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How to Find a Bad Credit Car Loan in Campbellville

How to Find a Bad Credit Car Loan in Campbellville

You can access car loans whatever your credit score and we think that’s a good thing. As long as your finances are in order and you can afford repayments, you’ll be able to find a bad credit car loan. There are things you can do to help your application though.

 

Our Campbellville auto loans team outlines some top tips to maximize your chances of qualifying for a bad credit car loan.

 

Bad credit car loans in Campbellville

 

Work with auto finance experts and you should be able to access the loan you need at a price you can afford. There are some ways to increase your chances of acceptance.

 

Here are just a few of them.

 

Prepare your position

 

Every borrower needs to check their credit report and credit score before applying for an auto loan. Check your report for accuracy, have any errors corrected, make sure all credit lines and closed accounts are correct and that your personal details are 100% accurate.

 

Check your credit score while you’re there. We’ll need to know this so we can accurately assess what kind of interest rate you’ll be looking at.

 

Know your budget

 

Setting a budget early is a core requirement of a successful car loan, bad credit or not. The auto industry is geared around making you spend money so you need to know early on how much you can spend on a car.

 

Do this as early as possible and fix that budget in your mind. Try your best to stick to it while in the dealership and try to not be seduced by upgrades, higher trims or optional extras.

 

Look at the whole loan, not just the monthly payment

 

Every borrower needs to look at the whole loan and not just at the monthly payment. That means checking the interest rate, the total cost of borrowing over the term and the term length.

 

We see many borrowers who just look at the monthly payment without considering just how much interest they will be paying over the term of the loan. You need to know everything you’re signing up for!

 

Check the contract for fees, extras and lock-ins

 

Some bad credit car loans come with fees and mandatory extras. Modest fees are often the cost of doing business, but any loan with mandatory extras should be avoided at all costs.

 

Lock-ins are clauses like early settlement penalties. Some loans will charge for early settlement in the first year or two, which is usually okay. Any loan that charges fees after that should also be avoided.

 

Don’t shop alone

 

If you’re not very confident, not comfortable with finance or with cars in general, we recommend taking someone with you who is. They can walk through the process with you and ensure you’re getting a good deal and ensure you know you’re getting a good deal.

 

Sometimes having someone around is just a reassurance that you’re being looked after and you have someone there with your interests at heart.

 

It can make all the different to your experience!

 

If you need help or advice on anything to do with auto loans in Campbellville, contact Car Nation Canada today, we can help!

 

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