Bad Credit Car Loans in Cambridge Ontario: Getting Approved
Bad Credit Car Loans in Cambridge Ontario: Getting Approved
Posted on May 4, 2022
There are now more ways to buy a car than ever before and bad credit car loans are just one of the many ways to do it. Our Cambridge auto loan team are experts in this field and have helped hundreds of people access car finance even when they have less than perfect credit.
They share their expertise in this post to help you understand buying a car with bad credit.
Bad credit in Cambridge
Bad credit is where someone has a credit score of less than 600. That could be caused by any reason and be recent or in the past. Many Canadians are in this situation through not fault of their own and our team are here to help.
Many people think that once they have bad credit, a car loan is out of the question. That’s not true. There are dozens of products out there from a range of lenders that can provide competitive rates to those with poor credit.
Bad credit car loans in Cambridge
Bad credit car loans are designed specifically for people with less than perfect credit. They are an opportunity not only to buy a car but also to help rebuild credit.
Successfully repaying a Cambridge car loan creates a positive payment history, which will increase your credit score over time. So this time of loan repays you in kind when you have one!
You’ll need:
- Proof of ID and address
- Proof of income
- Sufficient income to comfortable afford the loan
- Experts like our Cambridge bad credit car loan team to help
Once you have all these things, there’s nothing stopping you using a bad credit car loan to buy a car.
Proof of income for bad credit car loans
There are no concrete income requirements for a bad credit car loan but you will need to be able to demonstrate that you can afford it. You will need to prove that you can afford to pay your living expenses, any debt you might have and the loan without putting yourself into difficulty to qualify.
A lender is under an obligation to only lend to people who can afford it and not set you up to file. That’s why there is an insistence on affordability. It’s to protect everyone.
You can use bank statements, salary slips, an offer letter from your employer if you’re new, tax returns and any official paperwork showing your income.
If you’re self employed, you’ll need tax returns and any paperwork proving potential future income if you have some. The more evidence you can provide, the more likely you’ll be accepted.
Bad credit is not a permanent situation
People find themselves in difficulty for all kinds of reasons. The important thing to realize is that it isn’t forever. A Cambridge bad credit car loan not only provides the means to pay for a new car but also provides the means to help improve that credit score.
It’s a win win situation and not a permanent one!
When you’re ready for a car loan, get in touch with the Cambridge auto loan experts at Northway Ford for great deals on auto finance.
Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!