Bad Credit Car Loans in Windsor Ontario
Your Approved! We say that alot around this dealership!
But Seriously, We know that bad things can happen to good people, life can come at us full-speed without warning and turn our credit upside-down. We are here to ease the pain when you are searching for How to get a car loan with bad credit…. luckily, you don’t need to worry about the ‘How’ because we can handle that for you.
Windsor Auto loan seekers with bad credit or no credit looking to finance a car with bad credit should be prepared and enter the car buying process with the understanding that they’ll probably pay a higher rate than someone with decent or good credit (not always), but don’t let that turn you off or discourage you from getting the vehicle you need and deserve.
There are bad credit car loans for people with less than perfect credit available, but you do need to be careful when shopping for one to make sure you aren’t overcharged or taken advantage of. Let’s break down the art of getting financed for a car and landing an easy approved car loan approval with bad credit.
First, Let’s take a look at the different Loan Types – Options and Differences
Secured Bad Credit Car Loans
Windsor Auto Loan Lenders usually offer lower interest rates compared to unsecured financing because the vehicle itself guarantees they will get their money back… seem’s fair enough. The financing rate you could get can be as low as 4 percent but this really depends on your personal credit score and credit profile. Windsor Ontario Lending institutions usually offer funding in the amount up to $30,000 (sometimes more), and the interest rate is usually fixed over the repayment term. Secured car loans for people with borderline bad credit are offered with:
• Up to 95% percent loan approval rate
• Typically little or No down payment required (but always better if you have a down-payment)
• Varying amounts based on the collateral
Unsecured Bad Credit Car Loans
This bad credit car loan option is the more costly of the two because of the lack of collateral and the higher risk involved for auto loan lenders.
• Less risky for applicants
• Typically a Higher down payment
• More difficult to find a lender
• Interest rate of up to 10 percent or higher than secured loans
By comparing multiple quotes from multiple auto loan lenders, you will have a greater chance of finding the right auto loan solution for your current personal financial situation. Despite the fact that everyone has just one credit score, not all lenders view that score from the same perspective. What’s acceptable to one lender may not be acceptable to another… (we could never figure that one out?)?. By shopping around for your bad credit auto loan in Windsor Ontario, you can find the best auto loan option guaranteed!, and many lenders even specifically cater to Windsor Ontario Car buyers with less than stellar credit scores. That is why our bad credit auto loan experts will help save you a great deal of time, money and frustration and help you get on the road as quick and painless as possible.
Here are some additional tips to save money on car loans when you have bad credit or no credit:
- Choose a shorter-term loan. A three-year loan, for example, tends to carry a lower interest rate than a five-year loan.
- Purchase a newer car.
- Avoid pricey add-ons.
- Shop around for your loan.
- Make additional payments when possible.
- Make a Larger Down payment
- Find a co-signer
Like everything else, “bad” is a matter of opinion and subjection, we have seen so many people in our Windsor Auto Dealership assume they have ‘Bad ‘ credit when in all reality it wasn’t really that bad at all. If your credit score is borderline, some lenders might still see you as a good prospect, while others would see you as more risky.
We always encourage bad credit auto loan seekers to shop around, however we are pretty confident that we are the best Windsor Auto Dealership option that can help you with your bad credit auto loan today!
Apply for financing today and get:
- Same Day Approval
- $0 Down Payment (available)
- Consultation with specialists in all types of credit
- Cars with payments to fit any budget
Car financing is way too hard, especially if you have bad credit or no credit, Let our Bad Credit Car Loans in Windsor experts help get you the lowest financing rates possible and best terms in Ontario.