Bad Credit Car Loans

Bad Credit Loans – Davis GMC Buick

Davis GMC Buick has become a leader in providing bad credit auto financing for customer in Alberta. We have a Buy Here Pay Here Program in place to guarantee your best chance at obtaining a bad credit car loan with the best rate and the best terms available. Poor or no credit history need not be a barrier to obtaining a vehicle loan. We focus on your ability to pay and not on your past credit problems.

Bad Credit Auto Loans Application – Do you qualify?

  • Do you have a stable source of income?
  • Can you afford a car payment between $300 and $450 a month?
  • Do you have a minimum down payment of $1000 ?
  • Do you have a valid driver’s licence and can you get insurance?
  • Do you have permanent place of residence?

If you can answer yes to the following question you should qualify.

If you have any questions, please contact us at (855) 432-6110.

How to rebuild your credit?

Many people have been able to finance a car with bad credit. Getting a vehicle loan is a good way to rebuild your credit and improve your credit score. Despite the potential pitfalls involved with bad credit vehicle loans, these loans, if paid on time will help in rebuilding credit after bankruptcy and will do much to improve your credit and make future borrowing easier. Bad credit vehicle loans generally involve less financial risk for both the lender and borrower than a home mortgage, yet they still give the borrower an opportunity to make installment payments in order to prove their ability to pay over time

Finance a Car with Bad Credit:

When you finance a car with bad credit in you must be careful to avoid getting into a situation that actually causes your rating to fall even further. While many have been able to claim “a vehicle loan improved my credit score” a bad credit vehicle loan can also cause damage if you are not careful to avoid the mistakes that got you in to trouble in the first place. A bad credit vehicle loan often requires higher down payments.

Lenders who focus on the bad credit vehicle loans also tend to offer loans with higher interest rates. Higher interest rates equate to higher monthly payments. Borrowers who sign up for these more expensive loans must be sure that they can afford the payments. Default on such a loan causes further credit damage. Rebuilding credit after bankruptcy also requires a change in lifestyle to avoid what placed you in bankruptcy in the first place.

If you have any questions, please contact our In-House Lease Manager, Shawn Proulx at (403) 527 1115.

Buying a Car After Bankruptcy

Buying a car after bankruptcy is possible with Davis Buick GMC’s Buy Here Pay Here Financing Program. Car loan companies specialize in bad credit financing. Call and speak with us today!

There are a few things to keep in mind when looking for a car loan after you have been discharged after bankruptcy:

  • Check your credit report and clean it up as much as possible before applying for a auto loan. Close accounts that should be closed so as not to affect your score. Consider adding a page of explanation for your situation. eg. Medical reasons or Business failure.
  • Know what you can afford, and have a monthly payment in mind.
  • Davis GMC Buick has “Buy Here Pay Here”, for people buying a vehicle after being discharged from bankruptcy. The interest rates will not be low like banks, but we are not here to gauge you with high interest. We are here to help you rebuild your credit, so that you may be able to get a newer vehicle after a few years if all payments are made as agreed.
  • Large dealers often offer “credit rebuilding” programs for people buying a car after bankruptcy. These programs have a few conditions that may differ from regular car loan terms like weekly payments for example.Once you get your new car loan after your bankruptcy be sure to make your payments on time. This will help rebuild your credit. Do not go and get a lot of credit as this can make you over extend yourself and get you back into financial trouble.

If you have any questions, please contact our In-House Lease Manager, Shawn Proulx at (403) 527 1115.