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Car Loans with Bad Credit
Nearly everyone is in
the market for a vehicle at some point in their life. Driving is one
of those freedom-feeling experiences we all enjoy! Tarnished credit
can often put a damper on these types of experiences. If you’ve had
credit problems, you can feel like life’s pleasures are out of
reach. Let me tell you that they’re not, but they come with a little
stair-climbing. There are a few keys to getting your credit on
track: planning, knowledge and patience.
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Have a Plan
When Buying a Car with Bad Credit
What type of car do you
need, not want. We all want the high powered sports car or luxury
sedan but this should be your long term focus, not short term. Bad
credit interest rates are naturally higher so you want to keep the
finance amount as low as possible. A general rule of thumb is that
the total loan amount of an average bad credit loan is roughly
double the original sale price of a given vehicle. I know what
you’re thinking, “That’s a crazy amount of interest!” I agree… but
keep reading…
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Refinancing
Car Loans with Bad Credit
You want your loan to be open so that you can get out of it
early, as in before the term expires. Most loans are in the 60 month
range, however, it doesn’t take 60 months to improve your credit
rating. Each NewRoads Credit program has a sub-goal of
getting out of these initial open loans early meaning you only pay the higher interest up to that
point. Then you trade the vehicle in on a different/newer one and
get into a much lower interest rate now that you’ve established a
positive payment history. There are a few more aspects of early
termination to be discussed at another time however you get the
general idea.
Patience. There is no magic pill you can take or company you can
hire to fix your credit overnight. It takes time to get your credit
score up from where it may be now. Be patient when it comes to
selecting a dealership to buy your vehicle from. Be picky and don’t
let them treat you less than any other customer that comes into
their dealership. Your credit problems don’t make you a second class
citizen.
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Car Loan
Credit Protection
Lastly, extra
products. Warranty for a vehicle is important, these machines break
down and it’s a simple fact. Repair costs are large when you
consider a typical dealership charges roughly $100/hr and parts are
added on top of that. This repair bill adds up quickly but with a
warranty you don’t have to worry about these types of things (and
many warranties include roadside assistance). The other product
useful in when financing a vehicle is
Walkaway®.
This product helps protect your credit and your wallet should you
lose your job, experience a lay off, or become ill among other things. You never know what
life brings and should it happen to you are able to return your
vehicle. The loan is paid on your behalf through Walkaway® and the
credit you’ve been working hard towards improving is intact. If
you’ve had credit problems in the past you can’t afford to let it
slip again. Not all dealers qualify to be a Walkaway® dealer so
make that part of your criteria when shopping for a vehicle.
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WHAT PEOPLE ARE
SAYING:
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Thanks for your excellent
service Vaughn . Your quickness was outstanding. I will be
back in the future to purchase a second vehicle all thanks
to you!"
- Roy
Brampton, Ont.
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"Just wanted
to let you (NewRoads)know that the car is running great.
Thanks so much for your great customer service and
professional opinion when shopping for the car. It was a
fantastic experience."
- Mark
Scarborough, Ont. |
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