Worried about getting a car loan with a bad credit score in Canada? Don’t stress! Many lenders offer flexible options based on key factors like income, down payment, and debt-to-income ratio. Discover the minimum requirements, tips to improve approval chances, and how to secure the best deal, read on to learn more!
Are you struggling to buy a car? Maybe you are looking for British Columbia car loans? If you have a bad credit score, then it becomes increasingly difficult to find a suitable car loan for yourself. As British Columbia car dealerships, we understand the struggles of our customers very well. That is why, we are here to help you by providing guidance on the minimum requirements for car loan approval in Canada. Continue reading to learn more.
What is a credit score?
Your credit score is a three-digit number included within the summary of your credit report history. It contains information about borrowing money from institutions in Canada and the application of credit for the first time. If you want the best car loan rates British Columbia, then you will require an excellent credit score.
What is a bad credit score?
Your credit score needs to be in a good range to attain approval from lenders and institutions. This determines your creditworthiness. A credit score under 660 is generally considered a bad credit score. To be approved for a loan, try to bring your new credit score range of 660 and above. You can get a car loan even with bad credit from dealerships such as Auto Lending Hub, which can help you get bad credit car loans.
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