All loans are processed through our local dealer partners. Approved loans are for the purchase of a vehicle from our local dealer partner. For quality control purposes we limit the number of authorized dealers in each area.
It is not uncommon this day and age to find yourself in a bad credit situation. There are many different reasons this may have occurred but the reality is, regardless of your past financial decisions, you still need a car! A bad credit score should not limit your chances of securing reliable, affordable transportation.
Despite your less than perfect credit, which will obviously play a role in determining which lenders you will be able to work with and the kinds of loans you will qualify for, The Finance Guys is dedicated to finding you the best vehicle for your budget.
In order to secure a bad credit car loan, there are a few minimum requirements we ask customers to review. Remember, even if you don't meet every single requirement, it is worth taking the 3 minutes to submit an online finance application. We may be able to work with you to get you approved for a car loan. We typically require:
At least $1,800 gross monthly income required for credit scores less than 625.
All Bankruptcies or Proposals must be in good standing.
Canadian Residents at least eighteen years of age.
Loans are for automobile purchases from our authorized licensed car dealer partners.
"Bad credit" typically refers to credit scores under 625. There are a number of reasons a person might find themselves with a score that would be considered bad credit: Late payments, maxed out cards, bankruptcy, repossession, etc.
The good news is you are not the first one to get stuck with bad credit. There are options in place for people that require special financing.
How is Approval Established
Payments on a car loan are typically determined by three main factors: the principal, the term, and the interest rate.
Principal: This is the total cost of the vehicle including any fees that the lender or dealership add on for the car loan.
Term: The term is defined as the length of time that payments will be made for. Typically, the term will run anywhere between 36 months (3 years) and 72 months (6 years), although it is not uncommon for loans to be granted with longer or shorter terms.
Interest rate: This is the percentage that the lender will be charging you to borrow the money for your loan. Interest rates can vary depending on whether the vehicle in question is new or used, and the risk the lender perceives in lending the money.
Late Payment: If there is any late payment, the late payment is determined by the lender and the financial institution the consumer is accepted by.
When you get a car loan you are typically making payments back to a lender rather than to the dealership. That being said, some dealerships will offer in-house financing, which might allow a customer with bad credit to get an auto loan in instances where they otherwise would not have been able to. In this case the car loan is directly with the dealership or “in-house”.
The Finance Guys has the lending resources you require to get you into your next vehicle. We have a directory of lenders and dealers throughout the country that can work with your less than perfect credit to secure an auto loan. Fill out our quick and secure online application to get the process started!