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Car Loans Surrey 2019

Compare the best lenders in this region:
ProviderRating
Climb -
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 5 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Evolocity 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

Despite the growing popularity of riding a bike and taking public transit, driving is still the way most people get around, especially in the suburbs. Most people will drive to work, to get groceries, and to get where they need to go. For example, in Surrey BC, a large majority of people commute to work via either driving a vehicle or being a passenger in a vehicle.

While cars are definitely among the best and most effective ways to get around quickly, there is a caveat. Unfortunately, owning a car can be expensive. Not only do they often cost thousands of dollars, but you also have to keep them maintained as well. Thankfully, the availability of car loans helps more people get access to the vehicles they need.

Auto Financing 101Take a look at this infographic for everything you need to know about auto financing.

What Type of Vehicle Can You Get With a Car Loan in Surrey?

While we know that car loans are incredibly helpful, what sorts of vehicles can you actually get with them? Well, the good news is, most car loans will allow you to get any type of car that you want. Most lenders won’t have rules or stipulations on their loans, and you will be able to choose the vehicle you want. You can get:

  • Hatchbacks
  • Sedans
  • Coupes
  • Convertibles
  • Electric Cars
  • Vans
  • Trucks
  • SUVs
  • Hybrids

Of course, the actual car you end up getting will depend greatly on things like your needs and your budget. While it is generally quite easy for most people to get a car loan, you need to be careful. Just because you can be approved for a massive loan to get a nice car, you need to be sure to be responsible.

10 things all consumers need to know before buying a car, click here.

Purchasing a car that you struggle to pay off can hurt your financial situation for years. Instead of just blindly shopping for cars, you should set your budget beforehand and be sure to stick to it. However, be sure to get a car that is reliable. Canada is known for its unpredictable weather from coast to coast, so you want something that can handle it. Also, it is important to remember that the type of car you get will also depend on the available stock of the dealerships in your area.  

New vs. Used CarsDeciding between a new vehicle and a used one? This infographic is for you.

Bad Credit Car Loans

This all sounds great, but what if you have bad credit? Well, the good news is that there are a variety of different car loan options out there for everyone in Surrey, even those with less-than-perfect credit. In general, bad credit is seen as a credit score of lower than about 550 or 600.

Getting approved for a bad credit car loan in Surrey might be a little bit more difficult as you are seen as riskier than those with great credit. There are a few different things you can do to improve your chances of being approved.

Finding The Right Lender

The first is to make sure to find the right lender. Not all lenders are willing to work with everyone, so you need to find one who is happy to work with bad credit individuals.

Consider Saving For a Large Down Payment

Next, you want to be sure to save up a healthy down payment if possible. A large down payment lowers the risk for lenders significantly, so having one could get you approved despite your credit not being the best. Borrowing money in an affordable manner is all about minimizing the risk you present to the lender.

Work to Improve Your Credit

Of course, while some may opt to go with one of these bad credit car loans, others may want to improve their credit first and then simply apply for standard car loans (for more information about bad credit card loan, click here). Thankfully, there are a number of things you can do to quickly and easily improve your credit such as:

  • Making your payments in full every month
  • Using credit responsibly
  • Not constantly applying for new credit
  • Using a secured credit card

These methods, and many others like them, will help your credit improve quickly. While the exact time will depend on how good you stick to the plan and how bad your credit was to start, within a few months you should begin to see improvements in your credit.

Canadian Credit ScoreInterested in more information about credit? Click here.

What About Trading In My Old Car?

One of the best ways to cut down the size of the car loan you need is to trade in your old vehicle. Many dealerships will do trade-ins where they will take your old car and in return will give you a small deal or discount on your new car. This can lower the cost of your new car, but it is important to be realistic about how much you will get.

Check out these cars that have high trade-in value.

You will rarely get more than a few thousand for a trade in, and many times, it might only be a few hundred. What you get will depend on the type of car, how old it is, the condition it’s in and a variety of other factors. While you may get more selling privately, the convenience and ease of doing a trade-in at a dealership can sometimes be worth it as well.

A Great Car Loan For You

In need of a car loan or want to learn a little bit more about your options? If so, reach out to Loans Canada and we are confident that we can help you out.


FAQs

Can you get a loan with bad credit?

  • Yes, Canadians with bad credit can still qualify for a loan. Unsecured bad credit loans may be paired with higher interest rates, but consumers can still opt for a secured loan such as a car title loan to gain access to lower rates.

Will applying for a loan hurt my credit score?

  • If the lender performs a hard pull of your credit, yes your credit score will go down a few points. But it will recover over time. The most important thing is to make sure you don’t have too many hard pulls within a short period of time.

Can I pay off my loan early?

  • Yes, some lenders will allow you to settle your account early. Just keep in mind that you may be charged a prepayment penalty, which is typically a percentage of your remaining loan balance. Before you sign a loan contract make sure you understand the terms of your loan.

What is the difference between a secured and an unsecured loan?

  • A secured loan is backed by some form of collateral, typically an asset like a vehicle or piece of property. If a borrower defaults on a secured loan, the asset could be seized. An unsecured loan does not require collateral. The heightened risk of an unsecured loan may result in a higher interest rate, although this is usually a function of the applicant’s credit history.

How to tell if a lender is legitimate?

  • Choosing a legitimate lender can seem like a daunting task, but there are a few key factors to watch out for. For example, a legitimate lender will never ask for any form of upfront payment and should have many independent reviews you can look at online.

Can I transfer my loan to someone else?

  • Certain loans, for example, a car loan, can be transferred to someone else. But, a personal loan cannot be transferred.

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Posted by
After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Kale has focused on writing about finance, technology, cryptocurrency, entertainment, and sports. Kale work has been published on Yahoo, RentHop, the Regina Leader-Post, and ReboundFinance.com. Kale loves to create a wide variety of personal financ...

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