Credit Challenged and trying to avoid Public Transportation? We have your Solution!

Your own vehicle provides you with much needed freedom when planning outings.  Having your own form of transportation provides ease as many last minute plans are now easily accessible.  Taking public transportation in the summer and during Covid-19 is a hassle.  There are delays, you are surrounded by many strangers, and getting to your destination is not as easy.

As Ontario has begun entering Stage 3, 99% of businesses look to be reopening.  Chances are that you’re going to be going back to work but will want to stay safe by staying away from public transit and taking your own vehicle.  This means that public areas will be significantly more busy – public transportation will become more crowded. ⠀

Especially with Ontario’s warm and humid summer this year, your own air-conditioned vehicle makes transportation that much more enjoyable. 

Many individuals count themselves out from a new vehicle because of credit concerns.  While understanding your credit score can seem daunting, here at Autoloansca we work with we believe that everyone deserves to find the car they are looking for, regardless of any credit challenges you may be facing. Let us take the wheel and eliminate your use of public transportation, to make your auto loan experience as easy and stress-free as possible.

Here are some typical credit issue you may be facing and explanations to help simplify your worries:

Bad Credit

If your credit falls somewhere between 300 and 600, you’re technically classified as deep subprime (300 to 500), subprime (501 to 600) or nonprime (601 to 660). A credit score within these ranges also means that you have what is considered to be bad credit. While hearing that you have bad credit may scare you, it is still possible for you to obtain a car loan. When the banks say “no”, there are easier ways to get car finance. Lenders are often specialized in helping customers with bad credit and can help you get approved for a vehicle that fits both your budget and lifestyle – this also provides a great opportunity to rebuild your credit!

No Credit

Are you just starting your undergraduate studies or simply have no credit because you’ve never had any bills or credit cards in your name? Well, there’s no need to panic. Not having prior credit may impact the interest rate on your car loan, but it shouldn’t stop you from being able to obtain a car loan. If you fall into this category, try to find an auto loan company that understands your credit issue (or lack thereof). AutoLoans.ca has a team of highly trained individuals ready to answer your credit questions.

New To Canada

When you are new to the country you likely have little to no credit. Again, this should not hinder your ability to obtain a car loan. The Royal Bank of Canada recommends that when you’re starting the application process, you should have the necessary documents ready. The documents required include your landing papers or permanent residency card, your driver’s license, your Social Insurance Number (SIN) and proof that you’re making at least $1800/month (proof of employment can be verified using pay stubs from your employer). If you’re new to the country and are still unsure about how the car buying process works, Autoloansca is here to help out and answer further questions.

Bankruptcy

The Canadian Government defines bankruptcy as a “legal process that can provide relief to honest but unfortunate individuals who are unable to pay their debts.” A bankruptcy may be the only option for some individuals who really have no way to get out of their debt crisis. It’s important to work with an auto finance company that understands how bankruptcies work and how best to get you approved for a car.  Autoloansca as a great deal of experience working with customers who have declared bankruptcy.

Lenders will approve car loans for individuals with credit challenges like we’ve mentioned here, but they will not lend to those who make a habit of accumulating debt and defaulting on loans. It’s important that you budget for your next vehicle loan carefully. Once you’re approved and the car is delivered to you, make sure that you make regular payments towards your car loan. By doing this, you’ll appear less risky to lenders in the future, your credit score should increase and you should be able to refinance at a lower interest rate within 12 months.

Eliminate your need to take public transportation with your new vehicle!

Have you been thinking about buying a car lately? Do you follow up these thoughts with, “I’ll never get a car loan, my credit is so bad”? Well, worry no more! AutoLoans.ca wants to turn your driving dreams into a reality (despite your credit score), so fill out an application here today and a member of our staff will get in contact with you.