If you are experiencing money problems, there are a number of car loan lenders in Canada that may be able to assist you. MoneyProblems.ca has pulled together information that may help before your choose.
What You Need To Know
First, if you need a car, it is possible to finance the purchase of a car through a car loan lender, even if you have bad credit.
We suggest the following approach:
Start by determining how much you can afford to pay on your car loan each month. When you do this calculation, don’t forget about car insurance, maintenance and repairs, and the cost of gas.
Then, go to your preferred new car dealer and ask if you will qualify for a loan or lease. Surprisingly enough, it is sometimes easier to qualify for a new car loan than a used car loan, because all of the car makers offer incentives to get people to buy new cars.
If you don’t qualify for a new car loan, ask about a used car loan. If the dealer cannot finance you, you can investigate other car loan lenders, but remember, they will probably charge a higher interest rate, so be sure you can afford the loan before you agree to the deal.
The second way that a car loan lender can help you if you have money problems would be to offer you a debt consolidation loan against your existing car. If you own a car with nothing owing against it, you may be able to get a loan, pledging the car as security, and then use that money to repay your other debts.
Again, a car loan can be expensive, so be sure you research your bad credit debt consolidation loan options before you get a car loan.
If you have more debts than you can handle, and you don’t qualify for a car loan, you could also consider a consumer proposal.