Can I Get Approved for a Car Loan if I have Bad Credit

David Majedi

Aug 17, 2020

Within the widespread landscapes of the Greater Toronto Area and fast pace environment we have all grown accustomed to, it is without a doubt, necessary to have a vehicle if you want to keep up. The luxury of purchasing a car may seem a bit of a far reach for those whom may not have the means to make a big purchase, which often leads to the idea of acquiring a car loan. Car loans hold a lot of benefits: financing allows you to not have to freeze up equity in a depreciating asset, it makes car buying possible for those who do not have enough equity to make a purchase out right, and it allows you to grow your personal credit history. Having many benefits, a lot of consumers with bad credit, see car loans as merely wishful thinking. It’s not!

In today’s society, a big percentage of population are penalized with poor credit rating simply because they do not understand how credit works. The belief that poor credit equals no car loan is simply not true. There is always a way to get an approval with the right resources. The difference between good credit vs. bad credit when it comes to a car loan is: good credit will tend to have lower interest rates, more flexibility on the structure of the loan as opposed to bad credit will have higher interest rates and have more concrete loan structure. Higher interest rates do not always mean payments that are not affordable; rates can be balanced with many other controllable variables.

If you currently have less that ideal credit and need a car, do not be afraid to apply for financing as this approval can not only put you behind the wheel of your next car, but also rebuild and improve your personal credit. Autorama is a finance driven dealership that works most of banks and lenders to ensure you the best results. Lowest possible rates, affordable payments and high quality cars are what our dealership has to offer. Just because your current credit score is low, does not mean you do not have the option to buy a car. Call Autorama at (416) 739-7262 and speak with one of our finance managers to explore your possibilities or fill out our online finance application for a pre-approval today.

Save your cash! Autorama offers our Good Credit Customers the best car financing rates and terms available in our industry. We deal with major lending institutions that are eager to compete for your business. Save your cash and keep your line of credit for day to day expenses. Let our Credit Specialists show you how we can provide top tier customer service for all your auto financing requirements.

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David Majedi

David brings a decade of experience to his role as Finance Manager at Autorama. Having served a diverse clientele with unique financing needs over the years, he has gained comprehensive knowledge of the market and forged created relationships with all lenders, including banks and private lenders.