Getting a Car Loan with Bad Credit and No Co-Signer in Edmonton, Alberta
If you are looking for an auto loan and have bad credit or no co-signer, you may be worried that you won’t get approved. However, Taz Loans is here to help you get approved for hassle-free in-house financing for any situation you may find yourself in. Here are some things to consider securing you a loan if you are missing a few key things that lenders may be looking for:
Get Your Credit Report
Many people may not realize all the factors considered when calculating your credit score. Looking at your credit report regularly is good practice for staying informed about your credit score and can help you make responsible financial decisions to help rebuild your credit. Your credit report can also help you calculate the loan interest amount you will likely get, helping you make informed decisions.
Offer a Down Payment
Offering a down payment is an excellent way to prove to lenders that you are trustworthy. A down payment will also help decrease the amount you have to pay back, which will help you save on interest in the long run. The higher the down payment, the more you save.
Demonstrate Steady Income
If you have been employed for more than three months, this can help secure lower interest rates as it proves to the dealership that you have consistent funds coming in. Full-time employment is better than part-time, and higher incomes demonstrate trustworthiness for repayment of loans. You will likely get approved for a loan if you prove you have a steady income.
Know How Much You Can Afford
Before you choose a car or a purchase plan, you must know how much you can afford to pay off monthly. A general rule is to not spend over 10 to 15% on monthly transportation expenses; this includes car payments, insurance, fuel, maintenance, and other factors. Budgeting is good practice for paying off your loans and rebuilding credit without going into debt.
Contact us to Learn More!
Contact us to learn more about how you can get approved for an auto loan and rebuild your credit in the process. At Taz Loans, we are committed to working with our customers to secure financing at competitive rates, no matter their background or credit history. Feel free to visit our FAQ page to learn more about our process!