How hard is it to get a car loan in Caledonia?

How hard is it to get a car loan in Caledonia?

Posted on February 11, 2021

How hard is it to get a car loan in Caledonia? No harder than anywhere else in Ontario and certainly not difficult if you put your mind to it. It’s definitely not difficult if you work with our Caledonia car loan team!

Canada is a society built around the car. Unless you live in a city with excellent public transit, you’re going to need a car. Whether that’s to commute to work, get the kids to school, run errands or whatever. Cars are integral to our way of life.

So how difficult is it to raise money to buy one?

Much depends on your personal circumstances but there are a couple of challenges you’ll need to overcome.

The down payment

We do provide no money down auto loans in Caledonia but we usually recommend using a down payment. It lowers the amount you have to borrow and gives you room to avoid going upside down.

It can also reassure lenders if you have a lower than average credit score.

Saving can be tricky for some who live day to day. We don’t all have the luxury of having spare income at the end of each month.

We can still help you if you don’t have a down payment though!

Qualifying for a car loan in Caledonia

If you have had bad credit or been bankrupt, you may find it difficult to qualify for a car loan with mainstream lenders. You may have a poor payment history or a low credit score as a result of previous troubles which can impact you getting a car loan.

Our Caledonia car loan team can help you overcome all those things if required. We have access to a selection of lenders who look past previous troubles or further than the credit score.

If you’re in this situation, we can definitely help.

Irregular income

Staff who depend on tips, freelancers, seasonal workers, contractors, the self-employed and other types of roles can have irregular income. This can be a barrier to mainstream car loans.

The challenge of irregular income isn’t insurmountable though. We can help you frame your application in the best way possible and put you in touch with lenders willing to work with those who don’t work the 9-5.

No credit history

If you haven’t used credit much or are new to Canada, you won’t have much credit history which can be a barrier to many Caledonia car loans. Your credit history shows lenders whether you have a track record of paying on time and whether you pay off your debts or not.

Without a payment or credit history, few mainstream lenders will work with you. We know some that will though. Not only can we help you with a Caledonia car loan without much of a credit history, paying that loan will help you create one!

There can be seemingly insurmountable challenges if you’re looking for a car loan in Caledonia. No problem is truly insurmountable. With the right knowledge and the right application, there really is nothing we cannot achieve together.

Get in touch with the car loan experts at Northway Ford for great deals on auto finance in Caledonia.

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