subject: Where Can I Find A Bad Credit Car Loan For Under $5000? [print this page] If you have been searching for a used car under $5000 that can be financed even though you have bad or no credit, then you have found the perfect article. The typical car loans from the banks and lending institutions have many stipulations attached to the loan. These stipulations are generally behind the scene where you will never know about; one of the requirements from the bank is that you must borrow at a minimum amount of $7500 before taxes and administration fees. The reason behind this is actually pretty simple, in the eyes of the banks they need to make sure the loan is significant enough or large enough for them to make some return on their investment. Any amount less than $7500 is not worth their while, therefore not approved.
This leaves a catch 22 situation for many Canadians, with todays economic condition, and higher living cost. It is only natural for people to save on their monthly payments and reduce their expense. When comes to a used car, many Canadians can only afford so much due to the high insurance rate in this country. Since the minimum amount allowed is $7500 for a typical car loan that will translate into a monthly payment no less than $200 per month. Before you give up your search for more affordable automobiles in the city of Toronto, there is one last resort for you as a customer. There is a service called no credit required car loans, these types of loans are usually generated from a private source. In another word it is coming from a private lender much like a loan shark. Dont worry no one is going to break off any body parts if you dont pay it back. However if you are in the market for such loan, you should be aware that no credit check car loans is literally your last stop before you are no longer allowed to borrow from any other source.
It should be reserved your last resort, and you should try your best to make the payments on time and on schedule. These types of loans generally will not require any types of credit what so ever. So regardless how poor or bad credit you may have, you will be guaranteed an approval on a used vehicle, and often it is less than $5000. These types of loan are much more flexible because its not coming from a bank but an individual. If you live in the city of Toronto, one good source is called No Credit Check Car Loans and good luck to your search.
