The best place to find great deals on new cars in Burlington is the same place you will get a great auto loan, a local car dealership.
These dealerships are motivated to sell cars and can access the most competitive interest rates in all of Canada. When you go through a local dealership, even if your credit is bad, they will help you qualify for a loan and get the car you need.
By keeping your credit score high and your finances in good shape, you will be able to find great deals on new cars in Burlington at a very competitive rate, so contact the dealership now.
The pandemic has caused tremendous financial hardship, forcing some Canadians to fall on hard times. If you have bad credit and need a new car, there are lenders out there that can help you, and we are going to give you the information you need to get a fair deal.
To point you in the right direction, we need to better understand your financial situation. Is your income stable?
A significant number of Canadians lost their jobs because of government-mandated lockdowns, and while CERB helped some people, it forced others to fall behind on their obligations and have bad credit.
If you have a stable income, it can help give you leverage when sourcing great deals on new cars in Burlington. The income must be enough to cover your current financial obligations as well as the projected car loan.
Even if your income is not stable, if you are in an industry that is in high demand, some lenders will give you a chance.
You should look at your TransUnion and Equifax credit reports to see which report is giving you the lowest credit score.
If there are errors in your credit report, dispute them right away. Errors will bring down your score, and right now, we need to do everything we can to boost your score.
Also, try to pay down any debts that are past due or almost in collections.
Anyone can have bad credit, and fortunately, the score can improve; you just need to follow some best practices, pay your debts on time, and reduce the total amount of debt you are carrying. If you stick with those tips, over time, your score will improve.
Setting the right expectation
New car prices exceed $40,000, and since you currently have bad credit, a new car will most likely be out of your budget. You can still purchase a great quality used car, and after 12-24 months, provided you take care of your credit, you can buy a newer vehicle.
It would be prudent on your part to do some research to find a vehicle that is going to meet your current and future needs.
There is a shortage of new and used cars in Canada, so you need to make a well-informed choice. An example of a great car would be a Jeep Cherokee, but only you will know which car is the right one.
Finding lenders that will give you a bad credit car loan
These lenders do not actively advertise their loans online; they rely on their dealership network to send customers their way.
When you go through a local car dealership, they will be able to pick the lender that is going to approve your loan and give you a competitive interest rate based on your situation.
While you may have been rejected in the past, if you implement our suggestions, you can get a car loan. We mentioned a vehicle shortage, so it would be wise to start contacting car dealerships before their inventories are reduced further.
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!