The average car payment before the pandemic was in the $500 per month range; a lot has changed since the onset of the pandemic.
One of the biggest changes you will experience is how expensive cars have become. The primary reason car prices are climbing is due to a chronic shortage of both new and used cars.
This lack of inventory coupled with a spike in global demand has caused car prices to climb at unprecedented levels.
Rising car prices alone would be manageable, but inflation is nearing runaway pace with rates approaching 5% monthly!
Your income is not keeping pace with inflation, and you need to get car loan approval with bad credit which is creating a very challenging situation.
Start by creating a budget
Do you have a budget in place? If you do not, now would be a great time so you can adjust for the changing prices on everything.
You should not feel intimidated by creating a budget; a benefit of having one in place is you know precisely how much money is coming in and how much is going out.
After you have worked out your budget, you need to take a look at your credit report. While you look at your credit report, try to find out what is causing your credit issues.
One potential reason for your credit issues is mistakes inside your credit report. You would be amazed by the number of errors that do appear in credit reports.
If there are mistakes, get them removed before you look for car loan approval with bad credit in Caledonia by going through the dispute process posted on the credit reporting agency’s website.
This process may seem like a considerable amount of work, but stick with it; if these mistakes do not get removed from your credit report, it will lead to issues for the next six years.
If the mistakes are legitimate, you should deal with them by paying them off as quickly as possible. Since you have already worked on your budget, you will know how much cash you can allocate to these obligations.
This hard work will help your credit score improve, but it will take a little time before you start to see results from these efforts; if you need a car right away, even with credit issues, you should pay close attention.
Where to get a car loan with credit issues in Stoney Creek
You need to drive down to your local car dealership right away and start discussing what options are currently available.
The dealership will be able to get you approved for a car loan, even if you have bad credit. While at the dealerships, their in-house credit experts are going to show you the most direct path to rebuilding your credit and qualifying for prime interest rates car loans in the future.
The dealership will have vehicles for you to choose from; with the shortage of new and used cars throughout Canada, this inventory will help make your life easier.
Now you can appreciate why it was so important for you to head over to the dealership right away!
Click here to get car loan approval with bad credit! we have a team of credit specialists ready to help you find a vehicle suited to your needs, and will work with you no matter your credit score.
For any questions or concerns, please don’t hesitate to contact us here!