New Credit or No Credit Car Loan in Toronto, Ontario
AUTO LOAN APPLICATION
Nexcar Auto Sales & Leasing can help you with all your new credit or no credit car loan needs. We understand that in different circumstances that these situations can occur. Our team works to ensure it can be still possible for you to still secure the car loan you need. If you have just moved to the GTA area or any other reason you have no credit don't panic. We are here to take you through all the beginning steps and provide you with all the knowledge you need to end with your plan to financing with a used car loan. Let’s get started.
Am I Able to Obtain a Car Loan with New Credit or No Credit?
Nexcar Auto Sales & Leasing says of course! The only difference is the process. It will not be like the traditional car loan process but it can be done.
There is another option available for an auto loan for someone with new credit or no credit and this involves a co-signer. A co-signer is something who can sign the loan on behalf of you if they already have a well-established credit history. A co-signer can be a trusted family member or friend who can promise the dealership your loyalty and security. This shows the dealership you can be trusted for paying off the loan and this could even result in you getting a better rate. Although, this can become the co-signers liability if you don’t make your payments on time and they can be held responsible. This decision is one that requires both parties to agree to and understand.
What Comes First When Having New Credit and Applying for a Car Loan
First comes deciding how much you can give as a down payment towards the car. Giving a bigger down payment in the beginning can benefit you in the long run. This is because the more you give now the lower the interest rate and future payments will be on your total car loan. We suggest that you should approximately give about 20% of the cost as a payment. This also shows the dealership you are committed and serious about the future upcoming car payments. It’s best to try and save as much as you can until you give the down payment so you are able to give the maximum amount you can right at the start.
Another way that helps to make the car financing approval easier for your car loan is bringing in some form of proof that you are currently employed. This helps to make you look like more of a reliable source and helps your chances of getting approved sooner. Car loan lenders like to see that you will have a secure source of income to help you pay off the loan.
One last tip in securing your car loan with no credit is bringing in any monthly bill receipts you pay. This is because knowing you are able to make payments over a period of time is something that they are looking for in candidates. You want to show that you can be trusted and reliable. In some cases, this may be the only thing that decides if you are going to get that car loan or not. This is key to securing a car loan with no credit.
How Nexcar Auto Sales & Leasing Can Help
Our team is experienced and ready to help you get a car loan. We’ve worked with all kinds of customers will all kinds of credit and we know exactly how to get you started. Give us a call today at (416) 633-8188 and let your Toronto used car dealership give you the right help and guidance.