3 Things You Didn’t Know About Bad Credit Car Loans In Nova ScotiaJan 24th, 2017
Agreed, a bad credit situation is less-than-perfect, but it needn’t stop you from exploring car financing options. Your choices may be limited, but you can still own a car without having to pay high interest rates. The problem is that there’s very little information about bad and no credit loans. And that is why so many people across the country end up paying more than they can afford. Here’s what you didn’t know about bad credit car loans in Nova Scotia:
Who offers bad and no credit car loans in Nova Scotia:
Bad credit car loans can be availed through finance companies, banks, private lenders, car dealers and credit unions. Banks are very selective about offering these loans and take the time to review and process applications. Private financing options aren’t viable thanks to the high interest rates. Used and new car dealers like us also offer bad credit car loans – look for options that allow you to rebuild your credit and offer other cash incentives. For example, we offer up to $5000 cash back for loans and up to $1000 discount for students or those new to the country.
What are the different loan types:
Car dealers offer unsecured car loans and secured car loans. You will have to speak to the customer service agent to know about eligibility and repayment terms for both these types. It’s better to deal only with reputed sellers offering bad credit car loans in the Maritimes, than settle for those making extraordinary claims. We make sure that the terms of the loan agreement are straightforward and explained in simple terms. We help borrowers make an informed choice.
Limit your car shopping to a two-week time window:
Lenders check credit scores every time, you shop for a car loan. This could affect your rating. But credit inquiries performed within a two-week timeframe is often counted as a single inquiry; hence the suggestion. Irrespective of the time window, apply for loans only if you are ready. Or, you may inadvertently end up damaging your credit score.