How to get approved for a bad credit car loan in Stoney Creek

How to Get Approved for a Bad Credit Car Loan in Stoney Creek

Posted by on Feb 25, 2021 - Archived under Uncategorized

If you’re looking for a competitive bad credit car loan in Stoney Creek, it pays to work with specialists. Experts with the knowledge and expertise to frame your application in the best light possible and access to a wide range of lenders willing to work with those with poor credit scores.

Experts like us here at Dixie Auto Loans. If you’re in the market for a bad credit car loan in Stoney Creek, we can help.

The bad credit car loan approvals process

Applying for a bad credit car loan in Stoney Creek is much like applying for any loan. Some of the detail is slightly different but the overall process is much the same.

You will need your paperwork in order. That means bank statements, proof of income, proof of address and ID and an idea of how much you can borrow.

If you know why your credit score is low, having taken action to remedy the situation will also work in your favour.

Not all about the score

One way bad credit car loans are different to standard loans is that the lender looks beyond just your credit score and credit report. These two still have an influence over acceptance but most lenders can look beyond that.

If you can demonstrate that you can afford the loan, that you have your finances under control and that you are tackling whatever it is that caused the drop in score in the first place, you stand a pretty good chance of being accepted.

If your income means you can easily afford a car loan, you’ll be accepted.

In fact, as long as you’re working, have sufficient income to pay off the loan and have your finances in order, you’ll stand a very high chance of being accepted for a bad credit car loan.

You can help yourself in a few positive ways though:

  1. Have the majority of your debt under control
  2. Have sufficient income to be able to afford the loan
  3. Have a mostly positive payment history with explanations for any missed payments
  4. Have some kind of down payment to reassure the lender they won’t make a loss if you default
  5. Have a compelling case for needing the loan, i.e., need the car to get to work
  6. Have all your paperwork in order to prove everything you say

That proof can be payslips, salary entries in bank statements, offer letter from your employer or a statement from your employer’s HR department. As long as it’s an official document that demonstrates your salary or income, you’re good to go.

When it does come time to apply that bad credit car loan in Stoney Creek, come see the experts. There are multiple ways we can help you secure a competitive loan for any type of car.

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!

Let’s get in touch! 

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