Bad Credit Loans
Credit Issues? We Can Help.
Have you had financial difficulties in the past? No problem. At Subaru of Moncton, we believe in second chances. We can help you reestablish and repair your credit while also finding a vehicle that will deliver performance, reliability, and comfort for you and your family. Our finance team has successfully helped families in Moncton and surrounding areas of Shediac, Bathurst, Amherst and Riverview rebuild their credit score and build better relationships with financial lenders.
How Can I Qualify For A Car Loan in Moncton If I Have Bad Credit?
Auto loans are secured which means it is a type of loan that is backed by collateral. In the case of an auto loan, the vehicle is the collateral. Also, subprime loans are available to borrowers who apply for an auto loan with a credit score that falls below average. Typically, Canadians with an overall credit score of less than 670 are considered subprime. Subprime loans often carry higher interest rates, depending on your situation, compared to more conventional loans. Once you take a loan and establish a good payment history, your credit will improve, allowing you to refinance your vehicle or Purchase a New Subaru with a lower interest rate.
How Can A Car Loan Help Build My Credit?
A car loan is an effective strategy for credit building, especially if you have bad credit or no credit. Your credit score is based on components like payment history, with consistent on-time payments accounting for 35% of your score. To get your credit back on track, you need to prove to lenders you can responsibly manage a loan. Paying your auto loan on time for at least 1 year shows a pattern of responsible payment history which is what builds a credit score.
Are You Ready To Start Rebuilding Your Credit?
If you are ready to start improving your credit with an auto loan, these steps will help you prepare, apply, and get easy approval.
- If you have past due, overextended, or overdue loans sent to collections, you should try to catch up with minimum payments for all your current credit obligations.
- Save up a down payment to lower your loan amount. Zero down is possible, however, if you have a down payment that will help increase your approval status.
- Make sure you spend within your budget. Do not purchase a vehicle that is not within your means.
- Pay on time, every time. Going forward, make sure that you pay your car loan on time and in full every time it is due.
Subaru of Moncton Is Here To Help
Let the qualified staff at Subaru of Moncton help you develop a plan that will set up a sustainable payment plan along with a vehicle suitable for you and your family. We will even work with you to secure a no credit car loan if your situation demands it. We welcome all new and existing customers to visit our Finance Department for only the very best in auto loans and refinancing options.
Already have a loan with us? Come in today and we can help you reduce your interest rate on your existing loan, refinance your car loan, or adjust the term of the contract. Most people do not realize that taking a car loan with us can help improve your credit rating in as little as one year. Drive one of our new or pre-owned vehicles today, establish a good payment history, and watch your credit improve. It's that simple. Contact us today and let's work together to rebuild your credit with the Subaru of your choice.