Shopping for Bad Credit Car Loans: Why Getting Your Credit Report Matters

When you have poor credit, no matter the reason, it can make shopping for a quality used car a challenge. Even though bad credit car loans may be available at dealers in your area, you may not know where to begin with finding one that best suits your financial situation. However, we are here to get you on the right track and to let you know why getting a copy of your credit report is the first step you should take.

You Can Get All the Facts

If you have poor credit, then you may hesitate to look at your credit report. However, ignoring it may get you into deeper trouble because it might result in you getting locked into a loan with very high interest because you assumed you had no other option. Getting a copy of your credit report will let you know exactly where you stand before you begin to compare bad credit car loans.

You Can Fix Errors

You cannot fix mistakes on your credit report if you don’t read it. Accounts you have paid off but are still showing as open, incorrect addresses or phone numbers and other errors may be lowering your credit score without you knowing it. Look over the report carefully and if there are errors, contact the reporting company to have them corrected.

You Can Be More Informed

Knowing your credit score and having updated information concerning your credit report may make you feel more confident when you search for loans. Even if some lenders do not require a credit check for poor credit loans, you will still be in control when it comes to knowing as much as possible about your credit. This may also be helpful as you look at different makes and models because knowing your credit score can help you remember what you can afford.

Obtaining a copy of your credit report is one of the most effective steps you can make before you start shopping for bad credit car loans. You can shop with more confidence and find the most affordable loan possible.

Is It Safe to Purchase Used Cars?

While you are getting ready to buy your first car, you may wonder if it is safe to buy used cars. After all, you may like the idea of being able to save a bit of money, but not if it is going to compromise your safety. It is often safe to purchase a pre-owned vehicle, but it will depend on who you are buying it from. Instead of purchasing a vehicle from someone on the street who is selling one that they used to use, you should check out our dealership.

When you decide to get your vehicle from our dealership, you do not have to worry about it breaking down on you just weeks after you have purchased it. Each car that we have available has been carefully examined and tested. We make sure that it is not only safe, but also clean and comfortable for you to drive home with if you please. In fact, most of the options that we have still look new on the inside and outside. Your friends and family would likely not be able to tell that it was ever owned by someone else if you did not tell them yourself.

As long as you are buying from our dealership, you are in good hands. The vehicle will not only be safe for you to drive, but will also be in excellent used condition. You may think that your choices are limited if you decide to get a pre-owned vehicle, but that could not be any further from the truth at all. While you are on our lot, it would be easy for you to notice that we have many makes and models available.

We certainly feel that it is important to have a little something for everyone, especially since each person will have their own preference when it comes down to what they will drive. If you are ready to get your first car, consider checking out the used cars that we have available.

Car Loans: 8 Things You Need To Know

If you are looking to get a car loan in the Calgary area, but have bad credit, we’ve got some news for you: you still qualify for a bad credit car loan. It’s important that you get as much information as possible about car loans before taking out a bad credit car loan, so we’ve assembled 8 facts about bad credit car loans that can provide you with a general overview. Contact for details about bad credit car loans or for more information:

1. Everyone qualifies for a bad credit car loan with us – even if you have had a bankruptcy or have no credit at all. All of our customers should have equal opportunities to finance their car purchases, so we won’t turn anyone down from a bad credit car loan.

2. You have options. We will offer several options to each customer so that the customer can select the right bad credit car loan package that’s right for their unique needs.

3. You can get a bad credit car loan for a used car, or a used truck or minivan. Our car loan program is designed to help you by any used car you’d like.

4. It often takes people several years to repay their bad credit car loans. Speak with our lenders to determine exactly what type of loan program you will use. Your choice of loan program will determine the duration of the program.

5. You may pay a higher interest rate for a bad credit car loan than someone with good credit. However, because of the options that we provide, you should be able to find a bad credit program that suits your particular budget.

6. You can always refinance your bad credit car loan. As long as your repay your car loan and rebuild your credit, you will have the option of refinancing your bad credit car loan down the road. Contact us for details.

7. You can apply for a bad credit car loan online using our secure credit application.

8. It’s recommended that you complete a credit application for a bad credit car loan prior to looking for a car. By completing the credit application, you’ll know more about how much money you’ll be able to spend on the car. Therefore, completing the car loan application is the first step for many customers.

Contact us today to learn more about bad credit car loans and car financing in general. We’re always happy to help you get the right car at the right price!

Making the Right Financial Choice With Used Cars

When you do not have a great deal of money, but you are in desperate need of a vehicle, you might feel like your options are limited. This is especially true if you do not have the most ideal credit score. Luckily, there are many different ways for you to be able to get around these obstacles. Looking into used cars can help you to understand just how much you can save when you take time to do enough research.

Find Your Dream Car

There are hundreds upon thousands of different car types out there for you to explore. Most of these vehicles can be found used, which means that you are not going to have to worry about settling for a car that you do not like. Hunt down the right used cars for your needs and be impressed by how affordable the prices are. On average, most used cars sell for several thousand dollars, which can be a real boost to your confidence.

Find a Financial Plan

On top of the affordable prices of used vehicles, you might also be excited to learn that there are plenty of financing options available as well. The reason for this is quite simple: most lenders see financing used cars as a perfect reason for a short term loan. Whether or not you have great credit, you might be able to qualify for some of the more sensible financing options that are out there. Reach out and see who offers financing for the type of vehicle that you have been looking. Make contact and see what the terms and conditions of the financing might be. The more you learn, the easier it will be to feel like you are making the right moves.

If you are looking to drive a car, but are worried about your finances, you can do yourself a favour by looking into used cars. With enough research, you will easily be able to see all of the benefits of choosing this choice for your needs.

Your Guide to Securing an Auto Loan With Ease

Securing any type of loan is not easy, and securing an auto loan is no different. The process for securing the funds you need to purchase a vehicle can be time consuming, convoluted and downright frustrating. However, if you keep in mind the following advice before shopping for car loans, you can make the car buying process much less of a hassle.

Know Your Credit

A higher credit score means better interest rates, so if you have a good score don’t be afraid to brag about it. If the lender thinks that you’re unware of just how good your credit score is, they may try to undermine you by offering just average rates. Don’t let this happen, and make it clear from the get-go that you expect prime rates for a prime score.

If your credit score is not so great, don’t worry—you’ll still be able to get an auto loan. However, you may have to pay higher interest rates, so just take your time shopping around for the lowest rates your credit will buy you.

Set a Budget

Just because you have a great credit score does not mean that you should shop outside of your means. The dealership will probably try to convince you to take out more than you can afford because your credit can support it, but don’t do this. To set a realistic budget, add up all of your monthly expenses, including how much you plan to save each month, your yearly tax obligation and any other annual fees you have (property taxes, health club, etc.). Subtract the total from your annual salary and that is how much you can afford for a vehicle.

Show Up With a Down Payment

An ample down payment is the best way to reduce the amount you need to borrow and therefore, to make you more a more desirable borrower in lenders’ eyes. The less risk you pose the better, and a nice down payment is a sure sign of a safe debtor.

Car loans aren’t impossible to come by—just difficult. If you want to eliminate the hassle of car shopping, try the tips above.

Ways to Improve Your Credit Score

Your credit score is important. A credit report will likely be run on anyone applying for car loans. This report can help determine how much money you’re capable of borrowing and also the interest rate you’re awarded.

If you’re in the market for a car, it may be important to check your credit score before applying for a car loan. If your credit score is less than ideal, don’t panic! There are several ways to improve your credit rating. Some methods take longer than others before you start seeing results, so it’s important to stay focused and patient while you watch your score improve.

Make Timely Payments

One of the most important ways to improve your credit score is to make timely payments on existing loans. If you have a history of late payments, do everything possible to make the payments by the due date. Most credit card companies will allow you to change your payment due date. Use this to your advantage and structure payments around your pay schedule.

Pay Off Existing Debt

Lenders often look at your debt-to-income ratio when determining how much you’re qualified to borrow. If you have a considerable amount of outstanding debt on your credit report, perhaps consider getting a temporary second job and using the funds to pay off the existing debt you’ve acquired.

Open a Credit Card

If you’re a young person or are new to credit and borrowing, you may not have enough credit established to apply for a loan on your own. In this case, opening a credit card (and making all payments on time) can be a great way to establish some credit.

Credit is an important aspect of your financial well being. Making timely payments, paying off existing debt and establishing credit when you’re young are solid ways to improve your credit score.

Why Buying a Used Car From a Dealer Makes Sense

If you are in the market for a new used car, you have a couple of choices. The first choice is to buy from a private seller. This has many obvious disadvantages, including only getting to look at one car at a time. The second and we believe better choice is to buy from a dealer. The benefits to this approach for buying used cars are many and powerful.

Selection

Our lot is are filled with over a hundred great pre-owned cars for you to look for all in one place. It is like going to the candy store, with a large selection of desirable treats for you to drool over. You can consider sedans, trucks, crossovers, SUVs and other styles of vehicles, all in one convenient place. We also have a full assortment of price ranges, colors and ages. So if you are looking for a sports car that is bright yellow and priced under $10,000 we are likely to have it.

Convenience

Not only do we offer over a hundred cars for sale, we can also hook you up with financing. Our finance department can set you up with a loan that makes sense for your budget. We can work with you to get monthly payments that are affordable, and we can even take care of registering the car for you.

Relationship

When you buy one of our used cars, we hope to develop a lifelong relationship with you. Our goal is to take care of all of your car needs, now and into the future.

Buying a Used Car: How to Choose a Payment Option

When the time comes to buy a used car, there are many financial factors to consider. Perhaps your budget will narrow your used car choices, or you may not be aware of the payment options available. We are ready to show you some ways you can pay for your vehicle and to show you that the make and model you desire most may well be within your reach if you plan carefully.

Consider the Time Frame

As you consider payment options, one of the first factors you might want to think about is how long you will be paying for your car. Whether you secure a loan through the bank or choose in-house financing with us and depending on your credit, your loan could be as brief as two or three years or as long as five. It is important to understand the exact terms of the length of your loan before you sign off on a vehicle.

Give Yourself Time

Even if you find yourself needing a new vehicle for your commute to work or school, you should avoid jumping into a deal right away. Take the time to consider your options, as this may help you avoid hefty payments that might be hard to handle later on. For example, ask yourself whether your current car is a valid trade in or if you can secure a down payment that may help lower the cost of a vehicle.

Review Your Budget

One mistake many people make when they shop for used cars is to miscalculate how much they can afford to pay monthly. To avoid this error, you will need to factor more than just the car payment into your auto ownership budget. The cost of insurance, gas and other taxes and fees that will need to be paid when you purchase a vehicle should all be included in your budget to ensure you do not overextend it.

Buying a used car can be a challenge, especially if you are unsure of your payment options. However, being prepared and asking the right questions can help you get the car you want at an affordable payment.

Factors Affecting the Cost of Your Car

Everyone likes to get a good deal. When you are offered a low monthly payment on your car loan, that might seem like the best deal of all. In the long run, however, that low monthly payment might actually end up costing you hundreds of dollars more than you intended to pay. In order to understand the true total cost of car loans, you must look at three different factors.

Loan Amount

The initial amount you borrow is called the loan principal. The amount of principal you have left at the end of every billing cycle is one half of the equation that determines how much you will pay in interest. To lower the total amount you pay on the entire loan, it is a good idea to start with a lower principal. If you are able to pay 20% of the initial $25,000 cost in a down payment, that is $5000 of the purchase price that never figures into the interest you are charged.

Loan Rate

The other half of the interest equation is the interest rate itself. Bargaining for a lower interest rate can significantly reduce the price you ultimately pay for your next vehicle. A great credit score and other factors, such as dependable income, can lower your risk factors with the lender and thus can result in a lower APR, saving you a great deal of money.

Loan Term

A lower monthly payment might be tempting. When you accept a lower monthly payment, however, you are lengthening the term of your loan, postponing the date when the car will be paid off and costing yourself a lot of money in the process. You will pay significantly less interest with a 2- or 3-year loan term than with a 4-year loan.

When negotiating the terms of car loans, fight the urge to take it easier than your monthly budget can handle. Factor in the amount, rate and term of your loan to get the best deal overall.

Can You Get a Loan for a Used Car?

If you are like many car buyers, you want to buy a used car instead of a new one. For many reasons, that makes a lot of sense. You might wonder, though, if car loans are available for used cars. Generally, the answer is yes. Here are some things to consider when applying for a used car loan.

Think About Purchasing at a Dealership

If you need to finance your used car purchase, you should consider buying the car from a dealership. Generally, dealers are in a better position to finance used cars than other institutions. In fact, many dealers routinely finance used car loans. While there are exceptions, banks, credit unions, and financing companies generally prefer to finance new cars. Because they have a better chance of realizing a return on their investment with new cards, traditional financing companies often have rigorous application processes for used car loans. While you might ultimately be successful, getting such a loan from a conventional lender can be extraordinarily stressful. Thus, if you want to finance a used car, you should probably buy your car at a dealership.

Know Your Credit Score

Like with financing a new car, you will be better able to negotiate beneficial used car loan terms if you know your credit score. Before you start shopping for your car, request your score from one of the credit bureaus.

Don’t Choose Too Old of a Car

The newer your used car is, the greater your odds of securing financing. While there is no absolute limit, generally cars older than four or five years are more difficult to finance. On the other hand, if you run into trouble financing your older used car, you might look for a new car. Often, those who are unable to get a used car loan have no problem with new car financing.

Before you shop for used car loans, consider the unique challenges of applying for one. By knowing what to expect, you will be in a better position to secure financing for your used car.