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Self Employed Car Loans in Halton - All you'll Need to Know

Self Employed Car Loans in Halton - All you'll Need to Know

Unless you are independently wealthy, you will need to finance the purchase of a new car. If you are self-employed in Ontario, being able to access financing is not cut and dried.

 

Our team has put together an overview of the steps that must be taken when trying to find the best self employed car loans in Halton

 

Car prices are insane

 

The asking price for new and used cars are increasing by leaps and bounds. It seems like inflation and a microchip shortage have put a tremendous amount of upward pressure on car prices.

 

Inflation is also a major issue when looking for car loans when self employed in Halton. When prices rise, it eats into your bottom line making it more difficult to produce enough profit to service a car loan.

 

Having good credit is key

 

If you have good credit, it makes the process of getting a self-employed car loan much easier. Lenders are flush with cash that needs to be allocated.

 

Since these lenders are motivated to issue loans, you just need to conform to their underwriting requirements.

 

To access prime interest rate car loans, your credit score must be over 680. You can check your credit score for free with both TransUnion and Equifax, since most lenders use both credit reporting agencies be sure to review both.

 

Credit score under 680? You can still get a self-employed car loan in Halton but the financing costs are going to be higher.

 

Who offers self-employed car loans?

 

While the major banks are starting to provide financing for self-employed borrowers, it is a woefully under-serviced segment of the economy.

 

Lenders have a bias that if a borrower is self-employed, they are more likely to default on the loan. Nothing could be further from the truth, most entrepreneurs pour their heart and soul into their business.

 

You cannot find the best self-employed car loan providers online, these lenders do now use traditional forms of advertising to reach prospective customers.

 

To access these lenders, you would need to go through a brick and mortar car dealership. These dealerships work with a plethora of lenders including those that underwrite self-employed car loans.

 

The dealerships also have an inventory of new and used cars for you to choose from. If you went through a website that advertised car loans, you would still need to shop around to find a suitable car. With an insatiable demand for cars, you cannot take your time to shop around.

 

A benefit that most people don’t realize the local car dealership provides is access to credit rebuilding advice. The dealership wants to be the first place you go whenever you want to buy a car and will invest in that relationship by giving credit advice.

 

Even if you are self-employed with a car loan right now, you can speak with a local dealership to find out if they can help you trade-in your current car and get a better deal. You have nothing to lose, so why don’t you reach out to the dealership now.

 

We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP! 

 

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