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Buying a Car in Hamilton after University

Buying a Car in Hamilton after University


POV: you’ve just graduated from MacMaster University and nailed an interview for your dream job, but you don’t have a car to make the commute or the funds to go out and buy one.  Having just finished school, you don’t know what your credit situation is either.  What can you do?  It seems like your only option is to turn down the role and hope something closer to home turns up.

Don’t give up yet!  There is a way for you to finance a vehicle even with low or no credit.  It is more difficult to obtain a car loan without a good credit history, but not impossible.  Here are some things you can do to improve your odds of getting behind the wheel.

First of all, you should find out what your credit score is because that will determine where you can begin to look for a loan.  Let’s work with the assumption that you have a score lower than 660 and are considered a subprime borrower.

Generally, lenders who offer subprime loans use proof of income as one of the criteria for who can borrow from them.  In this scenario you haven’t started your job yet, so what can you do?  In some cases you can provide the offer of employment as proof that you’ll be receiving a steady income as soon as you get into the vehicle you are trying to purchase.  This along with any other history of on time bill payments will only serve to improve your odds of approval.

Another option you may want to consider is to have a family member or partner act as a cosigner for you.  This should only be someone who you trust and who trusts you, because if you fall behind on your car payments, your cosigner is responsible for making sure the lender gets their funds.  When you’re partnered with someone who has a history of good credit, lenders will be more inclined to trust that you’ll make your payments.

If possible, you could put down a higher than minimum down payment to reduce your monthly payments.  Less to pay each month is easier to handle, but not everyone is able to hand over a large amount of cash up front, so this isn’t possible for everyone.  However, like all the above options, it may increase your odds of approval and get you behind the wheel sooner than later.

Weigh out your options and determine which path makes the most sense for you.  The important thing is to not lose hope, be patient, and make smart decisions.  Take steps to ensure you have the best chance of getting approved for your car loan and set yourself up for future success!


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