Their is no doubt that their are an abundance of bad credit car dealerships in Canada and their are a lot of dealerships advertising for bad credit car loans . In my opinion when a person is thinking about applying for a bad credit car loan approvals they should spend some time with the person responsible for looking at their bureau. This person is usually called a business manager and once the application is submitted the business manager will be the person responsible for submitting your application to the lenders. Their are more and more lenders that are approving people for bad credit auto loans in Canada and bad credit car loans in Alberta . The interest rates on these loans can go as high as 30%(or more) depending on the applicants situation. Back in the day 30% is almost unheard of for a loan rate, but more ofter nowadays these rates are seen. With the economy and what has happened to it in the last 5 years or so more and more people claimed bankruptcy or fell behind on a mortgage, or failed to pay credit cards. It is important to know that even at a high rate car loan or a Car loan in Canada , that these loans should be able to be paid off early with no penalty. Some lenders will charge a closing fee but not an actual interest penalty. This may not apply for bad credit car leasing (their may be a penalty). In my opinion if you are going to take a bad credit car loan then look into what else you can do to correct your credit at the same time. Obviously it is always best to get a low rate, but again, if you have less than perfect credit and know you are going to be faced with a high rate then at least make some efforts to correct the credit while paying for a vehicle. This is why it is important to sit with a credit specialist that can help you with these options. Some dealerships will offer free credit advice while financing a car . This can save you a lot of money moving forward. With bad credit car loans and everyone approved car loans being such a competitive market it is important to visit a place that will spend the time with you and educate you on what you need to do, to move forward in a positive direction. I would suggest maybe calling the dealership and asking if they have a credit specialist on hand to speak to as well. This credit specialist might spend some time with you going over some points on your bureau, as well as earning your business with finance. A credit specialist might be someone who has gone through credit challenges themselves, and came out corrected. In my opinion these types of people are the ones with the best advice. This advice is real hard experienced advice and can produce some real good results for you moving forward with credit correction or fixing bad credit .
Just my 2 Cents
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