Easy Way to Qualify for Bad Credit Car Loans

Easy Way to Qualify for Bad Credit Car Loans

Posted by on Feb 05, 2022 - Archived under Uncategorized

Do you have poor credit and need a car? You are not alone! There are millions of Canadians who are experiencing credit challenges and are trying to qualify for bad credit car loans. We are going to provide you with actionable tips that will help you get behind the wheel of a new car.


Taking a critical look at your finances


Before we can start working on your credit, we need to establish a financial baseline. Do you have a budget or just deposit your pay into your bank account and go with the flow?


Don’t feel bad if you don’t have a budget; most of us don’t know how to budget because we were never taught.


A budget will show you how much cash is coming in monthly and also let you know how much is going out. If the balance is negative, then you will need to either trim spending, increase your income or do both.


Most Canadians who do not have a budget will cover their budget shortfalls with their credit cards. At first, it is no big deal; you just pay your balance in full every month, but eventually, you start carrying a balance.


Once you start carrying a balance, the cycle of debt is hard to break because you don’t have a budget to understand where your money is going.


When you have a budget defined, you can now start developing a plan to start paying down your debts. Before you start paying your debts, get free copies of your credit score and a report from Canada’s major credit reporting agencies (TransUnion and Equifax).


Look over the report and note if there are any accounts that have gone past due. Any past due accounts need to be made current as soon as possible.


Missing payments is the primary reason a person will have a poor credit score, so nip that right in the bud.


If your credit score is north of 620, you should be able to get a relatively competitive car loan provided you have room in your budget. Credit scores under 620 are subprime and require help from professionals.

Getting professional credit rebuilding advice


There are services available online, where for a fee, you can get advice on how to rebuild your credit and qualify for bad credit car loans. Instead of spending money on these services, there is a free resource that will let you rebuild your credit and get a new car.


This resource is your local car dealership, which has credit experts on staff that can analyze your credit report and let you know how to quickly and safely rebuild your credit.


While the credit experts help you with rebuilding your credit, they can also get you qualify for bad credit car loans. The dealership will have relationships with lenders that give our poor credit car loans.


Going through a local dealership will make your life easier and help you get a new lease on your life. Once your credit has improved, you should do everything in your power to keep your credit score high.


For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!


For any questions or concerns, please don’t hesitate to contact us here! 


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