Credit Buying a Car With Bad The Complete Guide to
The Complete Guide to Buying a Car With Bad Credit
Created By Legacy Auto Credit
Table Of Contents
Introduction Chapter 1: Know What To Expect Chapter 2: Understanding Your Credit Chapter 3: Know What You Can Afford Chapter 4: Find a Reliable Dealer Chapter 5: The Importance of Pre-Approval Chapter 6: Must Know Tips Working With Legacy Auto Credit
The Complete Guide to Buying a Car with Bad Credit
Introduction
Allow us to introduce ourselves.
Legacy Auto Credit was created to allow everyone an equal opportunity to drive a safe and reliable vehicle. We believe that credit concerns shouldn't keep you from driving and we work hard to treat each customer with care and consideration. Legacy Auto Credit is a part of a group that includes Guelph Toyota, Walkerton Toyota, Goderich Hyundai and KW Mitsubishi, if there's a vehicle you want, we can help you find it.
At Legacy Auto Credit, we've made it our mission to make buying a vehicle easy and hassle-free, regardless of your credit situation. Just because a person has bad credit, shouldn't mean they deserve a different experience when shopping for a reliable vehicle
Why did we write this guide?
For some people it can be very difficult to get leasing or financing when buying a vehicle. Buying a car is a daunting task, but that task becomes even more challenging and confusing for those who have `less than perfect credit'. It is estimated that around 30% of Canadians would have what is considered `bad credit' and for those people, buying a car often means facing rejection, sky-high interest rates, or shopping with non-trustworthy auto dealers.
The Complete Guide to Buying a Car with Bad Credit
Who is this guide for?
You'll find this information valuable if you are currently shopping or thinking of shopping for a vehicle and you have less than perfect credit for one or more of the following reasons:
? Bad credit history ? No credit history ? Slow, late, or missed payments ? Past or current bankruptcy ? New to Canada ? Repossession ? Divorce ? Low income ? Orderly Payment of Debt ? Poor credit due to unexpected events
Poor credit is not ideal, but don't assume it's the end of the road when you're looking to buy a car. Understanding how to get an auto loan with bad credit is your first step and this guide will serve as a valuable resource for you on your vehicle shopping journey.
How much should I read?
We've created this guide to be as easy and simple to understand as possible. Whether you read the entire guide from start to finish, or you just read a specific chapter, you're definitely going to be more informed.
The Complete Guide to Buying a Car with Bad Credit
Chapter 1 : Know What To Expect
Before you look for a new vehicle, especially if you find yourself with less than perfect credit, make sure your expectations are realistic. Knowing what to expect is particularly important when looking to buy a new vehicle with anything less than perfect credit.
The Process Will Be Slightly Different
When shopping for a vehicle with less than perfect credit, you should expect the process to be slightly different than if you were shopping with perfect credit. This could mean that your application process will be a little more in-depth, or you may need to get pre-approved before picking your vehicle. These processes are normal and reputable dealer will walk you through the entire process before hand, so you know exactly what to expect.
You Will Be Asked About Your Credit
Be prepared to answer questions about your credit and financial history. This can sometimes be an intimidating proposition for some folks, but it shouldn't be -- the dealer is just looking to get an idea of your current financial situation to ensure the loan you get won't jeopardize your credit/financial situation. While your credit score and financial history are important factors, there are other factors as well. If you've lived in your current home for a long period of time, that shows stability. Likewise, if you have a steady job and can show a stable employment history, you'll likely be seen as less of a risk. References can also play a role. A list of people who can verify that you're responsible and likely to pay your debts can also lead to an extension of credit with better terms.
The Complete Guide to Buying a Car with Bad Credit
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