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Sometimes it can be difficult to separate the good advice from the bad. Not everything you read is true and it can make the process of finding the car you want, a good dealer, and a lender frustratingly difficult.
“You have to pick a vehicle before applying for financing”
When buying a new or used car, most consumers do their research online before walking into car dealerships or speaking to salespeople. Getting pre-approved before visiting the dealership enables customers to shop for their vehicle with more confidence. Having your approval and knowing your price range will help you find a vehicle that fits not only your lifestyle, but also your budget. Getting your approval first makes the car buying process less stressful.
“You have to make a large down payment”
Not all dealerships in Winnipeg will require you to make a large down payment when purchasing a new vehicle. Without a doubt, the best way to buy a vehicle is with cash, but for most people, making a large down payment isn’t possible. When you shop with us, we look at your financial situation, and if a larger down payment makes sense and will help lower your monthly payments, then we may present that as an option to you.
“It pays to shop around for the best rate”
Shopping around to explore vehicle options is cool, but shopping around to find the best possible interest rates can sometimes have a negative impact on your credit score. Keep in mind that depending on where you submit a loan application, it could result in a hard inquiry on your credit and too many inquiries can lower your score. Be cautious of sites that ask you to enter your SIN number online without even speaking to you about your situation first.
“You should only get a car loan from your bank”
With bad credit becoming more common in Manitoba , there are a lot of non-bank vehicle financing options becoming available to consumers. At Birchwood Credit, we offer reasonable interest rates and a loan process that’s clear for borrowers. Learn more about our Winnipeg bad credit car loans.
“You need a high credit score to get approved”
You can have less than perfect credit and get your auto loan approved. Today more than ever, having perfect credit is rare and there are more and more options available to those with less than perfect credit. At Birchwood Credit, we work specifically with bad credit car loan customers in Winnipeg and across the Province of Manitoba.
Never settle for a loan you aren’t completely sure of. There are certain lenders out there who are looking to take advantage of people in need of financing. Accepting a personal loan you can’t afford to pay back could land you in a dangerous financial situation.
Working with the right type of lender will allow you to get the car financing you need with monthly payments you can afford. Here are some tips to help you make your next auto financing experience a positive one:
Get the Financing First
We highly recommend securing your car loan before you pick a vehicle. Knowing what monthly payments you can afford and your loan terms before shopping can help make the process much easier. When you know the terms of your car loan upfront, it makes shopping for your new vehicle hassle-free and much more enjoyable.
Discuss Your Situation
The biggest reason for deals not being approved is that we don’t get the entire picture from our potential customer. This is not how you get a car loan with bad credit. We all make mistakes and in order for us to be able to help you get into that new vehicle, we need to have an understanding of your current situation. If we know, we can help!
Avoid Multiple Applications
Some car shoppers will apply for a car loan through a number of dealers and online websites all at the same time. This can have a very negative effect on your credit score. We highly recommend working with a member of our team to fully understand your credit situation before you submit multiple applications.
Deal with Someone Local
Some people will turn online when shopping for a new car or searching for vehicle financing options. There are many options for people to choose from, including a number of aggregator websites that aren’t car dealerships and only sell your information. When possible, we recommend avoiding these sites and dealing with someone local.
Our service is free, fully secure and you’re under no obligation. Here’s what makes us different:
We have the experience and resources to help with all types of credit situations:
Applying for a car loan shouldn’t be stressful. We only ask for the information we need and finishing your application takes less than three minutes. Get started now!
