Applying for a Bad Credit Car Loan
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, Canada Auto Finance 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 $1,500 gross monthly income required for credit scores less than 625.
- All Bankruptcies must be discharged.
- No repossessions in the last year unless included in a bankruptcy.
- 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.