subject: I Have Been Turned Down For Bad Credit Car Loan, What Else Can I Do To Get Approved? [print this page] You may have heard of this service before, yes it is true! Surprising to many there is actually a loan service called "no credit check" car loans. With today's ailing economy and rising unemployment rate, many Canadians are falling behind on their financial obligations. It is only natural for many Canadian's credit score to slide, and with enough credit score drop you will pretty soon be facing with a credit crisis. If you have bad credit score, the one that is below 640, you should stay away from the big dealerships or any manufacture's promotional programs. Don't be caught up on the promotional rates of 0% financing, because once you apply for credit from the manufacture they will pull a credit bureau on your name. This is considered a "hard hit" the one that will drop your credit score slightly, few points at a time. If you know you will be declined, you shouldn't risk credit score any further. Instead apply for a loan provider that specializes in bad credit car loan services.
The standard car loan from the bank or the manufacture will usually offer the most attractive interest rate and financing program, but the requirement is much higher to obtain the loan. They are what the financing industry refers to as the "A" class lenders. When you apply to the bad credit loan providers their requirement will drop significantly, since they are the "B" class lenders. The catch is the "B" class lenders will charge a higher interest rate compare to the "A" class. But if you still got declined for a bad credit car loan, there is very little resources left. But one solution is to get a car loan from the "C" lenders; the "C" lenders or the no credit check required car loans are the rock bottom in the credit world.
The interest rate is similar to the bad credit loan providers, but usually there will be strict stipulations on the contract and some dealers may install GPS based vehicle locators just in case of you defaulting the loan. There are few no credit car loan providers in the Toronto area, one source is "No Credit Check Car Loans" located in Toronto area
