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Precisely what is a bad credit auto loan?
A bad credit auto loan is designed for individuals who are unable to get approval for a minivan, truck, SUV or car loan by means of conventional car loan lender suppliers including banking institutions, credit unions or even the financial divisions of car makers like Ford Credit, and GMAC. These types of vehicle loan sources generally will not give loans to individuals with bad credit scores, a recent bankruptcy, very low income, 0 down payment, or a prior vehicle repo. Bad Credit Auto Loans are sometimes funded through the car dealer and then allocated or sold to a bad credit finance supply company.
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How do I Qualify for a bad credit auto loan in BC?
The basic qualifications are:
- A monthly provable income of at least $1,800-2000 per month.
- Current resident of Canada.
- Canadian citizens or legal residents.
- Capable of obtaining vehicle insurance.
- Steady job or a guaranteed fixed income for the entire loan.
- Many lenders also will need to have a functioning telephone number along with verification of residence including a utility or visa or mastercard statement.
Who does not qualify?
Individuals with seasonal or non permanent employment.
Folks that are paid “under the table” and can’t provide verification of income from their employer.
Those with a recent repo that was not included in a bankruptcy. Exemptions can be made with considerable down payment.
Military personnel currently stationed outside North America.