your business. This is a strong incentive to drive your financing rate as low as possible.

How To Use Auto Finance To Repair Your Credit

You may find the idea to re establish your credit with auto finance to seem ludicrous, particularly if you are facing exceptionally bad economic times. Why would anyone finance you such an expensive item when you have had such difficult times with your loans? The fact is that, even though your credit rating may be ruined, you may be surprised to find that you can purchase a vehicle. In fact, purchasing a vehicle on credit may be the best step you can take to getting your financial reputation back on track.

Most people rightly assume that the availability for loans differs according to their credit rating. Of course, a person would rather make a loan to someone with a track record of regular payments as compared to a person with a track record of defaults. In addition, people understand that the poor state of the current economy limits the flow of money, and subsequently limits the money available for loans. Many people look at these two things the poor economy and their poor credit rating as a one-two punch, and let themselves hit the mat.

Fortunately, there is something that trumps both the economy and the credit rating: the need for businesses to keep selling. The car dealership business, in particular, cannot afford to wait for a growing economy and take only customers with sterling credit ratings. They would not stay in business long with that attitude. They understand that the majority of their clients will buy on credit, and they understand that a large number of those clients may be dealing with credit problems, particularly during this economy. They will accept many customers with credit problems in order to keep their sales moving.

This is a wonderful situation if you are looking to re establish your credit with auto finance in Southern Ontario. You have someone willing to give you a substantial loan, where you may not otherwise find one. If you stay current with the loan, your ability to keep such a large loan current will go a long way toward repairing your credit rating.

Better Credit For A Better Loan

If you have a history of defaulting on payments, or making late payments, your credit has likely taken a hit. At this point, obtaining financing for a vehicle or any other purchase can be difficult. But with the right steps, you can improve your credit, get a car loan in Southern Ontario, and ride off into the sunset in your dream car.

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When looking for ways to clean up your credit, you should first obtain a copy of your credit report. Once you have looked over your report, you may also want to meet with a credit counselor to give you ways that are specific to your situation that can help to improve your credit. Better credit can often lead to better rates on an auto loan, and this will save you money in the long run.

South-Western Ontario, Bad Credit Car Loans

Regardless of your past credit issues Loan Doctor can help

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