Car Loans With Poor Credit History

Car Loans With Poor Credit History

If you believe that with bad credit history having car loan Mississauga is a difficult task then read below to check out secrets so as to get approved. You have to keep 3 major points in mind. These points are: 1) the lender. 2) Credit score. 3) Interest rate.

Cars loan Toronto and credit score: credit score can affect directly the ability to get the loan. If you will score bad then it will be very hard to get loan but it wont be impossible. You have to find out what exactly your score is. You can do this by getting copy of the credit report from the leading credit report agencies on internet.

Lender: If you have a bad credit history then there are chances that you will put down by the traditional lenders like banks. The reason behind is that they are liable to get high volumes of business. The best thing is to look for lender which specializes in lending people who have poor credit history.

Interest rate:< /b> If you want to have loan but your credit history is bad then it will be very expensive. Poor credit rating can lead to higher cost of borrowing.

Horseshoe financial is a company that specializes in getting approved car loan in spite of your past financial history. Team of experts focus in helping people who have gone through financial challenges. We believe in helping people to overcome from all kinds of financial problems, bad credit, bankruptcy, repossessions, low income, divorce, self employed, divorce. Our team is experts in clearing full range of money hurdles. We concentrate on achieving 100% approval of our clients. We also carry the confidence to reach the goal. We always work so as to find good solution for you. We confidently say we will get you a solution for driving. With Horseshoe Financial one can do everything. Prior you shop get Pre-approved for lowest possible rates. Start car buying procedure with great confidence!!
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Question by : Please help! Someone who knows about poor credit car loans.? My husband and I went through some tough financial times last year. He has multiple sclerosis and we had a lot of medical bills not to mention he had to take off unpaid time from work while he was sick. He went back to work now and I am also working (after being off work for almost a year due to being layed off, I am a nurse). Anyways, we ended up having to file bankruptcy a year ago. We are trying to get back on track now. Our lease is up this week and we need a car to get to and from work. We were approved at one of those "buy here pay here" car lots for people with bad credit. The problem is, all of the cars are over-priced and have high mileage. I have found another larger car dealership that advertises that they can get you approved for car loans even if you have had bankruptcy or reposessions. They have brand new cars for less money than the "buy here pay here" car lot and would be under warranty. We are supposed to go there tomorrow to look at some cars, I told them I have very bad credit but they said for us to still come in and they will try to work something out. The car I have found is only $ 12,000.00 and I am planning on putting $ 1,000.00 down-payment. We make a combined total of $ 4,800.00 per month now. It seems that they don't really go off of your income, they go off of your credit score and ours are horrible. My question is, should I even go into this dealership that says they can get car loans for people with bankruptcy and repos and apply for credit, or just go to the "buy here pay here" lot, spend more money and get a car with 100,000 miles on it????? And please, I understand we got ourselves into this situation and we will pay an incredibly HIGH interest rate IF we do get approved, but please don't be rude. We are very hard working people, we weren't charging up our credit cards and being irresponsible. We had a sudden medical condition come up and then I lost my job.. Our only fault is that we didn't have enough money saved up to stay afloat when my husband got sick, but were only in our late 20's so we never expected something like that to happen. Does anyone have experience with getting car loans with VERY bad credit, but good income now???? Any tips or anything I need to know? Thanks and please don't make me feel any worse than I already do about our situation. Best answer for Please help! Someone who knows about poor credit car loans.?:

Answer by I, me and myself
You best bet is LEASING the car. I tell you why. For a 12k vehicle, tax and license is already over your down payment (depending on what state you live in). You are going to finance...lets say 5 yrs. They are going to sell this car to you at around 20 percent interest rate. Why? because you have bad credit and putting down LESS THAN 33 PERCENT. Most places (their banks) are afraid of approving you with such a little down payment. So your payment would probably be greater than if you lease the car. For leasing, you are still going to pay tax and license up front; but the rate is almost the same for one with bad ..or good credit. If you dont put alot of miles into the vehicle, leasing is right for you!

Answer by Uncle Bo
Filing BK might kill your credit rating, but you can still get a car loan. I see it happen every day. Income IS important! Once the banks see BK, they will either ignore you or look at other things, like debt to income, time on the job & residence, etc. The thing the banks like is that you have no other debt, so they feel you are a decent risk and know they will get their money. You seem to have a good income. Your down pymt is a problem; it should be closer to 20-30% of the price of the car. Why have we not been saving money? I would not get all wrapped up in buying a certain car. Find something that will work, then run an app and see if a bank will approve you. Find a car with low miles and only 1-3 years old. No older luxury cars or high end; this is not the time in your life to buy a status symbol. Have you looked into buying out your leased car? The leasing company might sell it to you. They might even finance you. If the car is still good and you can get a decent price for it, I would seriously look into that. The leasing company may not be interested but it is worth a toll free phone call. Have you tried getting a car loan online? Capital One and other offer them. What about joining a credit union? Have you talked to your bank about a car loan? Explore all your options. Make BHPH lots your last choice.

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