Calgary’s Bad Credit Car Loan Experts
If you’re living in Calgary and have a bad credit score, getting a car loan can seem like an impossible task. However, it’s not entirely out of reach, especially with the help of Crowfoot Dodge. With our expert finance team, you can get a bad credit car loan in Calgary that suits your needs and budget.
Crowfoot Dodge isn’t just a car dealership, we help Canadians with bad credit who want to get an auto loan without feeling embarassed about it. While we don’t offer financing ourselves, we deal with every major lender that offers car loans so that we can find the best loan based on your situation, whether you have a low credit score or even no credit rating at all.
First off, just know you aren’t alone.
Credit issues are on the rise and more and more Albertans have struggled financially, especially in the wake of the pandemic. Now that things are improving, people are finding that they have some new credit challenges preventing them from getting approved for a car loan.
The good news is that the banks and other car loan providers have relaxed some of the requirements for getting the car you want. Previously a low credit score or any negative credit hisory meant that you couldn’t get approved for a traditional car loan and you would have to pay crazy interest rates and high monthly payments on a vehicle you didn’t want in order to fix your credit history.
That is no longer the case. With new lenders and more car loan options, you can now get auto financing quickly and easily on both new and used cars as better interest rates and payments than ever before.
What is a credit score?
If you aren’t familiar, it’s important to understand what a bad credit score is and how it affects your ability to get a car loan. A credit score is a numerical representation of your creditworthiness, ranging from 300 to 900. The higher your score, the more likely you are to get approved for a loan with favorable terms.
If you have a bad credit score, typically below 600, it means you have a history of missed or late payments, defaulted loans, or have filed for bankruptcy. Lenders see this as a high risk, and may either deny your application or charge you higher interest rates to compensate.
However, it’s not all doom and gloom. Many lenders, including Crowfoot Dodge, offer bad credit car loans specifically designed for people in your situation. These loans may have slightly higher interest rates and fees, but they can give you the chance to rebuild your credit with on-time payments.
Here are some tips to help you get approved for a bad credit car loan in Calgary:
- Check your credit report: Before applying for an auto loan, you should check your credit report to ensure all the information is accurate. If you find any errors, dispute them with the credit bureau to increase your score. When you apply with us, we will review your credit report with you so you know your credit score, plus exactly what issues are present and help you to fix them.
- Start saving for a down payment: Having a larger down payment can improve your chances of getting approved, as it shows lenders you’re committed to the loan and have some skin in the game, which will get you a larger car loan amount, a longer loan term and possibly a lower rate.
- Get pre-approved: Crowfoot Dodge offers a free online credit application that allows you to get pre-approved for a car loan. This can give you a better idea of what you can afford and the interest rates you may qualify for so you can decide if a car purchase is affordable.
- Choose a car within your budget: Stick to a car that fits within your budget to avoid defaulting on your loan. Crowfoot Dodge offers a variety of new and used cars, trucks, vans and SUVs at affordable prices.
- Make on-time payments: Making on-time payments is crucial to rebuilding your credit score. Set up automatic payments or reminders to ensure you don’t miss any deadlines.
In summary, getting a bad credit car loan in Calgary is possible with the help of Crowfoot Dodge’s finance team. By following these tips and being mindful of your budget, you can get the great new or used car you need while improving your credit score. Complete our loan application below and let us get you a loan today!