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Benefits of Putting Down a Higher Down Payment

When it comes to car loans, there are many elements you have to consider before you sign on the dotted line. Your down payment has one of the biggest impacts on your total responsibility to the dealership, so learning more about how a larger down payment can benefit you is important.

Better Financing Terms

The more money you walk into the dealership with, the more negotiating room you are going to have. This means that you might get better numbers or you may improve your chances of getting a loan if your credit is subpar. In fact, if your credit is poor, a higher down payment can make all the difference in you being able to secure financing and having more say in what you could qualify for.

Lower Total Interest Rate

The less interest you pay, the less you are paying overall and it also impacts your monthly payment amount. You have more leverage over your interest rate when you come into the dealership with more money down. Lower Monthly Payment The less you have to pay monthly, the better for your budget. It also reduces the risk of you falling behind on your payments. Your monthly payment depends a lot on the total loan cost, so anything that you can do to lower this will make your monthly obligation more manageable.

Lower Total Loan Amount

The more you put down on your loan, the less you have to pay back. This means that you might get a vehicle for less money which is ideal for those with limited budgets. You might also be able to pay your vehicle off faster.

You can see that saving up for a bit longer before buying a new car comes with benefits. Your salesperson can discuss your down payment with you and help you to choose an amount that best provides what you need.

Car Loans: 8 Things You Need To Know

If you are looking to get a car loan in Atlantic Canada, but have bad credit, we’ve got some news for you: you still qualify for a bad credit car loan. It’s important that you get as much information as possible about car loans before taking out a bad credit car loan, so we’ve assembled 8 facts about bad credit car loans that can provide you with a general overview. Contact for details about bad credit car loans or for more information:

1. Everyone qualifies for a bad credit car loan with us – even if you have had a bankruptcy or have no credit at all. All of our customers should have equal opportunities to finance their car purchases, so we won’t turn anyone down from a bad credit car loan.

2. You have options. We will offer several options to each customer so that the customer can select the right bad credit car loan package that’s right for their unique needs.

3. You can get a bad credit car loan for a used car, or a used truck or minivan. Our car loan program is designed to help you by any used car you’d like.

4. It often takes people several years to repay their bad credit car loans. Speak with our lenders to determine exactly what type of loan program you will use. Your choice of loan program will determine the duration of the program.

5. You may pay a higher interest rate for a bad credit car loan than someone with good credit. However, because of the options that we provide, you should be able to find a bad credit program that suits your particular budget.

6. You can always refinance your bad credit car loan. As long as your repay your car loan and rebuild your credit, you will have the option of refinancing your bad credit car loan down the road. Contact us for details.

7. You can apply for a bad credit car loan online using our secure credit application.

8. It’s recommended that you complete a credit application for a bad credit car loan prior to looking for a car. By completing the credit application, you’ll know more about how much money you’ll be able to spend on the car. Therefore, completing the car loan application is the first step for many customers.

Contact us today to learn more about bad credit car loans and car financing in general. We’re always happy to help you get the right car at the right price!

Types of Car Loans for People with Bad Credit

Sometimes in life, unfortunate things can happen that keep you from having stellar credit. You may rely on credit cards for a few months to get you through a difficult situation, for example. While a not-so-great credit score may keep you from securing certain types of loans, you have options when it’s time to purchase a car.

There are two main types of bad credit car loans: secured and unsecured. We can accept either to help you buy the vehicle of your dreams. However, it’s crucial for you to understand the difference before you make your decision.

Secured Car Loans

This type of loan can be beneficial for people with bad credit who have collateral to offer. You put up some insurance that guarantees payment to the bank, and in return, the bank can offer lower interest rates. This type of bad credit car loan has about a 95 percent approval rating.

Furthermore, there is often little or no down payment required to get a secured auto loan. Typically, the interest rate is fixed and can be as low as four percent. Be sure to speak to our financial team about this option.

Unsecured Car Loans

This type of loan requires no collateral, which can mean less risk for you. However, the less risk you take, the more the bank makes. As a result, unsecured car loans can be more expensive.

To get an unsecured car loan with bad credit, you may need a large down payment or trade-in value. Furthermore, these loans usually have an interest rate of seven to 10 percent, sometimes even higher. These interest rates can be fixed or flexible, depending on the bank.

Ultimately, it is up to you to decide whether you feel comfortable putting up collateral for your car loan. Talk to our lending team to set up your investment and get in a great car. We can help you no matter your credit score.

Car Loans: 3 Easy Steps

If you are looking for a car loan in Atlantic Canada, then it’s important that you are aware that the process of getting a car loan can be simple, but it’s not as simple as walking into a dealership, asking for a loan, and walking out with exactly the loan you want and exactly the car you’d been dreaming of. While it would be great it getting a car loan were that hands-free and easy, there are a few things you’ll need to do in order to get the right car loan at the right time.

First, you’ll need to complete a credit application. In order to complete this application, you’ll need to have some basic personal information on hand, including your current address, employer information (if applicable). You’ll need to complete the credit application as completely as possible.

Once you complete this credit application, our credit specialists at We Approve You will review the application in order to determine what kind of loan you may qualify for. Therefore, the information that you include on the application is important – especially your identification information, such as your income.

We will also run a credit check using you contact information. This credit check will give us more information about your credit history and your credit score. Using this credit history and credit score, we will be able to determine your loan rate with better accuracy. For example, if you have a good credit score, you might get a lower loan interest rate than someone with a low credit score.

After we review your paperwork and draw up some initial loan estimates, we’ll meet with you to discuss your options and needs. We might ask about your current work or plans for the future. Using this information, we’ll be able to customize a loan program that will specifically suit your needs and make it even more possible for you to afford the right kind of loan for the car you love.

We will then show you the cars on our lot that match the price that you will be able to easily afford with the loan program we develop for you. Our goal is to give you as many options as possible so that you can get the best possible loan and arrangement for your overall needs.

Contact us today to learn more about our car loans or to apply for your car financing today.

You Can Get A Car Loan

At We Approve You, we are proud to be able to offer car loans in Atlantic Canada to all of our customers. Some of our customers come to us with excellent credit and qualify for very low interest rate loans. Other customers come to use with bad credit and qualify for competitive car loans that suit their overall financial needs. However, we are proud of the fact that we do not turn down any of our customers that come to us looking for car loans.

The question that we sometimes get from our customers is “how can you afford to give car loans to all of your customers.”

Here’s our answer: We believe that all of our customers should be able to receive a car loan if they need it. After all, not everyone has loads of money that they can spend to buy a car with cash. Therefore, we have a philosophy that we will partner with our customers in order to ensure that they are able to get a car loan that makes it possible for them to afford to buy a car.

Car loans are possible for everyone. However, the type of car loan that our customers qualify for may vary based on the credit history and their needs. Therefore, the first step that our customers need to take in order to get a car loan in Atlantic Canada is to complete a credit application. From the credit application, we will learn more about their current financial situation and about their credit history.

We use a series of equations and formulas to determine what interest rate and loan amount our customers qualify for based on the information that they provide to us on their credit application. With this information in mind, we will meet with each customer to discuss their practical needs, which may include a real-life budget or other concerns that our customers have about their ability to afford to repay a loan. By speaking with us candidly about their financial situation and concerns, we are able to tailor a loan program that our customers are truly able to afford.

The best part about getting a car loan through us is that we can work with your budget as we determine which cars might be best for you. We not only understand your lifestyle needs, but also your financial needs and will make sure that they are both addressed adequately.

Contact us today to get started getting the best car loan for your needs and lifestyle.

3 Car Loan Myths

If you have your eye on a new or used car, you may have to consider financing options. The problem that a lot of people face is that they don’t have optimal credit and may not think that they qualify. While many lenders offer bad credit car loans, there are still a lot of myths that circle the choice. You shouldn’t let these turn you away from the financing that could get you your dream car. Here are the three top myths when it comes to car loans.

A Low Credit Score Guarantees Rejection

This isn’t true at all. In fact, there are dealers and lenders that specialize in car loans for people with bad credit. Poor credit will not stop you from financing a car.

You Can’t Refinance if You Had a Poor Credit Score

When you’re approved of a car loan with a low credit score, you are given the opportunity to build your credit over again. After a while, as your score builds you will be given more options. It’s common for people to refinance their loan and come up with a cheaper rate after they have built up their credit score.

Income Doesn’t Matter if You Have Bad Credit

Income absolutely matters! Income and the other debts that you owe play a big role in the size of the loan you can be awarded. While lenders do pay attention to your credit, your income also plays a large role in whether or not you’re approved. This can also affect the rates that you’re given.

Don’t allow myths to turn you away from car loans. Even with bad credit there are many options out there. While it can be a difficult choice for many people to decide whether or not they want to look into financing for a vehicle, it’s important not to be deterred by myths. Only the facts should be an influencing factor on your decision.

What to Expect With Poor Credit Auto Loans

When you are looking to buy a car, but you have a history of bad credit, it can seem like your dream is over before it has had a chance to begin. Luckily, there are plenty of options available out there for those who are looking to buy a car but do not have the credit that they wish. One way to do this is with poor credit auto loans. Taking out this type of loan can help you get behind the wheel of the car that you wish in practically no time at all. There are a few things to remember when you are considering this type of financing.

Taking Out the Loan

The first thing that you need to keep in mind is the amount of the loan itself. The size of the loan will be determined by several factors. The price of the car itself can make a huge difference, so if you are looking at a car that is not within your reasonable budget you can expect higher payments over the course of time. The duration of the financing plan will also change what you can expect in payments. The shorter the timeframe, the higher the payments. Sit down and create a reasonable financial plan in order to make the best decisions for your poor credit auto loans.

Making the Payments

As with any loans, making consistent payments in a timely fashion is a wise idea. How you make the payments is entirely up to you. When you make larger payments each month, you will be done paying off the car in a much quicker fashion. However, if you can only afford a specific amount each month, it is better to stick with whatever payment you can afford that meets the monthly requirement so you can get your credit in better shape. No matter how you choose to pay back the loan, it is important to stay on top of your game throughout the process so that you do not miss payments or harm your credit in any way.

Get Your First Car Regardless of a Low Credit Score

You may have studied hard and practiced for weeks before taking the test to get your driver’s license. Now that you have a license and can drive around to different places, such as work, school and even the grocery store, you may want to make sure you have your own vehicle to get around. It is certainly not fun relying on other people and waiting around for them to drive you to the different places you would like to visit. However, you may think it is impossible to get a car at this moment.

Is your credit score low? When reviewing your credit report, you may have noticed that your score is not so good for a number of different reasons. For example, you may have a lot of debt and inquiries. Even if you are making payments on your credit cards in a timely manner, your score could still be low if you have too many inquiries and way too much debt compared to available credit. Even so, that does not mean you should be denied the opportunity to get a car that you want and need for different reasons.

If you are worried about getting denied, you can visit our car dealership. We offer bad credit car loans for those with less than perfect credit scores. We realize that things happen and not everyone will have the perfect score, but we believe in offering an opportunity to those who are in need of a vehicle. Our dealership offers a large selection of different cars to choose from, too. If you want to stop depending on others for a ride and be able to drive around on your own as often as you would like, consider coming down to our dealership to complete the application process for a loan. The process is simple and fair. Before you know it, you could be driving away in your first car.

3 Car Loan Myths

If you have your eye on a new or used car, you may have to consider financing options. The problem that a lot of people face is that they don’t have optimal credit and may not think that they qualify. While many lenders offer bad credit car loans, there are still a lot of myths that circle the choice. You shouldn’t let these turn you away from the financing that could get you your dream car. Here are the three top myths when it comes to car loans.

A Low Credit Score Guarantees Rejection

This isn’t true at all. In fact, there are dealers and lenders that specialize in car loans for people with bad credit. Poor credit will not stop you from financing a car.

You Can’t Refinance if You Had a Poor Credit Score

When you’re approved of a car loan with a low credit score, you are given the opportunity to build your credit over again. After a while, as your score builds you will be given more options. It’s common for people to refinance their loan and come up with a cheaper rate after they have built up their credit score.

Income Doesn’t Matter if You Have Bad Credit

Income absolutely matters! Income and the other debts that you owe play a big role in the size of the loan you can be awarded. While lenders do pay attention to your credit, your income also plays a large role in whether or not you’re approved. This can also affect the rates that you’re given.

Don’t allow myths to turn you away from car loans. Even with bad credit there are many options out there. While it can be a difficult choice for many people to decide whether or not they want to look into financing for a vehicle, it’s important not to be deterred by myths. Only the facts should be an influencing factor on your decision.

Reasons to Buy a Small Car

In the market for a new car? A smaller car model might be perfect for your needs, no matter how tall you are. There are several benefits to be enjoyed with a compact ride, some of which that might not have occurred to you before now. Ready to learn?

Sleek Appeal

What small cars lack in size they more than make up for in exterior and interior appearance. Before passing up on smaller car models and turning the discussion to car loans when at the car dealership, take a peek inside a smaller car. You’re sure to be surprised at the sumptuous interior sure to fit your style.

Parking

No matter if you live in the city or the suburbs, it’s great to have a car that doesn’t take up too much space when it’s time to park. You’ll have an easier time sliding into parking spots, and you’ll qualify for those parking spots devoted solely to compact cars that parking garages have. Your nerves will thank you.

Gas Mileage

You can also enjoy great gas mileage with a smaller car. Even if aren’t focused on going green and cutting down on emissions, you’re sure to save green by driving a smaller, more efficient car.

Room

Taller drivers might automatically write off smaller cars, but the truth of the matter is that small cars can be surprisingly roomy. While admiring the interior of a compact model, take note of the leg, cargo and passenger room.

A More Enjoyable Drive

Smaller cars are often more nimble, accelerate faster than larger cars and break more efficiently. You don’t have to be a race car driver to enjoy this particular driving style, but you’re sure to have more fun behind the wheel.

There’s no need to think you’re making some type of sacrifice with a smaller car. As you can see, there’s much to enjoy. Start exploring your options for compact cars today.