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While public transportation is very popular is most large Canadian cities, many people still move around, get to work, and run errands by driving their cars. For example, in Guelph, a large majority of people commute to work by either driving a vehicle or being a passenger in a vehicle.
Unfortunately, getting a vehicle isn’t always easy. Vehicles can be expensive to purchase and have countless recurring costs like maintenance, insurance, gas, repairs and much more. This can end up costing thousands of dollars or more every year.
Most people simply don’t have that amount of cash in their wallets or bank accounts to be able to afford one. Thankfully, applying for and getting approved for car loans in Guelph is a relatively easy process that most residents should have no issues completing.
The Vehicles You Can Get With a Car Loan In Guelph
But just what sorts of vehicles can you get with a car loan in Guelph? Well, the answer is any kind of vehicle. That’s right, most car loans will allow you to purchase any sort of vehicle that you want. You can get:
- Electric Cars
Of course, just because you can purchase any vehicle, doesn’t mean you should. You should only get a vehicle if you can afford it and it fits in your budget. The last thing you want is to be stuck making large payments you can hardly afford for the next few years. Before even beginning your car search, you need to take time to figure out how much you can actually afford.
Also, the car you get should depend on your needs and where you live. Some climates and lifestyles may be better suited to smaller and economical vehicles, while others require a vehicle that is large and powerful. The actual vehicle you get will also depend on the stock at the dealerships in your city unless you want to shop elsewhere.
My car loan application was rejected, now what do I do? Click here.
Bad Credit Car Loans In Guelph
There are a ton of different lenders and banks that give out car loans to interested and qualified individuals. While getting a car loan in Guelph is generally quite simple, this might not always be the case if you have bad credit. While bad credit can be subjective, anyone with a credit score of under 600 or so will generally be seen as having bad credit.
However, while it can make things harder, getting a car loan with bad credit is completely possible. The first step to getting a bad credit car loan is to find the right lender. See, not all lenders are willing to work with anyone. Some might only feel comfortable working with people who have good credit. Take some time to evaluate and contact the lenders in your area and see who is the best fit for your financial needs.
Once you have found a willing lender, the next step to successfully securing a car loan with bad credit is to have a large down payment. The larger your down payment is, the less risky you are to a lender. Generally speaking, having a large down payment makes up for the fact that your credit score is low, at least in the eyes of most lenders.
Consider Improving Your Credit First
While some consumers are okay with these options for getting a bad credit car loan, others may want to improve their credit before applying for a car loan. Improving your credit can thankfully be done quite easily. There are many ways to increase your credit score, including:
- Using your credit responsibly
- Keeping your credit utilization fairly low
- Making your bill payments on time and in full
- Keeping older credit accounts open
- Not constantly applying for new credit
- Checking your credit report to make sure everything is accurate
Of course, don’t expect these changes to have an immediate impact on your score. It can take a few months but is well worth the time and effort.
What About Trading In My Old Car?
Even with a car loan, some people may find it tough to afford a new vehicle. Thankfully, most dealerships allow for vehicle trade-ins. This is where you will give the dealership your old car, and they will often knock off a bit on the purchase price of your new car. It can be a great way to lower the cost of your new car and get rid of your old one at the same time.
Of course, because the value of a car depreciates so quickly, don’t be shocked if you don’t get a ton for your vehicle. It is unrealistic (in most situations) to expect thousands and thousands of dollars for your trade-in. Generally, getting anywhere from a few hundred to a thousand dollars is what you should expect most of the time.
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The Best Car Loan For Your Needs
If you are looking for a car loan in the Guelph area, look no further than Loans Canada. We are confident we can help set you up with a great and high-quality lender.