A car is a necessity as much as it is a luxury in Halifax. Without a car, it’s impossible to either get around or stay employed. No wonder vehicle expenses account for a major part of household expenses across Canada; they even rank behind housing and food! Another report found that around 49 percent of Canadians pay for their cars with loans, the terms of which vary based on credit score. Naturally, the better your credit score, the better your chances of receiving good lending terms. But life is unpredictable, and a few months of unpaid bills or even choosing the wrong credit card could end up negatively altering your credit score.

Fortunately, there are plenty of options for people in search both good and bad-credit car loans. You could approach either a credit union or a dealer specializing in bad-credit loans. If you’re looking for the latter, we can help! But not all dealers offering Maritime auto loans are made equal. Here are a few things that’ll help you choose one:

Understand the Different Types of Auto Lenders

Dealers specializing in subprime loans lend to people with bad credit. Although your credit score is important, several other factors determine approval. For example, your employability, down payment size, and income can all be deciding factors. You could also pick a dealer like Maritime Car Loan. We do not check your credit score; instead, we base approvals on both your income and the size of your down payment. Borrowers are also required to provide proof of income and a recent utility bill.

Read Reviews About Dealers Before You Choose One

There’s plenty of competition in the bad-credit car loan market, and dealers are very particular about maintaining a positive reputation. If you are buying a used car from a Maritime auto lender, make sure the vehicle is in good condition. Repair costs can be a huge burden, especially when you are on a tight budget. A vehicle history report from Carfax or AutoCheck can help you understand the car’s current condition as well as its history.

Understand the Different Incentives Offered by Dealers

Dealers are looking for unique ways to attract borrowers. Some use cash-back offers while others offer referral discounts. Interest rates vary as well. And if you are pre-approved, there are additional discounts.

Are you looking for Maritime auto loans? Call us!