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Things have never looked better for those needing bad credit car loans. In Alberta, lending institutions and private lenders have begun to offer products that specialize in bad credit car loans for those with credit problems. The good news is that these products focus more on your ability to repay a car loan rather than on past or bad credit history. The result? Institutions and Lenders competing for bad credit car loans.
With increased competition comes lower Annual Percentage Rates (APRs). In essence, borrowers - even those with bad credit - can now access very competitive new and used car loan rates with flexible repayment options, usually pre-approved on the spot!
The beauty of these programs is this: while getting back into a vehicle and driving, you’re also rebuilding your credit history!
Many of these bad credit car loans do not require any security or down payment; however, the ability for you to provide a down payment helps to lower your rate of interest and monthly loan repayment amount.
Tips to Securing a Bad Credit Car Loan
The following tips will help you to not only secure the best car loan for you, but will also help with the next step; how to lease or purchase a car.
Evaluate Car Cost
Evaluate the cost of the car you wish to buy. In the case of older cars – 4 to 6 years old – it’s wise to check the market value. A simple way to do this is by checking to see what your desired car has sold for on Ebay within the last few weeks.
Choosing a Bad Credit Car Loan Provider
Once you’ve determined the market value, and depending on the amount of finance you need, it’s time to choose a car loan provider. There are hundreds of online auto loan companies, all making it easy to submit online car loan applications. But choose carefully. Consider using a company that is affiliated with credible organizations.
Used Car Insurance
You’ll need insurance. A reputable car loan provider will have relationships with insurance providers that specialize in insuring new and used cars, and should be able to provide you with a free, no obligations quote.
Extended Car Warranty
Protect yourself: Depending on the age of the car you want, there may be time remaining on the original warranty. Before it expires, consider an extended warranty to cover you against the cost of major repairs down the road. A reputable used car loan provider will be able to offer you an Extended Warranty.
Used Car Safety Data
Vehicle safety ratings, crash-test results, recalls, customer complaint data and other important safety-related information can be provided by a reputable car loan provider.