Preparing to get a Brantford car loan with bad credit

Preparing to Get a Brantford Car Loan with Bad Credit

Posted by on Feb 11, 2021 - Archived under Uncategorized

If you have bad credit, preparing in advance for a car loan in Brantford can mean the difference between driving away in a new car or going home in your old one. Dixie Auto Loans can help.

We specialize in car loans and in helping people from all walks of life. We could help you too.

There are a few simple things you can do to increase your chances of overcoming bad credit to get a car loan in Brantford.

Sort out your financial affairs

Too many Brantford residents found themselves in a bad credit situation through no fault of their own. It’s one of the reasons we started this business. Just because you’re in this situation, doesn’t mean you have to stay in it.

To stand a higher chance of being accepted for a bad credit car loan in Brantford, you need to have your financial affairs in order.

That means making all debt payments on time. It means paying off as much debt as you possibly can and making sure you’re dealing with every debt you have.

The last thing you want to do is take on more debt while you’re still trying to figure out your existing debt!

Plus, making payments on time will help increase your credit score. As will reducing your debt ratio.

Sort out the paperwork

Bad credit car loans are about making your case as strong as possible to the lender sees past the credit score. That means having paperwork in place to use as evidence.

That means having three month’s bank statements to provide income and outgoings. Three month’s salary payments or wage slips depending on how you are paid. You will also need proof of identity and residence and your driver’s licence.

If you have consumer agreements or other financial agreements to help you manage debt, you will need copies of those too.

Basically, you want to be able to make your case and then prove it with paperwork.

Budget and car choice

Use a car loan calculator or talk to one of our Brantford car loan team and assess how much you can comfortably afford in your current situation. Be conservative in your estimation to give yourself a little room to manoeuvre and make sure you don’t stretch yourself too much.

Also consider how much you can afford as a down payment or whether you’re trading in your old car. Either way, the more you can put down the less you have to borrow or the more you can afford to spend on a new car.

Once you have a budget you can begin looking at your vehicle options. If you have particular needs, they should always come first. Anything you might want comes after once those needs are satisfied.

Don’t forget, if you cannot afford a brand new car to fulfil your needs, you can buy used cars with car loans in Brantford!

The bad credit car loan in Brantford

Once you have a good idea of how much you can afford, how much you want to spend and have a car in mind, it’s a good idea to get pre-approved for a car loan. You can do it earlier if you like but we find it useful to have a budget, affordability and a car already in mind beforehand.

If you suddenly find you can spend more, you are more likely to resist the temptation if you have an idea in your mind.

If you pass pre-approval and want to proceed talk to one of our team. We can help you prepare your application and make sure you stand the highest chance of acceptance.

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! 

Dixie Auto Loans