Bad Credit Car Loans Scarborough

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
9	1718582400		$100 – $1500	Max of $8 per $100 & 24% interest up to 62 days	Next payday (max 62 days)	$100 – $1500
100	1709683200		Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800		Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
21	1700524800		$100 – $1,000	29% – 35%	9 – 24	$100 – $1,000
15	1695254400		$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
3	1692748800		Up to $350	0%	Up to 65 days	Up to $350
8	1688083200		$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
6	1683676800		$15,000	6.7%	Up to 60	$15,000
1	1670889600		$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
7	1666051200		$250	0%	–	$250
100	1643932800		$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1642723200		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1623369600		Varies	0%	6 or 8 weeks	Varies
2	1620777600		Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
17	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400		$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400		Up to $15,000	–	–	Up to $15,000
100	1598832000		$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
100	1551830400		Up to $500,000	5.75% – 9.9%	–	Up to $500,000
100	1582243200		–	–	Up to 60	–
100	1581033600		$5,000+	–	Up to 60	$5,000+
100	1580860800		$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
16	1580774400		$1,000 – $25,000	8.99% – 34.99%	36 or 60	$1,000 – $25,000
100	1579478400		$100 – $1,500	–	–	$100 – $1,500
100	1579478400		$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
100	1579219200		Up to $1,500	$14 per $100 borrowed	Up to 30 days	Up to $1,500
18	1576713600		$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1562198400		$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
19	1552262400		$1,000 – $15,000	29.9% or 34.28%	6 – 60	$1,000 – $15,000
100	1551830400		$100 – $1,000	$14 per $100 borrowed	14 days	$100 – $1,000
100	1551830400		$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1551398400		$100 – $1,500	$14 per $100 borrowed	14 – 31 days	$100 – $1,500
100	1551398400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
18	1546128000		Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
100	1551139200		$250 – $1,250	29% – 32%	3 – 6	$250 – $1,250
15	1551139200		Up to $15,000	34.99%	Open-end	Up to $15,000
100	1550534400		$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
100	1569974400		Up to $1,500	$14 per $100 borrowed	Up to 62 days	Up to $1,500
100	1550534400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1550534400		$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400		$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200		$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
100	1549411200		$1,000 – $15,000	34.37%	9 – 60	$1,000 – $15,000
100	1567555200		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400		$100 – $1,500	$14 per $100 borrowed	Up to 62 days	$100 – $1,500
100	1549238400		$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000		$500 – $1,000,000	7.9%	12	$500 – $1,000,000
100	1548720000		$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
5	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60	$500 – $10,000
100	1545264000		$500 – $10,000	Starting at 9.90%	12 – 36	$500 – $10,000
2	1543622400		Up to $60,000	19.99% – 34.99%	6 – 120	Up to $60,000
100	1545350400		$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
100	1545350400		$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
100	1545350400		Up to $7,000	35%	6 – 60	Up to $7,000
5	1545350400		$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400		$500 – $750	23%	3 – 4	$500 – $750
100	1545350400		$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400		$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
4	1545264000		$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
3	1545264000		Up to $5,000	9.9% – 35%	–	Up to $5,000
4	1568937600		Up to $10,000	Varies by product	Varies by product	Up to $10,000
10	1545177600		Up to $35,000	Starting at 12.99%	Up to 60	Up to $35,000
18	1545177600		$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600		Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
8	1714089600		$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600		$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	1669852800		$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000		$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600		–	–	12 – 60	–
100	1611878400		–	–	–	–
17	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1603756800		–	–	–	–
100	1598918400		–	–	–	–
100	1592438400		–	–	–	–
100	1585612800		–	–	6 – 60	–
100	1581984000		$10,000 – $10,000,000	6% – 12.5%	–	$10,000 – $10,000,000
100	1580947200		$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
100	1580256000		$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400		$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
100	1579478400		$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400		–	–	24 – 60	–
100	1579478400		–	–	–	–
100	1579478400		Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600		Up to $250,000	–	–	Up to $250,000
100	1575590400		–	–	–	–
100	1575590400		–	–	–	–
1	1545955200		$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
100	1552262400		$500,000 - $10,000,000	–	–	$500,000 - $10,000,000
100	1552262400		–	–	–	–
100	1552262400		–	–	–	–
100	1552262400		Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400		Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400		–	–	–	–
100	1551830400		$10,000+	–	Up to 15 years	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1551830400		Up to $500,000	–	Up to 15 years	Up to $500,000
100	1551830400		Starting at $5,000	–	Up to 84	Starting at $5,000
100	1551398400		$3,500+	–	–	$3,500+
100	1551398400		$5,000+	4.9% – 24.99%	18 – 48	$5,000+
100	1551398400		$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200		Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400		$500 – $50,000	2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400		$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400		Up to $5,000,000	–	24 – 72	Up to $5,000,000
100	1550534400		$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200		$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000		Up to $100,000	–	–	Up to $100,000
100	1548720000		$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000		Up to $250,000	–	3 – 24	Up to $250,000
6	1545350400		$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600		$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600		$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
5	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60	$500 – $10,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
2	1679529600		Varies	Varies	24 – 96 months	Varies
100	1643846400		$250 – $10,000	Starting at 14.99%	12 – 36	$250 – $10,000
3	1632960000		Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600		$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
17	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
7	1606435200		$500 – $10,000	Starting at 0%	3 – 48	$500 – $10,000
100	1600646400		$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1582761600		–	–	36 – 96	–
6	1582761600		–	–	–	–
100	1582761600		–	Up to 29.5%	–	–
100	1581033600		–	–	–	–
100	1580688000		–	Starting at 12.9%	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1579219200		–	–	–	–
100	1578873600		–	Starting at 10.99%	–	–
100	1578873600		–	–	–	–
100	1551830400		Starting at $5,000	–	–	Starting at $5,000
100	1552262400		Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400		–	–	6 – 96	–
100	1551830400		$10,000+	–	12 – 96	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		–	–	–	–
100	1575849600		$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600		–	–	–	–
100	1575590400		–	–	–	–
6	1569974400		–	Up to 29.99%	12 – 96	–
100	1561507200		–	–	–	–
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400		–	–	–	–
100	1551830400		Up to $500,000	–	6 – 48	Up to $500,000
100	1550534400		–	–	–	–
100	1548633600		–	Starting at 4.2%	–	–
5	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60	$500 – $10,000
100	1545177600		–	–	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600		Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000		Up to $50,000	–	–	Up to $50,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
3	1726531200		$5,000 +	6% – 16%	12 – 60	$5,000 +
7	1708473600		–	–	–	–
5	1700524800		–	-	-	–
100	1695945600		–	–	–	–
4	1690934400		–	–	–	–
2	1688601600		Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000		$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
4	1541030400		–	4.19% – 8.00%	6 – 120	–
100	1627344000		–	4.50% – 5.97%	12 – 60	–
100	1551830400		Up to $500,000	Starts at 8.49%	–	Up to $500,000
100	1581033600		–	4.19% – 6.04%	12 – 120	–
100	1580860800		–	–	–	–
100	1580860800		–	2.99% – 5.49%	6 – 60	–
100	1580860800		$50,000+	–	12 – 120	$50,000+
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		–	–	6 – 60	–
100	1580688000		–	4.19% – 6.04%	12 – 120	–
100	1580688000		–	–	–	–
100	1579478400		–	4.54% – 7.49%	6 – 120	–
100	1578873600		–	–	–	–
100	1578268800		–	–	–	–
100	1577059200		–	Varies	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	4.49% – 6.63%	1 – 10 years	–
100	1574985600		$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200		–	–	12 – 60	–
100	1574899200		–	4.24% – 6.30%	–	–
100	1560124800		–	4.64% – 5.80%	1 – 10 years	–
100	1548806400		$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
100	1548720000		–	–	12 – 60	–
1	1517097600		$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		Provider	Services	Rating
0	0		Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800		Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800		Bankruptcy, Consumer Proposal
100	1576540800		Credit Counselling, Debt Management Program
100	1576368000		Credit Counselling, Debt Management Program
100	1576454400		Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

While bad credit is fixable, it can make it tougher for you to get approved for large credit products, affordable interest rates, and appealing repayment terms. This is especially true for any form of vehicle financing, where a lot of money is being exchanged between you and the lender or dealership you’re borrowing from.

Since bad credit may be the result of missing too many debt payments in the past, many auto financing sources will consider you too risky to approve. Don’t worry, there are several ways to get approved for a bad credit car loan in Scarborough.

What Are Bad Credit Car Loans and How Do They Work?

Like other cities in Canada, Scarborough has plenty of residents with bad credit, any of whom could have trouble getting approved for auto financing. However, many lenders and dealerships offer bad credit car loans to drivers with lower incomes, debt problems or, in this case, unhealthy credit histories.

The bad credit car loan process works the same way as any other type of vehicle loan. You can apply with a lender, where a lump sum of liquid cash will be deposited into your bank account and must be repaid through installments (after you’ve bought your car). Many dealerships in Scarborough also offer in-house financing, where you drive off the lot in your chosen vehicle, then repay them directly over 1 – 5 years.

Different Requirements

One of the biggest differences between a bad credit car loan and normal car loan is that the lenders and auto dealers who supply them have easier approval requirements than prime lenders, like financial institutions or top-tier dealerships.

So, borrowers who would have gotten approved for unappealing conditions or denied altogether because of their bad credit can get approved for the loan they need, even if their income isn’t amazing or they’ve had prior debt problems.

What Does a Bad Credit Car Loan Cost?

One of the biggest drawbacks to a bad credit car loan is that it could have higher costs than a prime car loan. Before you apply, be sure to learn about all these associated costs, so you don’t get caught off guard by them after your repayment plan starts.

Here are some of the cost-related elements that bad credit can affect:

Loan Amount

Bad credit lenders/dealers sometimes offer smaller loans. This can be due to their clients not being trustworthy with large amounts of credit or because they’re a private company that can’t offer more money. Either way, a bad credit car loan may not be big enough to cover the full price of your car.

Term Length

Bad credit car loans often come with shorter repayment terms. However, some lending sources offer longer terms because they can charge more interest. For instance, an 84-month loan term with smaller payments is more profitable than a 48-month term with larger payments.

Loan Payments

Some traditional lenders/dealers are open to negotiation when it comes to the size and frequency of your loan payments. Bad credit lenders, on the other hand, may be more restrictive. Since bad credit car loans often come with shorter terms, payments are generally higher.

Down Payment

While a down payment isn’t always mandatory with a regular car loan, bad credit lenders and dealerships may request one prior to approving you. Since your poor credit score may label you a risky borrower, that down payment may also have to be larger than you were expecting.

Interest Rate

Every lending source offers different car loan rates. However, bad credit lenders/dealers typically charge higher rates, again due to the level of risk involved. So, you could end up paying far more for a bad credit car loan than a regular car loan, even if you had the same term length.

Fees

Almost every lender/dealer charges fees for any physical or administrative services rendered during your loan term. Common examples include loan origination, document processing and pre-delivery vehicle inspection. Sadly, bad credit loan fees can be higher and more abundant than with a normal car loan.

Where Can You Get a Bad Credit Car Loan in Scarborough?

When it comes to bad credit car loans in Canada, drivers generally have three options. Since each option has its own pros and cons, be sure to research your lender or auto dealer carefully prior to giving them any information.

Credit Unions & Banks

The primary choice for many borrowers is their current financial institution. While some credit unions and banks don’t offer car loans, you can apply for a personal loan, then use it to finance your down payment or, if you’re lucky, your entire car.

Benefits

• As government-regulated institutions, they can provide good financial security
• Even better rates and loan conditions may be available to preferred members
• Larger loans, longer terms, and lower rates than other financing sources

Limitations

• It can be hard to get approved if you’re not a member or you have terrible credit
• Personal loans may not be large enough to cover your vehicle’s full sales price
• Cars located outside a specific range may not be eligible for financing

Car Dealerships

If you’re not paying for your car with cash or a credit card, most auto dealers can connect you with the third-party lender(s) they do business with. Many also offer in-house vehicle financing, where you make payments directly to them.

Benefits

• Better terms, rates and perks may be offered if you purchase a newer car
• You might be able to buy a extended warranty that covers basic issues for a limited period
• You may not have to qualify for a loan with an outside lender

Limitations

• Terms are often restricted to 1 – 5 years (shorter than other financing methods)
• Some dealers don’t report to Canada’s credit bureaus (Equifax or TransUnion)
• Warranties may not be available for cars beyond a certain age or mileage

Alternative Lenders

If you have trouble qualifying with a financial institution or don’t want to do dealership financing, there are many alternative lending companies (online and physical) that can provide you with a bad credit car loan in Scarborough.

Benefits

• Easier approval requirements than other sources of financing
• Approval is more dependant on your income, rather than your credit or debts
• Fast application process (funding can be acquired in matter of hours or days)

Limitations

• Harder to regulate (more risk of scams, predatory rates and identity theft)
• Shorter terms, larger payments and higher rates/fees for smaller loan amounts
• Some alternative lenders don’t report to Canada’s credit bureaus either

Additional Reading

How to Get The Best Financing Rate For a New Car

Where Do Used Car Dealerships Get Their Inventory?

Can You Buy A Car With A Credit Card?

How to Qualify For a Bad Credit Car Loan in Scarborough

Qualifying for a bad credit car loan can be easier than regular vehicle financing. That said, similar requirements may be involved during the application process. Here are some steps to take if you want to qualify for a bad credit car loan in Scarborough:

• Earn a Solid Income – The better your income and employment status are, the easier it is to qualify for a decent car loan. However, if the lender/dealer sees you can afford all your payments, you shouldn’t have much difficulty.
• Apply Online or In-Person – Some lenders/dealers can process and approve your application within minutes. Don’t forget to confirm that your lending source is a legitimate business with a good reputation prior to applying.
• Fill Out The Appropriate Information – Different personal and financial documents may be required or inspected before approval, such as your:
  • Canadian driver’s license
  • Most recent bank statements (proof of income)
  • Most recent utility bill (proof of your permanent Canadian address)
  • Credit report & credit score (proof that you’re a responsible borrower)
  • Driver’s history (record of accidents, traffic incidents, etc.)
  • Pre-authorized debit form or VOID cheque (for deposits/payments)
  • Vehicle specifications & Identification Number (VIN#)

Improve Your Chances of Being Approved For a Bad Credit Car Loan

Approval requirements may vary depending on where you apply for your bad credit car loan in Scarborough. There are several ways to increase your chances of getting approved for good loan conditions, including but not limited to:

Get Pre-Approved

To find out if you’ll qualify for a bad credit car loan, visit your lender/dealer or go online to get pre-approved and receive a free loan quote. This will save you the trouble of applying, only to possibly get denied.

Increase Your Down Payment

If you pay at least 10% – 20% of your car’s total sales price upfront, it can be much easier to qualify. Not to mention, the larger your down payment is, the shorter your loan debt will be.

Offer Collateral

In some cases, your car loan will be secured against the vehicle itself. If you default, your lender/dealer may repossess it. While they might accept other assets, that isn’t recommended due to the potential for loss.

Trade-In Your Car

Many dealerships accept trade-ins for pre-owned vehicles with resale value. Although they likely won’t offer you a lot of money, your approval chances will be higher and the car you buy will have a reduced price.

Get a Cosigner

If your income and credit score are insufficient, a stronger borrower may be able to co-sign your loan. However, this can also be risky, as the cosigner will become responsible for your payments if you can’t afford them.

Buy a Cheaper Car

If you think you might not get approved for a bad credit car loan in Scarborough, it might be safer to look into lower priced or second-hand vehicles. The less risk involved for your lender/dealer, the better the outcome.

Frequently Asked Questions

Looking for a Bad Credit Car Loan in Scarborough?

Loans Canada can connect you with the right lender in your area who can help you choose the best type of car loan to meet your unique financial needs.