Ontario Bad Credit Car Loan Needs
- Gross monthly income of at least $1750.00
- Car Loan payments must not exceed 20% of monthly income
- Residents of Canada only
- Ability to acquire valid car insurance
- Not available for private party car purchases
- No car loan repossessions within past year unless included in bankruptcy
Ontario Car Loan Benefits
- Fast, free easy application
- Near Instant loan decisions
- No fees or obligation
- Private and confidential
- Best car loan rates
- Low monthly payments
- Safe and secure
- Multiple special finance managers available on site
- Lenders compete and you save money
- Up to four offers given
- Bad Credit / Bankruptcy OK
- Reposssesions / Collections
- Judgements / Divorce
Car Loan Articles | Auto Reports
- Car Loans Glossary of Terms and Phrases
- Credit Reports, Credit Score Myths
- Car Loans for People with Bad Credit
- Car Advertisement Promises to Get Your Money
- Auto Loan Interest Rates
- Online Auto Loans Guide
- Bankruptcy Car Loans
- Avoiding Car Repossessions
- Used Cars to Avoid
- Car Dealer Guarantees on Used Cars
- Refinancing Car Loans
- Car Cleaning and Maintenance Tips
- Used Vehicle Depreciation
- Ontario Car Buying - Vehicle Trade In Form
- Used Car Buying Tips
- Used Car Scams and Buying Problems
- Ontario Used Car Ratings
- Auto Guide Gas Mileage
Car Loan FAQ's
Finance Questions and Answers
Take a look through our directory of auto finance articles. These are intended to make you a smarter shopper when looking to finance or buy your next car.
Question
"Is applying for auto financing online, better than actually visiting my local car dealership?."
Answer
Car dealerships most often work with limited supply of banks and lending institutes where there is no competion. This causes the auto loan interest rate to be higher. With our service, you have access to over 65 lending firms, which allows for competition between lending companies. This drives down the interest rate as banks and lending instutes literally fight for your business. It is beneficial to check online financing rates before committing to a car dealership quote.
"Is applying for auto financing online, better than actually visiting my local car dealership?."
Answer
Car dealerships most often work with limited supply of banks and lending institutes where there is no competion. This causes the auto loan interest rate to be higher. With our service, you have access to over 65 lending firms, which allows for competition between lending companies. This drives down the interest rate as banks and lending instutes literally fight for your business. It is beneficial to check online financing rates before committing to a car dealership quote.
Question
"We were discharged from bankruptcy a month ago. How do I find a financing comany that help people with past credit problems? I know our credit has improved a lot since last year."
Answer
You can apply online and your application will be be reviewed by our finance speacilists and then negotiated with one of our lenders that specialize in financing after bankruptcy. Our arrangement with this lending network allows us to have up to 4 companies compete to approve you with the lowest rates possible.
"We were discharged from bankruptcy a month ago. How do I find a financing comany that help people with past credit problems? I know our credit has improved a lot since last year."
Answer
You can apply online and your application will be be reviewed by our finance speacilists and then negotiated with one of our lenders that specialize in financing after bankruptcy. Our arrangement with this lending network allows us to have up to 4 companies compete to approve you with the lowest rates possible.
Question
"Can a person who has filed for bankruptcy still get an auto loan? And if so, how long must a person wait after filing prior to getting the applying for the finance?"
"Can a person who has filed for bankruptcy still get an auto loan? And if so, how long must a person wait after filing prior to getting the applying for the finance?"
Answer
In some cases you are eligible for financing after the initial meeting of your creditors (341 meeting, first court date). In every case you are eligible immediately after the bankruptcy is discharged.
In some cases you are eligible for financing after the initial meeting of your creditors (341 meeting, first court date). In every case you are eligible immediately after the bankruptcy is discharged.
Question
"I would like to know if there a minimum credit beacon score you need to qualify for a loan? I do not want to pull my credit report if not necessary."
"I would like to know if there a minimum credit beacon score you need to qualify for a loan? I do not want to pull my credit report if not necessary."
Answer
Our authorized special finance managers will determine which lender programs you qualify for. Our authorized financial team has access to lenders that ignore the credit score on your report and concentrate on your present abilities.
Our authorized special finance managers will determine which lender programs you qualify for. Our authorized financial team has access to lenders that ignore the credit score on your report and concentrate on your present abilities.
Question
" I have found a car that I want to purchase, but am having trouble securing auto financing. The used car dealer that I wish to buy from is licensed, but it is a private dealership. Are you able to help me?"
" I have found a car that I want to purchase, but am having trouble securing auto financing. The used car dealer that I wish to buy from is licensed, but it is a private dealership. Are you able to help me?"
Answer
Our network of finance lenders are indirect lenders. This means that they only provide financing throughout our dealer partners. In your case we would locate your exact car and offer it lower then private dealers price. We have a car location service for all types of cars.
Our network of finance lenders are indirect lenders. This means that they only provide financing throughout our dealer partners. In your case we would locate your exact car and offer it lower then private dealers price. We have a car location service for all types of cars.
Question
" Are my choices limited to one dealership? I had a bankruptcy discharged in September and wish to re-establish my credit but do not want more queries on my report."
" Are my choices limited to one dealership? I had a bankruptcy discharged in September and wish to re-establish my credit but do not want more queries on my report."
Answer
For ensuring the best quality control and monitoring, we are partnered with the finest dealerships in the industry. As such, we are very selective in who we work with. With that being stated, we are partnered with multpile dealerships in most major metro markets. Up until recently, we listed the dealer name, phone number, and contact information on the web site. Unfortunately we forced to remove them after receiving numerous complaints they were receiving far too many telemarketing calls and emails from online marketing companies and other spam.
For ensuring the best quality control and monitoring, we are partnered with the finest dealerships in the industry. As such, we are very selective in who we work with. With that being stated, we are partnered with multpile dealerships in most major metro markets. Up until recently, we listed the dealer name, phone number, and contact information on the web site. Unfortunately we forced to remove them after receiving numerous complaints they were receiving far too many telemarketing calls and emails from online marketing companies and other spam.
Question
"I would like to apply for a loan for a car purchase at a local non-franchised dealer. Will this be a problem?"
"I would like to apply for a loan for a car purchase at a local non-franchised dealer. Will this be a problem?"
Answer
We work within a specialized network of finance lenders and selected deaerships. We are not partnered with all dealerships. As such, your car and financing is not guaranteed as the lowest price available. Our dealer network is limited to maintain the quality of our service and pricing of vehicles. All us to perform some research for you. Please provide us the type of car you would like and a few of the vehicle details. We assure our car location service will provide you the best price and kms.
We work within a specialized network of finance lenders and selected deaerships. We are not partnered with all dealerships. As such, your car and financing is not guaranteed as the lowest price available. Our dealer network is limited to maintain the quality of our service and pricing of vehicles. All us to perform some research for you. Please provide us the type of car you would like and a few of the vehicle details. We assure our car location service will provide you the best price and kms.
Question
"I have a question regarding my local dealership. I have picked out my car but am unsure how your finance process works. My credit is not good, but if I do get approved do I have to use a specific dealer or can I go to the one I am already interested in?"
"I have a question regarding my local dealership. I have picked out my car but am unsure how your finance process works. My credit is not good, but if I do get approved do I have to use a specific dealer or can I go to the one I am already interested in?"
Answer
We work within a specialized network of finance lenders and select deaerships. Your local dealer would actually be the one to process your loan. If you are looking for a lender that would provide funding for you to purchase from your local dealer you should let the specific dealer process your loan. We have had no success finding a credit lender that does a decent job with bad credit financing nor have we had luck with every dealership in the province. Please contact us for more information on how we could help you.
We work within a specialized network of finance lenders and select deaerships. Your local dealer would actually be the one to process your loan. If you are looking for a lender that would provide funding for you to purchase from your local dealer you should let the specific dealer process your loan. We have had no success finding a credit lender that does a decent job with bad credit financing nor have we had luck with every dealership in the province. Please contact us for more information on how we could help you.
Question
"I wanted to know if you do in house financing and what are the requirements. I don't have good credit."
"I wanted to know if you do in house financing and what are the requirements. I don't have good credit."
Answer
We do not originate the financing. Most lenders that provide financing for people with sub-prime credit are direct lenders and they only purchase finance contracts from licensed auto dealers. There is not a lending program we know of that offers direct auto financing to people with high risk credit that we can recommend.
We do not originate the financing. Most lenders that provide financing for people with sub-prime credit are direct lenders and they only purchase finance contracts from licensed auto dealers. There is not a lending program we know of that offers direct auto financing to people with high risk credit that we can recommend.
Question
"Do you have any zero down payment car loans that would require not even taxes to be paide at time of purchase? My daugher is 19 with no credit and needs a car but we don't really have a down payment.."
"Do you have any zero down payment car loans that would require not even taxes to be paide at time of purchase? My daugher is 19 with no credit and needs a car but we don't really have a down payment.."
Answer
There are zero down payment programs. It is unlikely that your she would qualify by herself. If she applies on her own he would most likely fall into a "First Time Buyer" category program. Most FTB programs require a minimum 10% of the selling price, not including taxes. If a parent with poor to fair credit was listed as a cosigner, she would qualify for a zero down payment program.
There are zero down payment programs. It is unlikely that your she would qualify by herself. If she applies on her own he would most likely fall into a "First Time Buyer" category program. Most FTB programs require a minimum 10% of the selling price, not including taxes. If a parent with poor to fair credit was listed as a cosigner, she would qualify for a zero down payment program.
Question
"Do you finance 100% on a new vehicle? I don't have money for a down payment."
"Do you finance 100% on a new vehicle? I don't have money for a down payment."
Answer
There are zero down payment lending programs. You may also qualify for lending programs that require no down payment when purchasing a new car with a rebate or are offering a trade in, regardless of its condition.
There are zero down payment lending programs. You may also qualify for lending programs that require no down payment when purchasing a new car with a rebate or are offering a trade in, regardless of its condition.
Question
"My credit score is 516 with a voluntary repossession . I will have a cosigner with a score of 551. I am willing to put money down but need 30 days to come with the cash. I am needing to get the car today."
"My credit score is 516 with a voluntary repossession . I will have a cosigner with a score of 551. I am willing to put money down but need 30 days to come with the cash. I am needing to get the car today."
Answer
The information provided is not enough for us to determine if you would qualify for financing. As far as the down payment, deferred down payments (30 days) would have to be disclosed on the finance contract to comply. Most lenders to not allow deferred down payments (30 days). Based on more information being provided, you could in fact be behind the wheel the same day your apply.
The information provided is not enough for us to determine if you would qualify for financing. As far as the down payment, deferred down payments (30 days) would have to be disclosed on the finance contract to comply. Most lenders to not allow deferred down payments (30 days). Based on more information being provided, you could in fact be behind the wheel the same day your apply.
Question
"Hi, I have a problem. I own a 2001Cherolet Cavalier I am financing. I owe about $9 000 on it. I was a teen who really needed a car and "suckered into it." I bough this car March of 2005. What I want to know is, if there is a way for me to obtain a new loan on a car and get rid of my existing loan. I have heard a few different ways to do this. One is that the new loan subtracts the value of the car from the balance and add the remainder to the new loan and the monthly payments be made accordingly. I have heard of other methods, but do not understand them enough to explain them. I really want another car. Please help me out. Thank you."
"Hi, I have a problem. I own a 2001Cherolet Cavalier I am financing. I owe about $9 000 on it. I was a teen who really needed a car and "suckered into it." I bough this car March of 2005. What I want to know is, if there is a way for me to obtain a new loan on a car and get rid of my existing loan. I have heard a few different ways to do this. One is that the new loan subtracts the value of the car from the balance and add the remainder to the new loan and the monthly payments be made accordingly. I have heard of other methods, but do not understand them enough to explain them. I really want another car. Please help me out. Thank you."
Answer
What you have is known as negative equity. A percentage of car buyers owe more money on their car than what it is worth, making it tough for car dealers, and expensive for buyers, to finance a new car purchase. In order to roll $4 000 or $5 000 negative equity into a new car, it would have to be a very expensive car or truck, and even then you would have to make the income to finance that amount of money with a great credit rating. On average, it takes around 3 years of monthly payments just to get even with what you owe versus what the car is worth. So unless you have a down payment, I would recommend you wait another 6 months before you apply. Keep paying and even try doubling up on your car payments to better your situation.
What you have is known as negative equity. A percentage of car buyers owe more money on their car than what it is worth, making it tough for car dealers, and expensive for buyers, to finance a new car purchase. In order to roll $4 000 or $5 000 negative equity into a new car, it would have to be a very expensive car or truck, and even then you would have to make the income to finance that amount of money with a great credit rating. On average, it takes around 3 years of monthly payments just to get even with what you owe versus what the car is worth. So unless you have a down payment, I would recommend you wait another 6 months before you apply. Keep paying and even try doubling up on your car payments to better your situation.