Get Approved Fast for Bad Credit Car Loans in Ottawa
Get Approved Fast for Bad Credit Car Loans in Ottawa
Right Turn Auto Credit Specializes in Bad Credit Car Loans in Ottawa, Ontario.
Access the Best Car Loans for Bad Credit
Are you looking for a new or used vehicle but worry your credit history may hold you back from qualifying? If so, you’ve come to the right place. As a dedicated provider of bad credit car loans in Ottawa, we understand the challenges people with bad credit face when financing a vehicle purchase.
Contact us today to learn more about bad credit loans.
What Defines Bad Credit?
Before applying, it’s important to understand what lenders consider bad credit. Most auto finance companies view a FICO credit score below 580 as less than stellar.
Some key factors can negatively impact your credit score, including:
Bankruptcy (filing for either personal or business bankruptcy) within the past 7 years
Repossessions on your credit report within the past five years
Judgments, tax liens, or other collection accounts still owed
High credit utilization (using more than 30% of your available credit each month)
Delinquent payments on loans like credit cards, lines of credit, or mortgages
Limited or no established credit history
It’s also worth noting that your credit mix matters. Having a variety of open, on-time-paying credit accounts (revolving credit like credit cards plus installment loans) demonstrates that you can responsibly manage different types of financial obligations.
Flexible Options for Car Loans in Ontario, Canada
While a low credit score often leads to loan rejections or high interest rates elsewhere, we take a more nuanced approach to reviewing each application. Beyond just credit scores, we examine your entire financial picture – including income, employment history, monthly debt obligations and other relevant factors.
The loan programs we offer are specifically geared toward borrowers with less-than-perfect credit histories:
Limited or No Credit History Loans
In some ways, no credit is better than bad credit. We have programs tailored for applicants without much established credit history due to age or other circumstances as long as all other qualifying criteria are met.
Co-Signer Loans
Adding a co-signer with a good credit profile to your loan application can boost your approval chances substantially while lowering your interest rate. Just be aware that you’re both responsible for repayment.
Higher-Risk Vehicle Financing
While new cars are always the lowest risk, we can also finance used vehicles in a worn condition or higher-mileage models that conventional lenders may turn away. As long as the vehicle passes our inspection, it’s eligible.
Flexible Down Payment Options
Putting more money down on a vehicle loan reduces lenders’ risk exposure. However, we recognize not everyone has thousands saved for that purpose. Our programs allow lower down payments on certain vehicles.
Second Chance Auto Loans
If you’ve had credit issues in the past, like bankruptcies or repossessions, but have since started to rebuild your credit, we may still be able to assist after a careful review versus many other lenders.
Higher Interest Rates
As bad credit loan programs entail more risk for lenders, interest rates will usually be higher than standard auto loans. We aim to provide the lowest rates possible, given each applicant’s unique situation.
Our experienced lending team works hard to structure auto loan programs that balance affordability for borrowers with acceptable risk levels for lenders. Even if you’ve been turned down elsewhere, don’t lose hope! We may be able to approve your auto loan request where others could not.
How to Get a Car Loan With Bad Credit
Applying with us couldn’t be simpler. Here’s a quick overview:
Personal and Income Information: We’ll need basic details like your name, address, date of birth, Social Security number and source/amount of monthly income you receive.
Employment Details: In addition to your current employer, we may need details for past jobs held over the last two years and how long you’ve been in your present position.
Credit Profile: The system will prompt you to electronically sign a request for us to pull your credit reports from Equifax, TransUnion and Experian.
Specify Vehicle Particulars: We’ll need to know what type of vehicle you want to purchase-new, used, car, truck, SUV, etc. Additional details about mileage, year, make, and model, plus estimated purchase price, are helpful but not always required upfront.
Supporting Documents: Depending on loan specifics, we may ask you to upload copies of your most recent pay stubs, driver’s license, and proof of residence, such as a utility bill matching your application address.
Funding Preferences: Tell us whether you need us to disburse loan proceeds directly to the dealership upon approval or prefer an in-person check or cash advance. In some cases, you may also qualify for direct deposit to your bank account.
Review: It’s important to carefully review all entered information for accuracy before electronically signing and submitting your application. Our application process does not involve lengthy paperwork forms.
Loan Decision: Once your application has been submitted, you’ll receive a quick funding decision from our team. There’s no obligation and zero impact on your credit standing for simply applying.
Our Customers Say It Best
We are proud to serve the Ontario communities of Thunder Bay, Sault Ste. Marie, North Bay, Kingston, Windsor, Belleville, and Pembrook. Here’s what our customers about our car loans.
Get Started With Your Application Now!
As a dedicated provider of bad credit car loans in Ottawa, Ontario, we know how frustrating it can be to try to get a loan with a poor credit score. We do everything we can to help. From our application to payment servicing and support programs, we’ve got you covered. Our streamlined application process and expertise in this specialty lending space means we can often approve loans for people who might otherwise be turned away elsewhere.
Don’t wait – apply today!
