[Daily Advice] Do not pay your car bills before reading this…
Nothing is worse than feeling like you got a bad deal on your car.
Tim spent a month researching the car of his dreams. After deciding on the make / model that fit his lifestyle and budget, he made the mistake of turning to a big bank for financing.
The branch manager ran Tim’s credit report, the results weren’t great. Thanks to a divorce and a few late payments, Tim’s poor credit rating made him ineligible for the bank’s low interest financing plans. He left feeling surprised, embarrassed, and abandoned by the bank.
“One of my friends agreed to a bad deal with his bank. He was locked into a high interest rate and was stuck with it until he paid it off or went bankrupt,” Tim told us. “Your interest gets jacked up by the bank and you can pay a lot more than the car is worth. I needed to find another way to buy my car.”
This is the ugly truth banks don’t want you to know…
Although Tim was embarrassed, he was also desperate and didn’t want to get scammed. He knew a few friends that had nice cars with good rates and worse credit scores. Tim found the answer. By using online sites like EasyAuto123 – Canada’s easiest auto financing service – you can avoid being overpowered by the big banks. Even better dealerships compete for your business. He spoke to their loan agent who reassured him that his credit rating didn’t mean he’d have to overpay.
They have relationships with banks & lending institutions that help you get better rates than what’s offered at your local bank.
We wanted to know more so we did some research of our own and found EasyAuto has over 250 dealer partners across Canada. Each has many relationships with banks and lending institutions. If one declines a loan application, or offers high interest rates, another will approve it or try to beat the rate. They all compete with each other for business, instead of Tim having to haggle with one bank for a better deal.
“I was worried about getting scammed because of my credit. I was very pleased with how smoothly things went. I was connected with a dealer where I lived. They financed the car I wanted for a much better rate than my bank. My bank’s offer was a complete joke in comparison.”
A credit score is an essential part of the loan application process, but it doesn’t tell the whole story. After agreeing on the price, Tim chose to go with EasyAuto123’s dealer instead of his bank. If you have been employed for 3+ months and make over $1,800 / mo then most Canadians will get the car they want a price they can afford. They look at employment status, loan repayment history, income level, debt service ratio, homeownership status, and recent changes in your personal and/or employment situation that show creditworthiness.
If you are struggling to pay for a car due to a blemish
on your credit history, your fears and anxieties are misplaced.
Financial companies are willing to forgive some past financial issues which helps sites like EasyAuto get approval rates for auto loans and leases at well above 90 per cent.
Since almost any credit is accepted and they offer low monthly payments with $0 down – it’s no wonder EasyAuto has helped over 117,000 Canadian drivers.
Thanks to alternative financing sites like EasyAuto123, you don’t have to let a blemish on your credit report prevent you from buying the car you want with payments you can afford.
But what if your financial situation is much worse? What if you recently declared bankruptcy? Creative financing arrangements are still available that cater to applicants with diverse credit histories to ensure you don’t overpay. > Find out if you still qualify to save money