Canadians looking for a bad credit car loan in Milton will need to be proactive, or they could find themselves priced out of the car market. Car prices are rising, and there is no end in sight, at least for the rest of 2022.
There are a few variables that are influencing these high prices, first, is runaway inflation caused by the Government of Canada printing money to bolster the economy.
With a large amount of money being printed, inflation is now tracking at 5% per month, which is making everything more expensive.
Another variable that is impacting the prices of vehicles is the shortage of microchips needed to manufacture new vehicles; this shortage reduces the total number of vehicles being produced globally.
Interest rates are going to start increasing
If you have poor credit, the interest rate you are paying to service these debts is high, and with interest rates rising, your costs are going to skyrocket.
Before interest rates start to climb, you need to start shopping around for a bad credit car loan in Milton.
Before we show you where to secure the best car loans, it would be smart to review your credit and figure out what is causing your poor credit. The starting point is requesting copies of your credit report and scores from TransUnion and Equifax; there is no charge to access this information.
After you have these reports, start looking them over to see if there are mistakes inside the report. Unfortunately, mistakes do happen, and they can negatively impact your credit score.
The law requires that these errors be removed, but you will need to go through the dispute process established by the credit reporting agency.
Once you have dealt with the potential errors inside your credit report, the next thing you should do is note which accounts are carrying a large balance.
Carrying too much debt is never a good idea; try to pay down these debts by reducing the total amount of debt you are carrying, your interest rate will start to rise.
Reviewing your income
While working on your credit, it would be smart to look at your income to see whether you have room in your budget to service a car loan.
The average car loan is well over $500 per month; this doesn’t factor in costs like insurance and fuel. You may need to revise your budget to make sure you can afford the new car.
Where to get approved for a poor credit car loan in Canada
The best place to access poor credit car loans in Canada is with the help of a local car dealership.
These dealerships have an extensive network of lenders they work with, so you will be able to get a car loan approved even if your credit is poor. What you need to do is contact the dealership today; with each passing day, the odds of you being able to find a suitable new vehicle are reduced.
When you meet with the dealership, they will also give you advice on how to rebuild your credit.
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!
Click here to get approved for a bad credit car loan in Milton online today! we have a team of credit specialists ready to help you easily buy a car, and will work with you no matter your credit score.
For any questions or concerns, please don’t hesitate to contact us here!