Car-shopping is a piece of cake for some people.
If you have good savings, you can buy a car outright. If you have good credit, you can get a loan with no problems. But unfortunately, for a large chunk of the population, savings are non-existent and securing a car loan isn’t so easy.
As with any big purchase that requires loan approval, the anxiety that your credit rating might not be up to scratch is a common one. I mean, how many of us actually know our own credit score before we apply for a loan?
But when your worst fear proves to be true, anxiety quickly turns to bitter frustration and disappointment. And to think you scoured the web, visited numerous dealerships and private sellers, booked countless test drives, only to get rejected for finance when you finally found a car you like!
Doors that were once open are now closed when you have bad credit. That’s just the way our financial system works. Once your credit rating drops into the red, it can be tough to dig yourself out of that hole.
Fortunately, the solution is right at your fingertips.
The Bad Credit Conundrum
If you're worried about bad credit affecting your chances at getting approved, you're not alone. In Canada, 20% of the population has a credit score below 600. That means one-fifth of the population has what’s known as "subprime" credit.
But bad credit doesn't mean you're a bad person. Life happens and mistakes get made. And while there are lessons to be learned on the road to financial literacy, your credit rating shouldn't hold you back from getting the things you need.
And you’re here because you need a car. Not only that, a car loan is a powerful tool for helping you rebuild your financial world.
What do we mean by this?
You need a loan to buy a car. The loan itself will help you rebuild your credit score as you make regular payments. Unfortunately, the Big Five banks and other financial institutions generally won’t lend to individuals with bad credit. So, you’re stuck with no car to drive and no loan to help you rebuild your credit profile.
How the Banks View Bad Credit
Banks are in the business of lending money, but these overly bureaucratic institutions don't possess the flexible infrastructure to so readily help credit-challenged car buyers. And instead of looking closely at the details of your personal situation, they let your credit score dictate their decisions.
It means that no matter how ready you are to improve your credit score and get back on the road to a better financial position, the banks aren’t the likely saviours to help begin that process.
But there is a growing number of lenders and dealerships that can help; you just need to know where to find them…
You CAN Buy A Vehicle With Bad or No Credit! Here’s How...
If you have bad credit or no credit, there's hope!
It is possible to secure a loan, buy a vehicle, and boost your credit score at the same time.
Innovative online companies are creating new pathways for you to secure a loan if you have bad credit.
In the past, the banks usually had the final say on your loan approval credentials. But not anymore. Canada Drives has disrupted the status quo, working diligently to get you approved for a loan no matter how credit-challenged you are.
One of Deloitte’s Best Managed Companies in 2019, Canada Drives connects you to dealerships and lenders who specialize in subprime loans.
Canada Drives automatically narrows down your search by matching you with partners that can help. And when the time comes to pick out your car, you’ll shop confidently with a pre-approval in your back pocket.
Having poor credit makes it feel as if the doors of opportunity are locked to you. But Canada Drives is the key to a new car and your golden ticket to a better financial standing.
Whether you have bad credit, good credit, or no credit, Canada Drives makes car shopping a piece of cake for everyone! Apply today for FREE and see what you’re eligible for.
Doors that were once open are now closed when you have bad credit. That’s just the way our financial system works. Once your credit rating drops into the red, it can be tough to dig yourself out of that hole. Fortunately, the solution is right at your fingertips. 10/15/2019 4:53:00 PM 10/15/2019 4:54:00 PM