Is there Hope for Car Loan Approval with Bad Credit?

June 21, 2017
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Is there Hope for Car Loan Approval with Bad Credit?

Sometimes when you have bad credit it can feel like you will never have a nice vehicle that runs good. But that simply isn’t true. Winnipeg bad credit car loans are available for all sorts of credit types through Auto Excell. You just have to know what you are looking for when you are in the market for auto financing in Winnipeg. You want to make sure that taking on a new loan will actually help you build your credit back up and get you on the right path again ready to take on other bigger debts like a mortgage ect.

Consider the following when you are looking for a car lot to offer you a bad credit car loan in Winnipeg.

  1. Will the Loan Get Reported to Credit Bureaus?
  2. Will the Dealership Work with You in an Emergency?
  3. How Much Interest Does the Company Charge?
  4. Do They Require a Big Down Payment?

Credit Bureau Reporting

Ask any company you choose for a bad credit car loan in Winnipeg if they will report to the major credit bureaus. If you are going to buy something as big as a car you should at least get credit for making your payments on time and in full, this will assure that you are getting the best credit score. Most companies will wait until you have made three consecutive payments on time and then they will start reporting. Just keep in mind that they also report if you don’t pay on time.

What if There is an Emergency

Most Winnipeg used car dealers understand that sometimes an emergency might happen. People get sick and can’t make it to work or kids get sick and the parents have to stay home. Talk to the dealership in the very beginning an ask them what happens if you need to make a payment a few days late. Do you have a grace period? Are they going to come and take your car if you are two days late? These are things you need to know before entering into any type of agreement. Auto Excell’s wonderful staff can help you with all the questions and concerns you have!

Is the Interest Outrageous

Some companies take advantage of people who are looking for bad credit car loans in Winnipeg and charge them outrageous amounts of interest. While it is true that you will pay a higher rate of interest if you have bad credit, some places go overboard. Always review what interest rate you are being offered. You can compare interest rates online to find out what is a good deal. Winnipeg bad credit car loans shouldn’t have outrageous fees or interest rates. You can always check out the cost of a car using our car loan calculator.

Beware of the Big Down Payment

While most companies that offer Winnipeg bad credit car loans are reputable an honest, you should be aware that there are companies just looking for a quick buck. If a company offers a car loan but requires an unusually large down payment they may be hoping to get your money and then repo the car. They take your big down payment and as soon as you are a day late they come and get the car to resell to someone else. You are out your down payment and there is nothing you can do about it. Instead choose a company with reasonable terms for your Winnipeg bad credit, car loans. Auto Excell always looks for the best option for all of our clients and wants to help you in every way possible!

If you are in the market for a bad credit car loan in Winnipeg please contact us today and let us help you!

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