After that bankruptcy discharge, your life still needs to go on. Now, you do not want to try living in Canada if you do not have a car to run errands, drop and pick children at school, or maybe you need a pickup truck for work. Living without a good car is very hectic. However, this could very well be the case for you after the bankruptcy superintendent put a mark akin to the infamous 666 mark of the beast on you, and declared to every creditor in Canada that you cannot be trusted with debt.
Bankruptcy is not the end
Bankruptcy is not the end of the road for you. New Car Now can still make it possible for you to drive the car of your dreams. But my credit history plummeted after the bankruptcy, you think. And sure it did, but tell you what, if a person who has no credit history at all can drive a car, so should you. In a very simple online process that will just take a few minutes of your time, you can be the owner of a new car.
Here is a sneak peek at the process to getting your approval for a car loan whether you are on good, bad or no credit:
Make your application online
The application is fast, as it is done online. You just fill a simple online form and submit it. Once the approval is complete one of our company’s finance manager gets in touch with you to discuss your application in detail.
Get approval and select your car
The approval is done almost immediately. Once complete, you get to choose the car that you want from a wide range of the available options. At New Car Now, we work with many dealers who have many varieties of cars. You will get whatever kind of vehicle you are looking for.
Car delivery
Our customers do not need to bother themselves picking the car of their choice. Our company ensures that the car is delivered to your doorstep, thus saving time and making you a happy client.
Credit rating
How bad is your credit? Before you can even start looking for a car loan in the market, find out. Get your credit report. For a small fee, you can get your credit report online from the credit reporting bureaus. That way, you can check whether the report has any errors so that you can have them addressed. If your credit score is too low, you will find it hard to access credit in banks and other financial institutions. You can however benefit from bad credit car loans.
Just to enlighten you, your credit report is an interpretation of numbers, that is, the credit score, which is then used to determine your chances of defaulting on a loan, say, in two years of taking the loan. The score starts at 300 to 900. Now, if your score is 350, well, the probability of defaulting on a loan payment in the next two years is considered very high. You are a high risk borrower and banks will either turn you down or give you the loan at very strict terms.
If your credit score is between 750 and 799, chances of defaulting on a loan payment are considered very low, say, about 2%. Now, with that knowledge, get your credit report from Equifax or any other credit referencing agency. You will be required to pay a small fee and to show identification.
Customer Based Solutions
At New Car Now, we will examine your financial position and then develop a plan that suits your situation best. As long as you have been in a job for the last three months, there will be a payment solution that you will find easy to manage. To arrive at a good figure, we may require to know your other monthly obligations.
Competitive interest rates
All said and done, your chief interest here is to get an affordable auto loan at a low interest rate, but with bad credit, you have your doubts. However, in Canada, bad credit does not mean you should not drive a good car. We will find you the best deal.
Consider the use of the vehicle
When taking a bad car loan, it is important to bear in mind the purpose of the car that you want to purchase. Ensure that the vehicle you choose fits your exact purpose. It should not contain unnecessary, excess features, especially when the features come with an extra cost.
Recent Comments