http://www.carloanskingston.ca/ There are some steps you can take in order to obtain used car financing that allows you to get a good car for an affordable price.
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Have Bad Credit
If you have bad credit, you might despair of ever getting financing for a car. There are some steps you can take in order to obtain used car financing that allows you to get a good car for an affordable price. If your score is on the border between “good” and “bad”, then each lender may view your score differently. For example, our loan officer might view you as a good prospect when another lender would consider your history to be too big of a risk.
Seek a second opinion.
The first step you should take is to seek a second opinion. If you have already been rejected by another lender, gather your own credit history information and bring it for a second analysis. This is especially true if your first loan rejection came about for a mortgage. Car loans have a shorter term and are easier to repossess, so a lender may be much more willing to give you a loan for a car than for a home.
Find a lender who specializes in subprime loans.
Your second step may be to find a lender who specializes in subprime loans. Our loan officers might be able to work you into a loan with a decent interest rate and reasonable payments. This is because subprime lenders often have resources that other lenders haven’t sought out.
Another great step to take is to ask someone to go with you as you negotiate the loan. Your friend may have an unbiased attitude toward the terms of the loan. While you might be desperate to get into a car loan, your friend may help you to remain level-headed. If they are willing, your friend (or family member) may be willing to cosign on the loan with you.
Stay focused on the terms of the loan.
Step four is to stay focused on the terms of the loan. Don’t get distracted by low monthly payments as the interest rate rises. Stick to a reasonable interest rate and if the loan term extends beyond five years, then you probably should not buy the car. You should also beware of too many add-ons. Leave out the goods and services that you don’t really need.
Even when you have bad credit, you can still get a loan for that used car you have been eyeing. Just stay focused on the long-term consequences of the loan and don’t get discouraged the first time you speak to a lender. Let our loan officers show you some different options.