Buying a new or used car is a major purchase. Regardless of your budget, you likely don’t have cash to hand the dealer for your car. If you did, life would be much simpler. Instead, you must choose a car loan that will provide you with the financing. Bad credit doesn’t have to stand in your way – you simply need to explore your options.
Too many people throughout Quebec give up all hope for getting a nice car because they have bad credit. Having bad credit doesn’t have to stop you from getting the car that you want. There are many loan companies and dealerships that will work around your bad credit, providing you with the amount you need to buy the car you want.
Especially if you earn enough money to afford a new car, you don’t want to be denied credit. Past mistakes shouldn’t limit you from buying a brand new car if that’s what you want and that’s what you can afford. Unfortunately, not all lenders see it that way. However, there are loan companies and car dealerships throughout Quebec who do believe in providing you with a loan if you make enough money to afford the payments.
Even if you’re not looking for a new car, there are still loans out there for you. The lenders you need when you have bad credit are ones that are willing to look past your credit score and focus on your earning potential. As long as you have a job and you’ve been at it for a while, often your credit score is ignored completely.
Before you go car shopping, it can be advantageous to know exactly what you can afford and how much of a loan you can be approved for. This way you can avoid time at the dealership. It can also help you avoid looking at cars that are way out of your price range. It’s best to deal with this kind of disappointment in the comfort of your home as opposed to at the dealership.
There are plenty of lenders and car dealerships willing to work with you. It’s best to find out which ones will work with bad credit in Quebec and narrow in on what they are looking for before you complete an application. Once you find these, you can choose one to complete an application with. You will fill out all of your personal information and employer information and submit it for approval.
When the loan application comes back, you will find out the amount you have been approved for as well as the interest rate. Looking at the interest rate is important because it will determine how much you will pay in interest over the course of your loan as well as what your overall monthly payments will be. 1 percent on the interest rate can affect your payment by over $20 a month depending upon the total loan amount.
There are also some other factors to consider – such as the length of the loan. Obviously, the longer the loan is, the more you can spread out the payments, making them more affordable to you. Not all lenders are going to issue you the same loan terms. Particularly with bad credit, lenders view longer terms as a higher risk.
Additionally, the longer the term, the higher the interest rate will be. Still, it can be more affordable to take a longer term. Some lenders and auto companies are now issuing loan terms as long as 72 and 84 months. You may be able to tap into these to buy the car you want with a more affordable monthly payment – you simply need to look for those options.
It may be to your best benefit to fill out more than one application. Since lenders will provide you with different interest rates and different loan terms, two lenders may provide you with completely unique lending scenarios. It only takes you a few extra minutes to complete an application and will give you a better picture as to what you can qualify for.
Once you receive the offer from both lenders, you can decide who is offering you the best deal. Ultimately, it should be the one who makes your payment more affordable without spending too much money over the course of the loan in interest.
Buying a new or used car is your form of transportation. It’s going to help you get in and around Quebec and beyond. You don’t want to rely on public transportation or friends and co-workers. You want your own car. If people are telling you that you can’t qualify for a loan with bad credit, you’ve been misinformed.
In today’s economy, many people suffer from bad credit. If everyone who had bad credit was denied a loan, no new or used cars would ever be sold. There are plenty of lenders willing to give you the money – your goal is to determine at what cost. Applications can be completed online, allowing you to figure out what you can become approved for before heading into the dealership.
Bad credit is simply the term for having a lower than average credit score. Luckily, many lenders are willing to steer clear of your past mistakes in order to approve you for a loan. If you’re currently working and you have a steady stream of income coming in that’s what really matters.
Think about how nice it will be driving down the road in a new car. Whether it’s new or used, it’s new to you. Find out what you can be approved for so you can start car shopping. Many lenders don’t care if you have bad credit so you shouldn’t either.
There are car loans for people with bad credit in Quebec and that includes you. Start looking at cars that meet your needs. Go for a test drive or two. Don’t let the fact that you have a low credit score stop you from pursuing your desire to sit behind the wheel of a new car.
Our staff has compiled a list of car dealerships that can help secure a bad credit car loan in Quebec, Canada.
Auto Depot – Reviewed by Thomas Vargo on Dec 13. Rating: 4.5
Wide selection of new an used cars to choose from in Quebec with bad credit.
They have a extensive selection of new cars and used cars, trucks and SUVs. Autodepot will help you obtain financing for a vehicle through their network of dealers and online finance companies. Good Credit, Problem Credit, or No Credit is No Problem with Autodepot’s Free, No-Obligation application.
Location of Auto Depot:
10365, boul Gouin O,
Quebec H8Y 1S1, Canada.
Telephone: (877) 218-3913.
Honda Ile Perrot – Reviewed by Adele Dannels on Dec 13. Rating: 4.5
Has a full service finance department to help with bad credit car loans.
A new and used Honda dealer located 25 minutes from Montreal. Their full service finance department has a 2nd chance program available to help people with less then perfect credit and they deal with several financial institutions to help you get the best credit package that meets your needs.
Location of Honda Ile Perrot:
40, Boulevard Don Quichotte,
Ville de l’Ile-Perrot,
Quebec J7V 6N5, Canada.
Telephone: (866) 797-3516.
Amos Toyota – Reviewed by Adele Dannels on Dec 13. Rating: 5.0
First, second, and third chance at credit is 100% accepted.
They carry a wide selection of vehicles such as Yaris Hatchback, Corolla, Matrix, Camry, Venza, Avalon, Sienna, Rav 4, Highlander Hybrid, FJ Cruiser, Tacoma, Tundra, Prius, 4 Runner, and Sequoia.
Location of Honda Ile Perrot:
Route 111 Est,
Quebec J9T 1N, Canada.
Telephone: (888) 512-0105.
Sherbrooke Honda – Reviewed by Thomas Vargo on Dec 13. Rating: 5.0
They offer full-service second chance credit to get the car credit you need, regardless of your current situation or past.
The largest Honda dealer in Sherbrooke and the Eastern Townships. If you have a bad credit,no credit at all,past bankruptcy or have had financial problems in the past, you are unemployed, divorced, or in any other situation that prevents you from getting the car loan, then their auto finance specialists will analyze your alternative credit application to find the answers you need.
Location of Sherbrooke Honda:
2615 Rue King Ouest,
Quebec J1J 2H3, Canada.
Telephone: (888) 658-4751.
J.N. Auto Road Side – Reviewed by Thomas Vargo on Dec 13. Rating: 4.5
They can help people with past bad credit get financed for a automobile.
They offer over 100 quality used cars for sale that are guaranteed and inspected. JN Auto offers a wide range of used cars of most popular brands such as Dodge, Chrysler, Ford, Honda, Acura, Hyundai, Toyota, Mazda, Nissan and many others. Member of the AMVOQ (Association des marchands de véhicules d’occasion du Quebec). They have a second chance credit program available with Scotia Advantage (One of Canada’s largest and fastest growing Special Finance companies providing automotive financing programs nationwide) and with Banque HSBC. Their minimum conditions for 2nd chance Credit are: At least 21 years old, have a valid driving licence,minimum annual income $22,000, have a permanent of seasonal job, Canadian Citizen and a Quebecer creditor, 2 recent pay sheet or stub (2 last months), minimum 6 months at the same address, and not to be Social Assistance Program Recipient.
Location of J.N. Auto Road Side:
Quebec J0B 2H0, Canada.
Telephone: (888) 821-3084.