How to Get a Car Loan With Bad Credit in Calgary, Red Deer and Surrounding Areas
Getting a Car Loan with Bad Credit
It's a common problem; you're in need of a car, but countless lenders have refused to finance a loan. Luckily, with Car Max Canada, getting a car loan with bad credit is easier than you think. With our services, you will be on the road in no time. However, before you try getting a loan, there are a few steps and some things to consider.
How bad is Your Credit?
If you are not completely sure how bad your credit might be, you should keep in mind that everyone has three credit scores: Equifax and TransUnion. Each Credit Score is based on information that the credit bureau keeps on file and one score may be more valuable than the next. It is possible to see your annual credit report online for free, but viewing each of your Credit Scores may cost a small one-time fee. Knowing your exact scores can help you in the long run.
Consider a Co-Signer
A co-signer is an individual other than the borrower that has good credit and becomes equally liable for payments when they sign a loan. Having a co-signer help you in getting a car loan with bad credit is a great idea, but comes with its own set of risks. If you are late on a payment, or miss it entirely, then your co-signer has to pay. This will damage both of your credit scores. It is advisable to use a co-signer if you are absolutely certain that you will be able to make payments.
When applying for a car loan, you want to show proof that you are dedicated to making payments. Just because you have bad credit does not mean that you defer all of your financial obligations. Bring along a recurring utility or phone bill. Another good idea when getting a car loan with bad credit is to open a bank account and save up for a down payment. A little time and effort on your behalf will get you a loan for a used vehicle in no time.
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Car Max Canada is located in Calgary, Alberta and also serves Red Deer, Lethbridge, Grand Prairie, Fort McMurray, Medicine Hat, Airdrie, Cochrane, Okotoks and Strathmore.