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It is very challenging to try and get around Calgary, Alberta without a vehicle. If you are in the market for one and is struggling to find reliable options for auto financing, look no further as Smarter Loans can help you out. Smarter Loans is a loan directory dedicated to helping all sorts of applicants get acquainted with reputable auto loan providers. Our efforts together have managed to minimize the average timeline of an application process. As a result, our applicants are able to pick up their new automobile, truck, van, or pick-up truck within days of submitting their first application form. The popularity of online auto financing has risen dramatically the past few years and we intend to continue streamlining the application process in order to serve you better.
Regardless of your credit history, there is a provider within our roster that will work with you. Each provider hosts a variety of products, which include bad credit auto loans. Since everything is entirely online, you can secure auto financing with just a computer and some Internet access.
All you have to choose between is whether to apply directly to a provider or to pre-apply at Smarter Loans. Pre-applying at Smarter Loans will open up the opportunity for all of our providers to check out your application. As a result, you will start to receive auto loan bids that are tailored to your situation. Afterwards, you are free to choose which offer suits you the best.
Underneath these paragraphs is a list of some of the providers we mentioned earlier. When you are ready to start filling out an application form, click the “Apply Now” button next to their name. Remember, at any point in time, you can pre-apply at Smarter Loans. Our providers in Calgary would be eager to review your application and send you an auto loan offers.
Car loans can come from several kinds of lenders in Calgary. So, you will have to pick from one of three main types of lenders.
First, you can try getting a loan through the car dealership. This is the easiest option if you qualify for a car loan from them. Car companies usually have financing departments or work with lenders that give out car loans. You can get these loans after you choose your car.
You can also get car loans from banks and credit unions. These traditional lending options often offer the best rates and the best service. Banks, in particular, will be able to work with you to work out a payment plan that best suits your personal financial situation.
You can also find many alternative lenders who offer car loans in Calgary. These lenders will typically charge higher rates but will work with borrowers with bad credit. They are also typically very fast and have simpler loan application processes.
Once you choose a lender and apply for a car loan, you will need a few things:
Income requirements in Alberta vary by lender, but you should have at least $1,500 per month to qualify with most lenders. You must be 18 years old and your driver’s license must be valid at the time you take out the loan. Apart from that, if your credit score is 620 or higher, you should be approved by any lender you go to.
Yes, you can get a car loan with bad credit or no credit in Calgary. You will have to face a few challenges that come with sub-prime auto loans, but you can still get the financing you need.
Bad credit car loans will come with higher interest rates. They may also require you to provide collateral. You will find these kinds of secured loans from alternative lenders. Most of them can be found quickly online.
If you have a fair or better credit score, you can expect an interest rate of 3% to 6% for a car loan. If your credit score is very good or excellent, you can get a rate of 0% to 3%. When you start dipping into the sub-prime ranges, rates go up significantly. With a poor credit score, your rates will be between 10% and 19% in most cases.
Keep in mind that even with no credit history, your rate cannot go above 60%. Interest rates of above 60% are considered usury and are illegal anywhere in Canada.