If you are a trader who wants to buy a car with cryptocurrency, you have come to the right place.
Canadians are making money off of the craze for cryptocurrency that has spread around the world in recent years.
Most people think of Bitcoin when they hear the word “crypto,” but there are other currencies like Ethereum, which was created by Canadian crypto legend Vitalik Buterin and is a strong competitor for digital money that most people can use.
Making sure you can prove your income
No matter how good or bad your credit score is, you will need show proof of income to get a car loan.
If you have a regular job, your boss will give you a payslip that shows how much money you made for the given time period.
Because the prices of digital assets change every day, it can be hard to know how much money you will make from trading them.
Lenders only want to know if you qualify based on their underwriting criteria.
So the only way to make money as a crypto trader is to exchange your Bitcoin, Ethereum, etc. for real fiat currency through legal channels like BitBuy.
You can’t just sell your cryptocurrency; you also have to report and pay taxes on that amount when you file your taxes.
All of this might sound hard, but you can’t just walk into a local car lot and buy a car with BTC, at least not yet.
Is your credit score high enough to qualify for a car loan?
If you tell the CRA about your income, most lenders will take it into account. When it comes to your credit score, though, things could get a little tricky.
Most bitcoin users try to stay away from big business and don’t want TransUnion and Equifax to keep track of their transactions.
This often makes the person who wants to borrow money not have a good credit score or no credit score at all.
Building up a good credit record
At some point in your life, you will need credit, even if it’s just to apply for a lease to rent a place. You should ask a reputable company, like Capital One, for secured credit facilities.
Keep your transactions to a minimum and pay your bills on time every time. This will help you build a good credit score and keep you from ever having to pay interest.
Where can a trader in digital currencies get a good car loan?
Don’t waste your time trying to get a loan for a new car on the internet.
That system is only made for people who have regular jobs. In these tough times, you can only get if you work with a local dealership that takes the time to look you in the eye and get to know you.
The dealership can talk to many lenders on your behalf to get the best possible interest rate for you.
You should contact your local dealership right away to get things started while you wait for the rest of the world to figure out how great Crypto can be when used properly.
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!