British Columbia is a beautiful province with gorgeous mountains, stunning lakes, and scenic views of the Pacific Ocean. However, in order to safely traverse the long winding roads in the mountains and deal with the snow and rain, you need a decent vehicle.
Unfortunately, buying a car can easily cost thousands and thousands of dollars. And if you are like most Canadians, you do not have enough spare cash lying around to spend on a new or even used vehicle. As a result, you will likely rely on a car loan in order to get a vehicle. Thankfully, there are a variety of car loans available for individuals in BC regardless of their credit. There are also a variety of lenders to choose from to ensure you get the best deal possible.
Trying to compare lenders in Canada? Read this first.
Why Are Consumers in B.C. Applying For Car Loans?
Every BC driver has their own reasons for why they need a vehicle, but more often than not it’s for reliability and convenience. However, here are some of the other most common reasons why you and other consumers in BC are applying for car loans.
- To upgrade your car to a newer model with better looks or features
- To get a larger vehicle if your family is expanding and you want the ride to be more comfortable for everyone
- To simply get a more reliable vehicle for yourself and your family
- Because your last vehicle is on its final legs
Want to know if it’s better to repair your old car or buy a new one? Take a look here.
Getting a car without a loan is quite uncommon for most people, that’s why affordable and convenient car loans are so important for hundreds of thousands of BC residents every year. Even if you have questionable credit, rest assured that you will still be able to find a borrowing option that works for you.
I Want To…
Vehicle Title Loans
However, if you currently own a vehicle and are looking to borrow some money, there are more options at your disposal than a standard personal loan. One of these options is a vehicle title loan. A vehicle title loan is a type of secured loan where you can use your vehicle title as collateral.
You will surrender the hard copy of your vehicle title to the lender and once the loan is paid back, you will be given back the title. They are a great way to gain access to higher loans or get your application approved if your credit is questionable. They often have shorter terms (anywhere from one to three years is the norm) and can be risky, but can pay off in a big way if you can keep current on your payments, as they will get you access to funds you wouldn’t have otherwise.
Here are some things to consider and always remember about vehicle title loans:
- You must outright own the vehicle in order to be able to use it with a vehicle title loan.
- The vehicle you use must have some value. Lenders aren’t going to loan you anything if all you have to offer up is the title of an old beater that has zero value.
- These will generally not take your credit score or credit report into account, and largely only consider the value and shape of the car title that they are receiving as collateral.
Learn more about your auto financing options here.
Recreational Vehicle Loans
While we have largely talked about car loans for street-legal vehicles like trucks, cars, SUVs, and vans, those are not the only vehicles that you can get loans for. In fact, recreational vehicles that are more like toys than actual vehicles can also be purchased by using these types of loans.
The types of recreational vehicles that can be purchased with these types of loans include things like:
The prices of these types of vehicles differ greatly, so certain loans might be better for a Ski-Doo that will cost a few thousand and others will be more beneficial to those who are getting large RVs that could cost tens of thousands of dollars.
Looking for a bad credit loan in British Columbia? Check this out.
Car Loans Can Be a Lifesaver
If you need a car but are low on cash, a car loan can be a huge help. If you are in the market for a car loan in British Columbia, be sure to reach out to Loans Canada, we are confident we can find the right loan for your unique needs.