How To Purchase A Vehicle In Toronto When You Know That You Have Bad Credit?

How To Purchase A Vehicle In Toronto When You Know That You Have Bad Credit

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Knowing that you have bruised your credit is one thing, but facing the idea that it is time for a new vehicle when you have bad credit can be paralyzing. It has become much more challenging for clients with credit difficulties to qualify for affordable vehicle financing at dealerships.

One thing you will need to keep in mind when you start shopping is that the more money you have as a down payment, the higher the likelihood of qualifying for a car loan in Toronto. Lenders like to see this because it shows that you have more of a stake in the vehicle because you have invested in it. Also you will have a lower car payment.

Lower mileage vehicles are more attractive to lenders. The lower the vehicle mileage the more valuable the vehicle and the less likely you will be to have car problems during the term of the loan. Large, expensive car repairs that occur with later model vehicles, while having car payments is one large reason average individuals default on their car payments.

Here are some tips if you have bad credit and want to purchase a vehicle in Toronto.

Choose a vehicle that is 3-4 years old with less than 50,000 kms. You will still be able to take advantage of the power train factory warranty on most vehicles and this will give you a vehicle that will last beyond your loan payments.

Do not stretch your loan payments over longer than 48 months. You want the vehicle to still be worth something once you pay it off.

Try to raise at least 25% down payment and this will ensure that you keep your payment low and will increase the likelihood of a car loan approval.

For more information about purchasing a vehicle when you have bad credit please visit www.prudentvaluecars.com

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