Welcome to Creditcarz, where thousands of residents of Alberta and Northern B.C. have already come to get the credit approvals they needed on reliable used cars. Poor credit no longer prevents people from getting automotive loans in Canada. Creditcarz looks beyond your credit score and examines your current situation to help obtain auto loans for people with bad credit in Canada. No other company does more to help finance a car with bad credit in Grande Prairie.
Bad Credit? No Credit? Bankrupt?
Typically all you need is a valid driver’s license, a void cheque, and proof of employment. Your current address should match the one on the driver's license, but exceptions will be granted if you’ve lived at your current residence for less than 3 months.
The rate is all credit-based and decided by the bank. A good finance person can help by calling the bank and requesting a rate break on the customer’s behalf. Again, it's all based on good or bad credit.
Money down is not always needed to purchase a vehicle. The times we require a down payment is when the approval is for less than the total cost of the vehicle you desire. In those instances, the difference would be needed at the time of signing in the form of money down. Sometimes, depending on the credit situation, the bank will ask for 10% of the financed amount down.
This all depends on a couple of things: the approval, the length of the loan period, the price of the vehicle, and, of course, whether there's any money down. All that can be added to the equation to come up with the payment; however, the bank does usually have a max payment for the customer with the approval.
If you make your payments on time each month and never miss an installment, the lending institution will begin to see you as a safer investment. Most often, after 10 – 12 months of proper payments on your car loan, you will begin to see your interest rate drop. In some instances, this can be as much as 50% of the previous rate, depending on where you start out.
This is a grey area and can be done but never by the same financial institution that you originally signed with. However, it can be done with another institution if they accept the application.
Yes, you can. In fact, it is recommended to pay a little bit extra whenever possible. It goes to the principal directly, reducing the remaining payments and the accompanying interest sums, while also potentially shortening the loan term.
At Creditcarz, our representatives do not determine the interest rate on your loan. Rather, once we have your information, we shop around between the half dozen leading banks and lending institutions we regularly deal with and in turn present you with the best package for your current needs. Banks determine their lending rates after assessing your level of risk liability, which is governed by many different factors, including credit rating, vehicle type, and other financial measures.