You can buy that car even if you have a bad credit score
You can avail a car loan if you have no credit, are bankrupt or even if you are looking for a used car in Nova Scotia. All you have to do is approach the right people.
People with weak scores have a chance to choose from a large selection of certified vehicles along with CarProof and CarFax reports. If you want to replace your old, broken down car or have a job that is fairly far from your home, then you are bound to look for a dependable automobile. Here is a glimpse of the process that the dealer undertakes in order to offer bad credit car loans Nova Scotia:
Every applicant has to be understood and treated differently. Dealers have to conduct face-to-face interviews to assess and verify the income, residence and documentation of the individual. The dealer also gets a fair idea about the most appropriate or advantageous scheme for the borrower.
The dealers’ finance division waits to hear from the bank where the application has been dispatched to be processed. It is only then that the dealer starts going through the inventory to let you pick the car. They will only show you the cars that fit into the bank’s program.
The budget of the car is determined by the lender. Lending guidelines for bad credit car loans are slightly stringent than traditional vehicle loans. The lender scrutinizes the application, the income and expense statement closely before parting with the intended loan amount. The total monthly debt is computed on the basis of the income statement and other bills submitted for the purpose.
The bank then determines a tiered program based on your credit history and score. The loan term, interest rate and down payment requirements are categorized under the program that you qualify for.Based on the approval requirements, the mileage, the model and the selling price, the vehicle selection process is initiated.
Points to remember for consumers: To get through the bad credit car loans process, order for your credit reports for a detailed picture of where you stand. Make payments for all other bills before you go loan shopping – this will indicate your responsibility towards payments, though this may not majorly impact your credit score. You must focus more on the terms and conditions rather than the monthly payments.
Maritime Car Loan has designed its bad credit car loans Nova Scotia around low interest rates and at absolutely affordable prices. With them, you can also avail of financing for both used and new vehicles besides being able to refinance your already existing auto loan to a renewed and low interest rate. Maritime Car Loan comprises of experts in the fields of auto refinancing and car loans.
About the author:
Allison is a seasoned, professional bankruptcy advisor, who has handled several cases of bad credit car loans.