Getting a bad credit car loan may have its perks, after all. Many of our Saguenay customers who have bad credit are concerned when they initially approach us for a car loan because they think that they will either not be able to afford a car loan or that they will not qualify for a car loan in the first place.
While people with bad credit may have to pay more for a car loan and may qualify for a smaller car loan than someone with perfect credit, getting a bad credit car loan can actually be a good thing for your long term credit.
Your current credit situation is based on an accumulation of all of your past credit decisions. These credit decisions good and bad are evaluated on a points system. You get negative points for bad decisions that you may and positive points for good decisions that you make. For example, if you have to declare bankruptcy, you'll have negative points. However, if you repay a car loan, you'll have positive points. Therefore, even if you currently have bad credit, by making good decisions now, you'll be able to slowing improve your credit so that when you go to apply for a car loan down the road, you'll qualify for a greater loan at a lower interest rate.
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.