< < Back to Articles

Bad Credit Auto Financing for Used Cars in Ontario

When you finance a vehicle using a loan, it's very important to understand how the repayment calculations work. In most The loan and amortization period are the same and the loan will be paid down to $0 when the loan term is completed. However, when loans are for a shorter time period, such as 60 months, with an amortization period of 72 months (i.e. it would take 72 months to pay it to $0). This is done to reduce your payments, but you will be left with a balance still owing when the loan is completed that you must have saved up to pay off at that time or be in a position to refinance it.

There are a number of lenders in Canada offering bad credit car loans. These lenders generally finance through dealers rather than dealing with the customers directly. The differences are:

- How much they will finance
- The payment frequency they will permit
- The age of vehicles
- The term and amortization
- The interest rates
- Down payment will be required

Every organization also has its own unique approach to assessing a customer’s bad credit. Some lenders focus more on credit scores such as a Beacon Score with limited focus on job stability. Others look the type and timing of bad credit the customer has experienced.



Questions:

When is financing right for me?
If you are unable to pay for a car in cash, but you need a car for work or school, than certainly financing is an option.
How much cash do I need to put down?
You can put down as much or as little cash as you want. We finance loans with 0 down while still giving you low monthly payments.
Other companies have rejected my application for a loan. Should I still apply?
Yes. Unlike most companies, we have access to several lenders who are willing to offer loans to people who have been previously rejected.
More Q&A


Client Testimonials


"I appreciate you getting back to me and I appreciate that your being behind me. As well I LOVE your company, as I stated earlier you guys have done nothing but help me. I look forward to getting my 2nd car from your company. Thanks again."

Laura, London


"Just wanted to thank you again. I couldn't drive it until after midnight though once the insurance kicks in so I'm anxious to get her on the road. I've been raving about you and how pleased I am to some people. In the mean time I will continue to send people your way. Thanks again for making my Thanksgiving a good one! I wish you a wonderful thanksgiving also. Stacie"

Stacie, London ON


More