How To Secure A Car Loan With Bad Credit

1. How To Secure A Car Loan With Bad Credit It’s basically impossible to live a productive life in Canada without a car—you need one to get to work, and cars also make managing daily activities like shopping and attending entertainment venues a breeze. But due to weather and frequent usage, cars break down over time, and therefore repairs are often required. Buying new and old cars alike is very easy in Canada, for there are hundreds of lenders offering Nova Scotia auto loans. And naturally, credit history is important to the majority of these lenders. However, while it’s commonly believed that loan terms are likely to be less favorable for those who have bad or no credit, such isn’t the case. You just have to know where to look. Here are a few options for individuals who need bad-credit Nova Scotia car loans: 1.Find a Reputable Auto Lender: Auto lenders like East Coast Financing specialize in both good- and bad-credit car loans. The application process is simple and straightforward. You can choose your favorite vehicle from the tens of thousands of options available and drive away in less than four hours. You can purchase a new or used car, though the latter option is preferred by those on a tight budget who desperately need a vehicle. Our interest rates are low and payments can be made on a monthly or bi-weekly basis. You can even get pre-approved to see if you qualify for cash-back offers and/or other discounts. 2.Credit Unions: Credit unions offer Nova Scotia car loans at low interest rates, and these loans usually come with favorable terms. Also, taking out a loan from a credit union allows you to pursue a savings or checking account with the organization as well. Unlike with banks, where you are their customer, credit unions are owned by depositors. So, to avail a loan from a credit union, you have to first become a shareholder in the union. The only drawback to this arrangement is that most credit unions do not work with individuals who have really poor credit scores. They can be a little flexible with credit score requirements, but not too flexible. 3.Banks: Banks are the most obvious choice for individuals who need Nova Scotia auto loans, but they’re also the most difficult to work with, especially if your credit score isn’t good. For one, interest rates will be high. Also, if you do not have a financial history with a bank, it’s unlikely that your loan will be approved. Sometimes, a bad credit score may discourage one from applying for a loan. But this should be avoided, especially since a car loan can actually help improve a credit score. For instance, making car payments on time can create a good payment history. 1

2. Author Bio: The author manages a website that helps bad-, good-, and no-credit individuals find first-rate Nova Scotia car loans. 2