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Spring into action with a bad credit car loan

Spring into action with a bad credit car loan

 

Spring is technically here even though winter still has a
firm hold on some parts of the country. March and April are usually popular
months for car buying. The weather slowly improves and people begin venturing
out a bit more and planning for the year ahead. A car often features highly in
those plans. If you're in the position where you need a bad credit car loan, preparation and planning ahead is even more important. That's why we
wrote this post. 

Almost three quarters of car sales in Canada during 2014 were
made using finance. Much of that will be standard auto finance but some of it
will be made up of bad credit car loans. As a leading dealership network, we
have a responsibility to our customers needing such a loan.

So how do you prepare to buy a new car using a bad credit
car loan?

The short answer is pretty much the same as you would buying
though any other form of finance. Gone are the days when subprime lending was
on the periphery where special measures were needed. Now it's as easy to apply
for a bad credit car loan as it is a standard one.

Budget

Budget setting is the single most important aspect of car
buying. It sets the goalposts and will hopefully keep you under control once
you hit the dealership. It's all too easy to get distracted and fall in love
with something you can't afford. That's why knowing the maximum you can spend
is essential.

Check your credit score

Checking your credit score and tidying up your credit report
is another essential step in borrowing. Tidy up any loose ends, close any
dormant accounts, pay off any other outstanding debts as soon as you can and
add explanatory notes if necessary. The cleaner your report is and the more
effort that has gone into sorting it out, the more likely you are to be viewed
favourably by lenders.

An important aspect of preparing your credit report is
checking for accuracy. Now lending is computer led, mistakes can creep in
without anyone noticing. So while you have your report in front of you, check
everything and make sure it's all completely accurate and up to date.

Get pre-approved

We suggest pre-approval whenever we discuss bad credit car loans. It's a good way of making sure you can get what you want before setting
your heart on that new car. It will also help build a realistic budget and let
you know long in advance what kind of monthly payment you're in for.

Value your trade-in

We love trade-ins at Car Nation Canada. We can't get enough
of them. No, seriously, we can't. If you have a car you want to sell, bring it
to us and we'll make you a sensible cash offer. If you just want to sell,
that's fine. If you want to buy too, we will be happy to offset the trade-in against
the value of the car you buy.

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