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Car Loans

Used Car – Tips To Help You Buy Your Teenager a Quality Used Car or PreOwned Vehicle in Ottawa Ontario

Back to school shopping means gathering up a year’s worth of pens, pencils, paper and other supplies. It means getting a brand new wardrobe of school clothes, and it means the end of summer.

In many homes, it also means that it is time to consider buying a car for your teen returning to class.

Depending upon whether your teen is looking for daily transportation to and from school or is headed off across the country to college, there are a number of considerations to make when car shopping for them.

Insurance

One of the biggest factors in monthly car expenses can be the cost of insurance.

Some of the factors determining the cost of insurance include the driver’s age, the vehicle model, the age of the vehicle and the annual mileage. Take into consideration that a teen will probably drive more than you think. They will drive a block to get milk.

No matter how you look at it, a teen driver will increase your insurance costs, but at least with some planning, you can keep those costs down.

Models that are attractive to teens, like sports cars and trucks, are going to cost you more to insure. If your teen has their eye on that type of vehicle, make a call to your insurance agent before you agree to the purchase.

Here are some factors that can help you keep your insurance costs down:

Safety

Safety for your child is always a consideration, and it should be number one when determining what they will be driving.

Most of the newer cars on the market come well equipped with safety features like air bags and stability control, but as the technology in new cars has advanced, so have the safety features. Some of them are quite sophisticated.

Today, you can find cars that come standard equipped with safety features that include autonomous braking for those moments when your teen is not paying attention to the road in front of them and lane departure warnings that let them know they are drifting over the center lane. Other things that help your teen includes backup cameras, blind spot detection and autonomous cruise control that stops them from following someone too close when they have the cruise control engaged.Since stability is a factor in many crashes involving inexperienced drivers, it is important that the vehicle you choose is easy for them to control and handle under any circumstances.

Many of these newer safety features raise the safety rating of the vehicle, which can help you get insurance discounts.

The Insurance Institute of Highway Safety (IIHS) rates all vehicles on their crashworthiness, so research the rating and equipment needed to get that rating.

Fuel-Efficiency

Whether your teen comes home every day from school or will be making long cross-country trips home for holidays, they need a vehicle they can afford to drive.

When shopping, check the MPG rating on the vehicle. Often times when fuel is less expensive, people tend to overlook the mileage rating, but if fuel costs increase significantly, that can negatively affect the cost to drive the vehicle.

Besides, the better the fuel-efficiency, the more you might see your college student.

Reliability

If the idea of your teen broken down at night alongside the interstate gives you pause, then dependability must be a factor in choosing the right car.

 

When shopping for a vehicle, you can always find reviews that talk about the dependability of the vehicle.  Most brands are trustworthy, but it never hurts to do more research. If you find that the resale value is high, the car may be more reliable than other cars.

We have a large selection of new and used vehicles that are a good way to send your teen back to school. Come see us today.

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Car Loans

Bad Credit Car Loans: An Overview for Borrowers

Life isn’t always easy. Sometimes, we make bad decisions that haunt us for years to come. Sometimes, things just don’t go our way and we end up paying the price through no fault of our own. No matter how you end up with bad credit, a low credit score can really put a damper on how you see your financial freedom. Fortunately, when it comes to getting a loan for a new car with bad credit that is in your price range or auto refinance for existing car from a finance company, bad credit isn’t necessarily a roadblock. If you’re suffering the effects of financial hardship and credit woes, take some time to learn more about what credit is, what your options are for automotive financing, auto refinancing, or car loans for bad credit through a finance  Auto Dealer like Drive Thru Finance, and how you can pursue those options right now. If you are looking to buy a car with credit, read on.

Understanding Credit

Chances are that you already understand some basics about credit and bad credit auto loans. There are multiple independent financial businesses called credit bureaus that collect financial information on every person who obtains credit through loans, credit cards, and other means in Canada. This sounds intimidating and, in truth, it is a bit frightening to think that your every financial move is tracked and aggregated as part of a score. It’s almost like being in school again, but much more personal and with much wider of a reach.

Credit bureaus don’t track everything you do with your money, though, and that’s part of the reason why it’s so easy for people who are otherwise financially healthy and responsible to get into trouble with their credit scores. Things like building a healthy amount of savings and living within your means, don’t count. It’s your credit activity or your financial behavior with credit that makes a difference. This means that, no matter how responsible you are with your money, all it takes is for you to forget to pay a card or max out a card in an emergency situation and your credit score will take a hit.

This is definitely unfair from the consumer point of view, but from the credit bureau’s point of view, it’s not about being fair or unfair. Instead, your credit score is an easy way for banks and other lenders to determine how trustworthy you are with borrowed money. Even so, the fact that credit scores can drop so low so fast and seem to stay that way no matter how hard you try to get ahead is disheartening, to say the least. Your credit score just doesn’t tell the whole story on who you are and whether you’re a trustworthy person or not. It just uses some straightforward math to assess how you use credit.

Is Bad Credit Better Than No Credit ?

With that said, there actually can be some benefits to having bad credit from the perspective of some lenders. For one, the age of your credit history is actually part of your credit score. The fact that you have managed to obtain credit in the past shows that you are at least familiar with what credit is and that you have borne the responsibility of credit in the past. Of course, this isn’t as important as other parts of the credit score, including payment history and credit to debt ratio, but from a lender’s perspective, some time spent in the credit system with not-so-stellar results is better than no time at all.

Think about it this way: If you were going to hire someone to fix a clogged sink in your home, would you call a plumber who’s got bad reviews for being rude or let your neighbor who’s never even touched a wrench do the job? It’s not exactly the same for credit, of course, but this is a situation in which bad experience is better than no experience. And now that you understand more about how credit works, you’re likely to want to avoid making your score worse. So, don’t let bad credit get you down. This is simply the starting point from which you can recover and come back stronger than ever. There are lenders who understand this and want to help you move forward.

Your Options for Obtaining Automotive Financing With Bad Credit

So, if you have bad credit, which generally means a credit score of 600 or below with any credit bureau, what are your options for buying a new car? There are two primary options: Get financing through a lender or paying out of pocket. Let’s explore both options so you can understand the pros and cons of both.

Lenders who Specialize in Bad Credit Car Loans

Good news for those who have bad credit and want financing for a car: There are lenders who understand that not everyone who needs a loan has a spotless financial history. This is a relief for many people, but don’t get too excited just yet. There are a lot of predatory and irresponsible lenders out there that prey on the vulnerable position of those with bad credit. Having bad credit can make you feel powerless at times, but you aren’t. You still have the ability to make smart choices. Make use of this power while looking for the right finance options for bad credit auto loans.

As you look for the right finance option, keep an eye out for lenders who make grand claims. Overpromising is a common trap for bad credit car loan shoppers to fall into. Lenders who say they approve everyone no matter what their credit situation often have an ulterior motive. They just want to get folks through the door and borrowing regardless of who those borrowers are and what their circumstances indicate. A lender who focuses on borrowers with bad credit but focuses on reasonable claims is a much better choice.

You’ll also want to make sure you understand the approach your lender takes to financing or if the financing comes through the company you apply with in the first place. Some companies take applications from people with bad credit and send them out to a number of different lenders, often without consulting the borrower before doing so. Others, like Drive Thru Finance, take a close look at who the borrower is and what they need before turning to a specific lending partner to provide financing. This is a better approach not only because it’s more personal but also because it avoids the need to undergo multiple credit inquiries, which we’ll explain below.

Traditional Lenders

You can try to go to a traditional lender such as a bank to get a loan. However, if your credit score is 600 or lower, you might not want to try. To begin with, big banks can be choosy about who they lend to and they tend to reserve their most favorable terms for the most qualified borrowers. This means that only people with a high credit score, usually 800 or above, will get truly good terms from a bank. Even those with scores in the 650–750 range, which is considered good but not fantastic, might get rejected for a car loan if the bank sees any red flags in the applicant’s broader credit history. If your score is in the 300–600 range, they may not even give you the time of day beyond pulling your credit history to assess it, which is actually bad for your credit score in the long run.

Every time a lender looks at your credit history, it reflects on your credit score as a “hard” credit pull. The reason credit bureaus count this as a strike against you is that it’s not responsible to take out too much credit and applying for a lot of different cards and loans over a short period of time is a sign that you might abuse all that credit if it’s extended to you. One hard credit pull every few months isn’t so bad because these temporary score penalties don’t last long, typically expiring within two months. But it does mean that you should gamble smart when you apply for financing, so don’t take a reckless “see what sticks to the wall” approach with loan applications. It’s best to apply once in a situation where you know you’re likely to be approved. When you’ve got bad credit, it usually means sticking with lenders who are sympathetic to your situation.

Saving and Paying Out of Pocket

Some people with bad credit assume that borrowing just isn’t an option. If you convince yourself that this is the case, you may find yourself contemplating how you’ll be able to save up to afford a new car. You won’t just need a down payment—down payments are associated with loans, so if you’re trying to avoid financing, this isn’t a factor in your payment structure. You’ll need to pay for the full car out of pocket and up front.

Very few people make enough extra money every month to save up in a reasonable

 

amount of time. If you’re struggling to pay off high credit card or loan balances and using every extra penny toward this goal, the idea of quickly saving up several thousand dollars is likely to cause your stress level to immediately jump. Plus, if you are looking for financing because your car is on its last legs or is no longer operational, it may be impossible to wait until you’ve saved enough. It can take years to save that kind of money and if you need your car or truck to get to work, how are you supposed to make the income to save? This option just isn’t a good one.

Most people who own cars got them through financing, not by paying out of pocket. Even very wealthy people often obtain loans to buy their cars. It’s just not realistic for most people to save so much money every month when they really need to get a new car. So, while it is possible to pay out of pocket, it’s not a great option.

Avoiding Traps That Can Further Damage Your Credit and Your Overall Financial Health

So, financing through a company like Drive Thru Finance that specifically offers car loans for people with bad credit is a good option. But before you send in any applications or, most importantly, sign any loan agreements, there are a few things you need to keep in mind. Credit is fragile. Your score can take a multi-point nosedive in a matter of a single month. So it’s vital that you make the best-possible financial decision even though you can obtain financing. Don’t buy more car than you can afford. It can be tempting to go for something really over the top knowing that you have the ability to get a loan, but given that your credit is already suffering, further risk isn’t the best choice.

You should also understand the terms of your loan and read all the fine print very carefully before you sign. Honorable companies won’t try to mislead you, but they also won’t take issue with you asking questions and making sure you have all the necessary information to stay current on your payments and pay the loan off in full. Lenders want you to succeed. After all, that’s how they get their money back once they’ve loaned it to you.

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Car Loans

Getting a Car Loan During the Credit Rebuilding Process

Car buying can be an exciting but also stressful time, especially if you are looking to buy a car using loans for bad credit. Rebuilding your credit after a period of financial hardship can feel like an uphill battle and it’s disheartening to know that some lenders care only about where you’ve been and not where you’re going. If you need a new car and you are worried about how you’ll get funding while you’re in the process of rebuilding your credit, don’t worry. Drive Thru Finance can help. Get in touch with us today to discuss your options or go ahead and submit an application and we’ll get in touch with you. In the meantime, this guide to car loans for credit rebuilders may put your mind at ease and give you some useful tips to get your credit back in the green zone.

Protecting Yourself and Your Credit Rebuilding Efforts

Taking even small steps forward on the road to financial health leads to a lot of rewarding moments. You’re taking control of your financial health and proving that you are responsible and trustworthy. It’s natural to feel satisfied and happy when you see those efforts paying off. But your hard work may also come with a feeling of unease and apprehension, a lack of desire to take risks. This makes sense. Now that you know what it’s like to suffer through hard times and credit challenges, why would you want to go back? Fortunately, you can take forward steps like getting a new car and protect your financial future at the same time, all without sabotaging your progress.

Stay Current on All Accounts

The most basic thing you can do to keep your credit recovery on track is to stay current with all of your payments for current accounts. If possible, you might want to avoid applying for automotive financing until you have at least a few steady months with no missed payments. Not everyone has a choice as far as this is concerned; many people currently undergoing financial hardships find themselves suddenly needing a new car. It’s like everything bad happens at once sometimes. But, if you’re mostly recovered from your financial hardships and you’re starting to focus on credit rebuilding, staying current on your accounts has a number of benefits.

Getting into the habit of paying on time is always a good idea. It’s easy to forget due dates with everything else going on in your life, but it’s still a necessity. Now might even be the right time to set up automatic payment for bills, which will make it easier to stay current. But the added bonus of staying current on your bills is that it will give you the opportunity to assess your monthly spending and make a budget for yourself that includes a potential monthly car payment. This way, you can determine what you’ll safely be able to afford when it comes time to obtain financing. Plus, having a recent record of accounts with on-time payments that meet or exceed your minimum monthly balance due, works wonders for your financial health—it’s an important part of credit rebuilding.

The Dangers of Applying Too Many Times or Applying With the Wrong Lender

As you look for car financing lenders, you’ll want to take care to avoid those who might have business practices that will harm your credit before you even sign a contract. For example, some bad credit car loan financial partners work by “shotgunning” your application to various lenders in the hopes that one will accept the application. This damages credit score by showing multiple inquiries into your credit history in a short period of time.

Why are multiple inquiries bad ?

These are a red flag to lenders. It’s essentially like putting a “credit seeker” label on your credit report. A person who seeks out too much credit too fast can seem irresponsible and risky to lenders, who often immediately reject the application if they see this behavior. A single inquiry isn’t going to do much damage. It’s normal for people to occasionally apply for new credit and inquiries into your credit history expire after a short time, usually two months. But multiple inquiries in the span of a few days, weeks or months can hurt, and that impact is greater when your score is already suffering. DriveThru finance doesn’t shotgun applications, making us a safe choice for those currently rebuilding credit. Working with us isn’t an automatic risk factor.

How a Car Loan Can Help Your Credit Score

Rebuilding your credit requires that you make some smart, proactive choices to get some good items into your credit history. By slowly building up the good parts of your history, you lessen the impact of the bad and make the overall picture of your financial health more even and fair to you. This requires you to do things like avoiding applying for too many new cards or loans, keeping cards open to extend the length of your credit history and keep your overall credit-to-debt ratio favorable. You should also pay down debts and make monthly payments for credit card bills and loans on time.

Paying your monthly loan bill on time will give you a little boost for your credit score every month. When you successfully reach the end of your loan term and pay it off in full, you may even have bounced back fully from your credit challenges. To get this benefit, though, you have to make smart choices and fulfill the terms of your loan reliably each month. Even one late or missed payment can throw off your progress, even after several months of steady payment. That’s why it’s essential to pick the right loan for your circumstances.

Take care to consider the loan before you finalize the agreement. Understand what your interest rate is and whether the total value of the loan covers the total value of the car, meaning you’ll take ownership of the vehicle when you’ve paid off the loan. If possible, do not take a loan you aren’t sure you’ll be able to afford. This is a bit tricky—many people absolutely need a car to keep their jobs and they might not currently have the financial freedom to afford high monthly payments. Set your budget as low as possible and understand that by focusing on something affordable in the short term, you’ll set yourself up for more success in the long term. Credit rebuilding can be a slow process and it does require some patience. But if you play your cards right, make responsible choices and fulfill your end of the bargain with your auto loan, you’ll get that credit score up above 600 surprisingly fast.

Steps to Take Before Applying for a Loan While Rebuilding Credit

It is possible to get funding for a new car with bad credit. This is what we specialize in at DriveThru Finance. Bad credit can seem impossible to fight back against if you’re still experiencing the financial hardships that caused your score to dip in the first place. Depending on your situation, you might not need to do anything other than providing the necessary information on our application. However, if possible, you might want to think about taking some extra steps before you get your new car so you can set yourself up for success.

Firstly, consider what kind of car you need. We’d all like to get a luxury sports car, but that isn’t the best choice for everyone. The difference between wants and needs can be particularly important when you’re rebuilding your credit. If you’re going to be in a situation where you need to pay off existing debt on top of the new car payment you’ll take on, consider going for a lower budget than you can afford for your car. You don’t have to completely sacrifice, but even $100 or $200 off your car budget can give you a lot more breathing space to take care of your debt more quickly. As you pay off your debt on credit cards and loans, the interest charges you accrue will get smaller and smaller. Even an occasional extra payment of $100 can make a difference and this may result in lower monthly minimum credit card payments. Reducing your overall share of debt will make a major positive impact on your credit score. Making extra payments also shows that you’re responsible, which is great. It’ll make you feel good too.

Secondly, it can be a good idea to ask for a raise at work or even go for a promotion before you apply for a loan. Most people don’t get the recognition they deserve at their jobs and that’s because many people feel too shy to ask. If you know you’re doing a good job and that your boss relies on you, ask for them to bump up your pay. Getting a raise will boost your confidence and give you more financial wiggle room, which can be a relief when you’ve faced financial hardships recently. If your raise is approved, you can keep your car budget at a level you’d have been able to comfortably handle at your previous pay rate and use the extra money you earn from your raise to attack debt or build up savings for an emergency fund. Emergency funds can be extra important and while it’s not so easy for some of us to save our extra money, every little bit can help.

Whether through saving, setting a smart budget, making extra payments or developing a system to keep track of your accounts so you pay on time every month, there are lots of things you can do to kickstart your credit rebuilding process. Getting a good car loan that matches your budget and working with an honest and fair lender is a great start.

 

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Car Loans

Here’s What You Need to Apply For Bad Credit Car Loans

You don’t need perfect credit to get an auto loan with a leading auto finance company like DriveThru Finance. But that doesn’t mean you don’t need to be prepared. Applying is quick and easy, but if you take some time to think about your application first, you’ll set yourself up for future success and make it easier to pay off your loan with no hassle.

Borrower Application Profile Information

DriveThru Finance asks our applicants, especially people with bad credit, for some basic information so we can get a better idea of who you are and what your goals are through the finance process, as well as your credit history, the loan term, and the loan amount you require. Be sure to have this information either in mind or on hand when you apply for a bad credit auto loan for a car in your price range or even auto refinancing. Providing accurate information helps us pair you with the right lender so take some time to think about answers to these questions if you don’t already have a response and make sure you can make the monthly payments. Filling out your DriveThru Finance application is quick and easy, even for people with bad credit—all you need is an Internet connection and the ability to visit our site through your web browser on a computer or mobile device. You can also use our app to fill out your application. You only need to apply once so be sure you have concrete answers to the various questions on your application before you submit.

What Kind of Vehicle Do You Want ?

You don’t need to know the exact make and model, but you should have a general sense of whether you want a compact car, an SUV, a pickup truck, or something in the middle. Factors such as the color of the car aren’t as important as the general category into which the vehicle falls. DriveThru Finance uses this information to find the right dealer partner for you to work with.

What’s Your Monthly Loan Pay Budget ?

With any form of bad credit auto loan you need to know your exact monthly budget—not just an estimate—when you apply for bad auto credit loans. You’ll be asked to select a range on your application, but you should know your precise budget anyway. Whether you’re planning to spend less than $250 or more than $500 per month, it’s essential to know exactly what you can afford up front.

 

As you set your monthly budget, it’s best to err on the side of caution. Make sure it’s not an amount that you have to really stretch to afford. This way, you can avoid setting yourself up for further credit score damage and the pain of defaulting on a loan. Regardless of your circumstances, if you set a budget you know you’ll be able to meet on a monthly basis, you’ll have a great experience with your bad credit car loan and it can even help you improve your financial history through the consistent demonstration that you can and do pay bills on time. If possible, you might even want to try to save that monthly budget amount for a month or two prior to applying so you can have a reserve to draw from in an emergency and to ensure it’s an amount you’re actually comfortable with. This savings plan isn’t realistic if you need a car NOW, but if your current car is on its last legs though running safely and reliably for now, it might be a good idea to give short-term savings a try.

Basic Personal Information

Personal info, such as birth date, employment status, total monthly income, employer name and occupation, and home address are also part of the application for bad auto credit loans. There are specific reasons why each of these points of information is valuable for auto financing applications. For example, your monthly income demonstrates that your loan payment budget is realistic and in your price range. You’ll want to include income from all sources including spousal support, government assistance, salary, investment income and so on. You should also be able to say how long you’ve been receiving this income in weeks and months, which helps paint a complete financial picture. If you’ve been in your job for a while but recently fell on hard times, this information will help show that you have the means to act as a responsible borrower. Your home address helps lenders determine how suitable your budget is and how large the loan should be.

It can feel strange to get so personal on a financing application, but the more information you provide, the better a picture lenders can get of who you are and how trustworthy you are. Your credit score does not tell the whole story and if that’s what’s holding you back, you deserve a second chance. Providing a more complete picture of your financial health is a great way of showing that your credit score isn’t who you are. So, before you start your search for a car and test drive that little sports number of your dreams, before visiting the finance department to pay for it on your already maxed out credit cards (a very bad idea), you need to collate as much information about yourself first. If you’re asked to provide information such as your monthly income and your monthly budget for the car you want, it’s actually a good thing. Remember that these are car loans for bad credit so you need to be honest and make sure that you can afford the monthly payments. After all, it gives you that all-important second chance to show that your expectations are realistic and that you’re financially responsible.

An Understanding Of The Lending Process

It’s important to understand what’s going to happen after you submit your application and if it’s accepted, after you sign a loan agreement. Firstly, if you have any questions at all regarding the application process, you should get in touch with the lending or financial partner organization you’re considering working with. Some financial partner organizations send client applications to a number of different lenders while others take some time to talk to the applicant first and then take that client’s application to a specific lender they know will make a good fit.

You should know which route your application will take after you submit it. You should also determine whether the company you’re considering working with is helpful and responsive. Getting in touch before you even submit an application provides a good idea of what it might be like to work with the same company in the future. If they won’t answer your questions now, there’s a good chance they’ll be similarly unhelpful in the future when it really matters.

It’s also important to be familiar with what exactly a car loan is. We’re not just talking about the basics here—you probably already know that the basic purpose of automotive financing is to provide funds for someone to borrow and slowly pay back over time with interest tacked on. Rather, you need to understand exactly what those basic facts mean in the context of the specific loan you choose. For example, it is essential that you understand the exact dollar amount of the loan you’re getting, the exact percentage of interest you’ll be charged and the precise amount of time in which you’re expected to repay the loan.

Furthermore, you need to know specifics, such as what your monthly payment is, whether there will be any additional fees such as a processing or late payment fee, and the date your payment is due every month. Make sure you understand everything about the loan, including whether interest rates can change during the course of the loan, the exact name of the institution that administers it and how you’ll be able to pay your monthly bill (can you pay online or setup autopay, is it necessary to pay with cash in person, etc.).

Also, be sure to understand what happens at the end of the loan term. Will you own the car, having paid it off in full? Does the loan amount only cover part of the cost of the car, meaning you won’t own it when you finish paying off the loan? You should know all of this BEFORE you sign the loan agreement and it’s not a bad idea to take some time—even if it’s just an hour—to consider whether you can really afford what you’re agreeing to pay for prior to finalizing the deal.

Doing all this will help you successfully pay off your loan as you’ll understand up front what it takes to avoid default and stay firmly on the road to credit recovery and a better life. The lender and your financial partner should be able to answer questions you have about these details and you should make a note of all of this information and compare it to what’s stated in writing on the loan agreement before signing.

A Reliable Financial Partner to Help You Find the Right Lender

As mentioned above, not all financial partners take the same approach to obtaining automotive financing for clients with bad credit. You should make sure to work with a partner organization that takes a more personal approach rather than just papering the town with your application. There are a few advantages to this approach. One, working directly with a financial partner to find just the right lender increases your chances of being accepted the very first time you apply. Financial partner organizations have direct relationships with lenders, which puts you at an advantage as you benefit from someone else’s connections and expertise. Two, you avoid further damage to your credit score by undergoing multiple inquiries into your credit history by different lending institutions.

Also, as stated above, your financial partner should care about your financial security and genuinely want to help you get the funding you need. This means that all of the qualities listed above—transparency, helpfulness, willingness to clarify and explain details—should be part of your selection criteria as you consider which partner to work with.

It’s nice to work with a partner who really cares about you, but there’s another side to this that goes beyond security that you’re working with a good company. Financial partner organizations that care about their customers also tend to be more understanding about the circumstances that led to your current credit status. DriveThru Finance understands that good people sometimes fall on hard times, but that doesn’t mean that doors should slam in your face automatically when you try to get a new car. Working with us means working with a company that looks at the whole picture of who you are, not just the number on a spreadsheet that gives a limited view of your financial responsibility.

Confidence and Hope for the Future

Applying for any sort of financing after being put through the credit wringer can feel hopeless. But at DriveThru Finance, we know that bad things sometimes happen to good people. Only the luckiest among us can sail through life without any stumbling blocks. Employment isn’t a guarantee and that can really send your finances into a tailspin. Whether you had to stop working due to a sick child or parent who requires round-the-clock care or experienced an unfair termination, our job status isn’t always in our control. We can also make mistakes with credit before we fully understand its impact. That doesn’t make you a bad person, but it’s hard to keep that in mind when you have a “bad” credit score staring you in the face.

As you rebuild your credit, chances are that you are taking a more informed and careful approach for your future. We understand that it takes time to rebuild credit and life doesn’t just wait around while you get your finances in order. Your car might break down or you could be a victim of a theft or an accident that suddenly robs you of a working vehicle. Most of us don’t have time to waste in this situation. Don’t let your credit hold you back. Get in touch with us and we’ll get you back on the road in no time.

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Car Loans

Bad Credit – How Getting Approved for Car Loans Works When You Have Bad Credit

Auto finance to buy a new car is generally seen as being harder for people with bad credit history, but that’s not necessarily the case. If you find the right lender, but making sure you can make the monthly payments on time, the chances of getting a car loan with bad credit to get back on the road is pretty easy and in just a few payments you will have improved your credit rating. However, while it is often easy, the process of obtaining bad credit auto loan financing is a bit different than what many people with stellar credit tend to go through.

Learn more about how this works so you can stay empowered and informed through each step of the financing process, even with poor credit or low credit ratings. Auto loans for bad credit are not as bad as they first seem. Read on to find out more.

How Credit Relates to Automotive Financing

So, what is the big deal about credit and a car loan with bad credit, anyway? In a finance context, the word “credit” refers to a few things, but for our purposes in this article, “credit” means “credit-worthiness.” A consumer’s creditworthiness is a judgement criterion that lenders use to determine trustworthiness with borrowed money.

Credit-worthiness is determined based on several factors in a consumer’s financial history, including the length of your credit history (i.e., how old your oldest credit card is), the amount of debt you have in relation to the amount of credit available to you through cards and loans, your history of making payments on time, and big things like bankruptcy.

So, if you have only had a credit card for a year and you’ve “maxed out” and missed some payments, your credit history reflects a low level of creditworthiness in the eyes of a lender and the chances of getting a loan for people with bad credit is lower.

People in circumstances like this are likely to have credit scores under 600, which is generally considered “bad” by most lenders. Each lender is different, though. In some cases, anyone with a score under 750 or so may be treated with suspicion when asking for a loan.

When you have a score that falls below the 600–650 range, some big lenders won’t even look at your application. They usually don’t take the time to consider how responsible you are with your money or how much money you make every month.

It could be that the credit card you took out a year ago and ran up the balance on was your only way of getting from where you lived during university to the city you moved to for your first job, which pays you quite well. All they see is that credit score number and that’s not really fair, is it?

Finding The Right Lender

As unfair as the credit system can be, it makes good sense from the lender’s point of view. But some lenders know that creditworthiness isn’t just a matter of assigning points and scores. Life is complicated; sometimes it puts us through some tough times that force us to make painful decisions. Sometimes we make mistakes.

Everyone experiences this in some way at some point in their lives and it shouldn’t keep you from being able to buy a car. If you ended up with bad credit due to a painful period of financial hardship, unemployment, or divorce it can seem especially unfair that the worst parts of our lives are used to judge us. Lenders that specifically cater to customers with less-than-perfect credit know how much it can hurt to go through this.

This means that car shoppers with imperfect credit histories and credit scores below 600 may want to sidestep the traditional lending process altogether. Choosing to work with a lender that understands what it’s like to have a bad credit score can make a huge difference.

DriveThru Finance is exactly this kind of lender. We know that bad things happen to good people and that your credit score is not an all-powerful grade that determines your entire character. It’s just one piece of information a lender can use to determine whether you’ll be able to pay your loan back or not.

Getting rejected for a loan can feel like a major slap in the face. So, while it can be tempting to try your luck with a traditional lender if your credit history isn’t spotless, you are highly unlikely to get anywhere with a big bank or a manufacturer’s financing department. It’s a waste of time to try. These giant financial institutions take a highly impersonal approach.

If your credit score doesn’t line up with their minimums, they toss out your application. And each time a financial institution pulls your credit history, it actually counts against your credit score. So it’s best to stick with a lender that is openly welcoming to people with credit histories like yours.

Looking at Lender’s Approval Criteria

Making sure your financial partner is willing to work with less-than-perfect credit is a good first step, but there are still some important things to consider. First, be wary of any lender or financial partner that claims to be able to give financing to every single applicant regardless of credit history.

Not only is this a suspicious claim, it’s also a mistake that follows the same flawed logic that the big lenders use to turn people away. There’s no one size fits all solution to financing. Everyone’s credit history is different. Everyone’s life circumstances are different. Credit only tells part of the story, but the rest of the story is important too.

This means that you want to make sure you know what other factors are taken into consideration when the lender reviews your application. What information do you need to provide when you apply? If you don’t need to provide any information beyond proof of age and basics like that, you should be suspicious. But if you’re asked to provide details relating to your employment history, current income and other details about your financial life—that’s a good sign.

These details provide a more accurate, fair picture of who you are. People with credit challenges aren’t usually bad people who are trying to deal with lenders in bad faith. Life gets in the way sometimes and that’s just the way it goes. But if you’re picking up the pieces and putting your life back together after hardships made your credit take a nosedive, you can still prove your trustworthiness.

You just need to make sure that lenders are going to see this. Making sure the financial partner you choose wants to talk to you and learn more about you outside of your credit score is a smart step toward getting the financing you need.

Understanding Loan Terms

Once you turn in your application and talk to your lender to provide more information about yourself, you should prepare to review your finance options. If you’re unfamiliar with automotive financing, you should talk to the customer service reps at DriveThru Finance.

We’ll help you understand what to expect and give you the information you need to feel empowered and aware of what’s going on through each step. One of the most important steps is actually reading the loan or lease agreement and understanding the terms of your contract with the lender.

Terms for a bad credit loan may be different than those for a standard loan, but that’s not necessarily a bad thing. Often, the terms are designed to provide some extra protection for the lender, but they can also make it easier for you to actually make your payments. Making on-time payments on a loan will do wonders for your credit so this is a great opportunity for you to address two issues head on. You get a new car and a second chance at proving your creditworthiness.

Your Personal Responsibilities Before and After Finalizing the Deal

You’ll have some personal responsibilities to attend to throughout the process. It doesn’t feel good to be lectured about your finances. We understand that. People with bad credit often get frustrated by what seems like a flood of scolding and advice. At the same time, it’s helpful to have some non-judgemental guidance that you can choose to either ignore or incorporate into your approach.

You can make your own decision on whether this advice is worthwhile or not.

Firstly, the opportunity the loan itself presents is a good one. In order to get the most out of this chance to rebuild your credit, you need to make sure you’re actually able to repay the loan. Set your monthly budget expectations in a modest place, ideally aiming for something that you can comfortably afford without having to cut out any essentials.

Understandably, not everyone can manage this, but, if possible, you’ll want to choose a car that’s below your means. In other words, choose a budget that you can afford easily, not one that will cause you anxiety every month when the bill arrives. This way, you’ll be able to pay on time, every time, keep your car and get your credit back up in the “good” range.

Additionally, the loan terms should be favorable for you and should line up with your budget. It can be such a big relief to know that you were approved for financing that it’s tempting to say “yes” no matter what kind of offer you get. Plus, you probably need a car and don’t have much time to wait.

But remember that it’s important to be aware of what you’re agreeing to before you sign a contract and lock yourself into financing. It’s important not only to set your budget in a realistic place but to make sure the financing you get is as favorable for you as it possibly can be.

Categories
Car Loans

Auto Financing Online in a Minute? Is it Really That Easy

DriveThruFinance offers a 60-second credit application for quick and easy car financing, even for those with poor credit. Though you may think it looks too good to be true, it’s not! Learn more about what our bad credit car loan applications look like, what information they require, and how you can take less than a minute to apply for fast approval no matter what your credit looks like. We’re an inclusive lender focused on providing people with the vehicles they need to succeed and survive. That means we don’t waste your time with a bunch of unnecessary red tape.

How Our Application is Different

Loan applications through big banks and other traditional lenders are usually a lot less results-oriented than ours. They’re more concerned with pulling your credit report and digging around in all the skeletons in your financial closet. If you don’t have a good or bad credit report to speak of or are self-employed, you won’t get far. Plus, if your credit score isn’t above 650, they may not bother to look at any other details. It’s not very fair.

Luckily, we aren’t so concerned with that. We want to know what you’re looking for and, as long as you satisfy our minimum approval requirements, (including age and monthly income) you can feel confident that you’ll get a good result from us. We’re committed to providing more personal, people-friendly service than big banks and lenders who are just in it for the bottom line. People with no credit, unusual employment situations, less-than-perfect credit or an inapplicable credit history developed in a different country still need cars. Our application is designed to recognize that.

What You Need for Our 60-Second Credit Application

We do need some basic information from you before we can get started finding you the right lending situation. You’ll notice that our 60-second credit application has a series of boxes, checkboxes and dropdown menus. Most of them have a star or asterisk next to the question. This indicates that these are questions you must answer to be able to submit the form. Don’t try to skip questions and don’t provide false information just to get through the application (we’ll talk about this more below). Other than that, it’s simple.

Here’s what we need to know about you:

  • Your first and last name (don’t use nicknames just yet)

  • Your age (our application has a minimum age of 18)

  • The vehicle you would like to drive (be specific and detailed)

  • The monthly payment you could afford (check a box that includes your possible price range)

  • Your monthly income (we need to know whether you receive more than $1,500 per month)

  • Your email address and telephone number (this lets us get in touch with you to let you know how your application is progressing and to chat further about what you need).

Some more information about a few of these questions: As for the vehicle you’d like to drive, you have the ability to specify the vehicle type (truck, van, sedan, sports car, etc.), make (Ford, Toyota, etc.), model (F-150, Corolla, etc.) and year. We specialize in pre-owned vehicles, which also happen to generally be more affordable so don’t select the current model year unless you have a really generous budget.

Additionally, you can check “I don’t know” for the monthly budget question. If you really aren’t sure what your options might be and you want to wait to set your budget, that’s OK. It does help for you to know up front, though.

Before You Click “Submit”

So, it’s taken you a minute or less to fill our quick car loan application online, and that’s great! Convenience is such a wonderful thing. You’re about to be on your way to a new (or new-to-you) vehicle. However, you don’t want to rush this application. It doesn’t take long to complete, but you should approach it when you’re ready.

That means two things: Knowing that all the information you’ve provided is correct and knowing that the decisions you’ve made are realistic for you

Why does this matter?

Well, if you provide incorrect information on your application, it can hurt you in more ways than one. All of the required information you fill out in the form needs to be accurate, especially when it comes to legal requirements like age. If you aren’t 18 years old yet, hold on for just a few more years and come back to us then. We can’t lend to you if you aren’t 18 or older and misrepresenting yourself on your application can have potentially serious consequences.

It’s also important that you input the proper financial and vehicle information into your application so we can find the right lending situation for you. Your monthly budget and income information should be as exact as possible, not just a guess. If you need to take some time to do some math before you send in your auto loan application, go ahead and do it. The application is so short that it gives you some room to take this precaution without wasting your time!

Finally, it’s important for you to know you’ve made realistic decisions because this financing opportunity is ideal for credit repair or building credit. Whether you’re self-employed, new to Canada, new to the credit system or suffering from less-than-perfect credit, the last thing you want to do is set yourself back by asking for a more expensive loan than you can afford. When asked what monthly payment you could afford, you should consider this in the most realistic, frugal terms possible. What would you be able to afford if you lost your job? If another source of income suddenly dried up? What is the realistic monthly payment you can make while still paying all your other bills and other necessary expenses with something, even just a few dollars, left over to put into savings? Think about this carefully so you can set yourself up for success.

Taking the time to consider these factors won’t make your approval process for an auto loan take that much longer. In fact, if you’ve already considered all these things before deciding to apply, your application could be done in much less than a minute. Double check your responses to all the questions outlined above before sending it in, then click “submit” and we’ll be in touch. It’s that easy! DriveThruFinance’s commitment to convenience and hassle-free lending even extends to our application for an auto loan online

Categories
Car Loans

Getting Financial Credit After Divorce: How You Can Bounce Back

Though specific details vary by province, Canada’s divorce laws are fairly simple and clear. Spouses are supposed to split up their assets as evenly as possible unless the asset in question was yours before you were married. That’s all well and good, but it can destroy some people financially, particularly those who have been dragged into long legal proceedings or who married someone better off than they were at the time and now have sky-high living costs to contend with in the absence of a second income. You may have had joint accounts, need to pay child support, need to make a divorce settlement, become a non-custodial parent of your beloved child, and many other areas have to be settled before you can move on. In other words, divorce can be extremely painful and not just in an emotional sense. Other than the standard divorce proceedings, what about your financial situation? The credit cards, the debt, the mortgage? Who will pay them off and will your credit history take a hit? Here’s how you can overcome financial obstacles thrown in your way by divorce.

Divorce and Credit Damage

Divorce includes a lot of uncertainty. Where are you going to live? Will you get to keep the car? If not, will you have enough money left over after the divorce is through so you can buy a new car? Answering questions like these is always tough and it’s even tougher when your heart is broken and your brain is distracted by the stress of your current situation.

It can happen suddenly—one minute you have a stable life with your spouse and a financial plan for the future and it seems that the next you’re suddenly running up your credit cards and trying to make ends meet as you struggle to keep it together and work and live your life like normal. Even if you’re happy that the marriage is over, it’s a stressful time, particularly if there are kids and assets involved.

Sadly, it’s normal for divorce to have a devastating impact on our finances. Few of us are so fortunate that we can undergo such major financial trauma without it impacting our credit. Whether through missed payments, high balances, or unwise decisions made out of necessity, most people who go through divorce in Canada see the economic impact reverberate throughout their lives, eventually showing up in negative ways on the divorcee’s credit report.

Who Keeps What ?

On top of all that, the division of assets in your divorce might leave you without a car. It could be that the judge decides to give your spouse the car in your division of assets or that the car belonged to your spouse in the first place. You may be ordered to sell the car to liquidate your assets and split the proceeds down the middle. By the time you get done paying your legal bills, moving costs and other associated expenses, you might not have much money left over to get a new car, if any.

This can have a huge impact on how a divorced person bounces back and starts their new phase of life. Most Canadians rely on their cars to get to work. So, if you aren’t in a big city with good public transportation options and can’t afford taxis, you might find yourself out of a job if you don’t have a car.This is an especially difficult position to be in if your credit score has taken a nosedive during the divorce. If you don’t have the cash on hand to buy a car outright and your credit is below 650, meaning that most lenders won’t even consider your application, you may feel like you’re out of options. But, in actuality, you just need to change the way you think about your current situation.

Get Back on the Road and Work on Credit Repair After Divorce

DriveThruFinance knows that your credit score doesn’t tell the full story of who you are. Divorce is common and it doesn’t mean you’re a bad person or untrustworthy in any way. It just means you went through a devastating experience that a lot of people go through in their lifetime. If this had a bad impact on your credit, we understand. We’ll examine other factors when we consider whether you’re a good candidate for our lending program.

As long as you meet a few minimum requirements, including age and a threshold for monthly income from all sources (including spousal support), we’ll work with you to find a good car and a good lending situation for your needs. Even if you have a low monthly budget, we can help you get back on the road. Your divorce shouldn’t be a weight that holds you back from future success. Now that you’re free and independent, you should be able to enjoy your life.

We can help you get back on that path.

How does a car loan help with credit repair? If you choose your loan carefully, set a realistic budget, understand the terms of your loan agreement and go with a reputable lender, your monthly payments will have a positive impact on your credit score. You’ll show that you’re bouncing back and putting your divorce behind you in more ways than one. Choosing the budget for your car can also help you adjust to your new financial reality and take stock of the financial requirements you’re dealing with after you and your former spouse have officially parted ways. This awareness makes it easy to avoid damaging your credit in the future.

Very few people are eager to get a divorce and not just because they genuinely love their spouse even if the relationship isn’t working out. Divorce is time-consuming, expensive, and potentially damaging for the finances. This is especially true if you were already in a precarious position before the marriage ended. In fact, some people get divorced specifically because their irresponsible spouse caused financial problems that remain after the official legal end of the marriage. It is not right that anyone in this situation should be caused to suffer further and be barred from having the opportunity to repair their credit. Traditional lenders and big banks may not be sympathetic in these situations, but DriveThruFinance is.

Categories
Car Loans

Learning How Credit Works Empower Yourself With Knowledge

Credit reports and scores are an important part of life as a consumer in the modern world. Whether you consent to it or not, there are two independent credit bureaus in Canada that collect credit history information on how you use credit, how much debt you have built up, and whether you make credit monthly payments on time. The result is a two-part grading system, both a numerical score and a long-form report, which provides detailed information on how you behave with credit. If you’ve ever fallen on hard times, this can spell disaster for your financial future no credit card or bank is going to look at your situation favorably to offer personal credit. Luckily, you aren’t alone, and you aren’t out of options, either.

How Does Credit Work in Canada ?

The modern credit reporting system originated in the United States as a way of allowing financial institutions to determine whether they wanted to do business with a consumer or not. That sounds like a basic and understandable thing—you wouldn’t loan money to a total stranger sight unseen, would you? Unfortunately, under the auspices of the independent credit bureaus, credit data collection has become something of a runaway train.

You don’t get to opt in or out of the credit system. If you borrow money from any financial institution, whether it’s auto loan or a credit card, you automatically start getting tracked by a credit bureau to see if you make those repayments or go over your credit limit. Even if your bank balance is OK now, your credit history can still go against you. As of 2017, there are two credit bureaus operating in Canada: Equifax and TransUnion. These are international companies that crack consumer credit and debt in multiple countries, but your Canadian credit report and score are only applicable in Canada.

That’s because different national governments have different laws governing how the credit bureaus are allowed to behave. Canada’s system is relatively consumer friendly, with a good amount of government information and assistance available to those who are in the credit system.

Your credit report and score are not fully public information, but a wide range of  businesses and individuals are allowed to check your credit as a way of verifying whether you’re trustworthy or not. When you apply for a job or try to rent a new apartment, your prospective new boss or landlord may ask to check your credit score. Banks, insurance companies, mobile service providers and even government agencies can also take a look at your credit score, but you usually have to give permission first. Declining to give permission can look quite suspicious, which isn’t exactly fair.

Your credit report will show all the missed payments, bad cheques and other painful moments from your financial history. This information is summed up with a numerical score ranging from 300-900. Those with no credit history to speak of start at 300 and can work their way up to the highest score of 900 by using the system just right (i.e., always making on-time payments, having more credit available than used, having different types of credit and demonstrating competence over a long period of time). The good credit/bad credit threshold falls at 650—if your score is below this number, lenders will generally look at you with skepticism. If you’re higher than that, you’ll be seen more favorably.

These perceptions enhance incrementally the higher or lower you go. A credit score of 400, for example, will generally be seen less favorably than a credit score of 630. If your score is below 650 even by a few points, though, most lenders won’t take you seriously as an applicant. That’s where bad credit car loans and other special financing options come into play for people who’ve fallen on hard times.

Factors That Can Affect Credit Without Your Knowledge

In September 2017, it was announced that Equifax, one of Canada’s two credit bureaus, experienced a widespread hack that exposed the financial details of several hundred million customers in Canada, the UK, and the USA. The hack mostly targeted Americans, but the fact that it happened at all, and the fact that Equifax’s response was pretty lacklustre and incompetent overall, shows just how risky the credit system can be for those who are entered into it.

Why does this hack matter ? Well, when a criminal gains access to your personal identifying information, they can then open up credit accounts in your name. The goal here is to steal money, not to build your credit up and make your financial life healthier. Identity theft and identity fraud can absolutely destroy your credit because the people who open up lines of credit in your name aren’t going to pay the bills on time (or at all).

That’s why it’s so important for you to check your credit report on a regular basis. Yes, it can be painful to do this if you’ve been through a rough patch and it shows in your financial history. But not monitoring your credit can make things worse. You can request a free copy of your credit report from both Equifax and TransUnion. Equifax refers to this document as your “credit file disclosure,” while TransUnion calls it a “consumer disclosure.”

You’ll want to look at both reports once a year to make sure there’s no fraud detected on the account. The Financial Consumer Agency of Canada recommends alternating between reports from each bureau every six months. This way you can check your reports from the different bureaus once a year but still stay informed on a semiannual basis.

If you do see some suspicious activity on your credit report, you’ll want to start the dispute process right away. “Suspicious activity” in this case means any loans with banks you don’t recognize or credit cards you aren’t familiar with. It can be helpful to check with a spouse to make sure there hasn’t been any unspoken financial decision-making going on behind the scenes, but if you’re in the clear in that regard, you’ll want to make sure the fraudulent loans or credit cards are removed from your report.

Sometimes, though, the bad information on our credit reports is just a fact of life. Finances are tough, especially if you go through a period of bad luck or make some decisions that turn out to be poorly timed. At DriveThruFinance, we understand your predicament and we want to get you back on the road even if your score is lower than 650. Bad credit doesn’t mean you’re a bad person. You deserve to move on and rebuild your credit and we can help.

Categories
Car Loans

Vehicle Financing: 9 Ways a Car is a Good Investment for Bad Credit

The financial industry often feels confusing and cruel, especially for those who suffer from less than perfect credit, especially if they weren’t always able to keep up with those monthly payments. While it’s true that there are some cutthroat elements out there, it is possible to find a situation in which you’re set up to succeed, even with obstacles in your way—even with car dealers and auto financing. Learn how obtaining vehicle financing can actually be a great financial move if your credit is lower than you’d like.

1. Demonstrating Responsibility

For better or worse, your credit history is the financial CV used to determine whether you’re responsible or not. The credit score is a short form summary of that history. It’s a very one-sided picture, especially if your credit history shows a lot of missed monthly payments and other difficulties. Obtaining auto loans and faithfully adhering terms of each loan allows you to demonstrate in concrete terms that you are, in fact, responsible.

2. Establishing Trust

Ultimately, the responsibility judgement associated with credit isn’t personal. It’s about trust. And unfortunately, it’s starting to become a symbol of trust not only within the financial industry but for employers as well. That means an employer, if you sign a release giving them the right to do so, can pull up your full credit history and see, in detail, how much money you owe where, how many payments you missed, and everything else. Demonstrating responsibility on your credit score by repaying your auto loan can be a good way of showing that you’re on the right track after a rough period.

3. Building Self-Confidence

Additionally, a bad credit car loan can be an opportunity for you to prove to yourself that you know what you’re doing and can make good decisions. Confidence is an underrated quality in our financial lives. We don’t often talk about the inner, emotional parts of our financial lives, opting instead to be purely analytical and calculating, but believing in yourself is essential to living a good life. Making those payments on time will feel great.

4. Putting a Better Personal Finance Plan in Place

In order to make those on-time payments, you’re probably going to need to take more control of your finances. That’s not to say that you were totally out of control before, but being as careful as possible will benefit you greatly in the long run. That may mean creating a separate savings budget to ensure you have extra money for car payments or emergencies just in case. It may mean taking stock of your daily spending habits and cutting out some unnecessary expenditure to give yourself more breathing room. Your car loan can be a useful motivator in this regard.

5. Improving Credit Over Time

As you start to rebuild trust and confidence with a smart financial plan and reliable payments, you’ll gradually rebuild credit and move into a place of greater security. This will take some time, but you’ll get a huge jump start just by having the loan in place and starting to make timely payments. As you start making allowances for your monthly credit payments and make your financial picture more positive, you’ll learn more about how to navigate the financial system and feel more empowered in a system that often seems designed to make us feel powerless.

6. Having an Asset for Collateral

Some bad credit loan options allow applicants to use their cars to “secure” the loan. This makes some lenders feel more comfortable working with those who have bad credit. There’s a big caveat for this one, though. If you default on the loan, the lender can legally take your car away from you.  If you aren’t absolutely certain you can pay the loan back on time, you’re essentially signing up to lose your car AND hurt your credit at the same time. It would be better just to sell the car and get a better deal than to lose it to a bad loan.

7. Having an Asset for Emergencies

It’s not ideal, but having a car to sell off in the case of a serious emergency can prevent you from having to do further damage to your credit by running up credit card bills or missing payments. This scenario is heavily dependent on the terms of your auto loan. Make sure you understand the terms of your loan, including when or if you get to take possession of the car after you complete your payments and satisfy the requirements of your loan agreement. Some predatory lenders sneakily include terms that allow them to take possession of the car once payments stop, even if you’ve been perfectly faithful to the terms of the loan.

8. Enjoying Job Security

Of course, having a car is also a necessity if you want to be a reliable employee in a situation where public transportation isn’t an option. Only a few of Canada’s larger cities make public transportation a realistic option for the average worker and if you’re one of the millions of people who live outside these cities, you need your own set of wheels to show up to work on time. Having a steady job will make meeting payment requirements during the credit rebuilding process that much easier.

9. Exercising Personal Freedom

Finally, there’s something to be said for the satisfaction and happiness that comes when you have the freedom to go where you want to go when you want to go there. Whether it’s taking a road trip with your family or driving to your favorite restaurant for a treat-yourself lunch, a car is a great investment in your own happiness. Happiness lowers stress, which can help you see to your responsibilities and keep your financial health on the mend.

If you have less than perfect credit, DriveThruFinance wants to help. We specialize in providing auto financing loans to good people who’ve fallen on hard times. Our unique credit check and car financing loan application process allow us to look at the total picture of who you are, not just your credit history.

Categories
Car Loans

Auto Credit and Car Loans Help’s You Get Approved For Car Loans in Ontario

Thank you for taking the time to read this blog, we appreciate your trust and we don’t want to waste your time.

We created this blog for individuals who need a vehicle but who unfortunately have a credit history that is less than perfect. If this is you, you owe it to yourself to watch this important video and don’t worry, this IS NOT another “Good Bad and Ugly We Approve Everybody” type of blog. There are enough of these promises out there and this IS NOT another one of them.


Our dealership is rather concerned with the needs of good people who fell on some hard time.

• Maybe you’re a couple who always had the benefit of two solid income then one of you might have lost their job and it sent your finances on a tail spin for a while that will put a dent in your credit!

• Maybe you fought through a painful divorce we’ve seen firsthand how that can leave someone’s credit in a really bad state.

• Maybe you had to fight cancer or another illness, or maybe you took care of a love one and had to take a loss of income. We know how much pain that brings to the heart and the wallet.

• Maybe you are a self-employed individual, you started a business, or you have an income that is harder to prove, that can be a tricky if you need to get financing for a vehicle.

These scenarios and many others should not prevent you from getting the quality vehicle you need and deserve. We also feel very strongly that you shouldn’t have to compromise about where you want to buy your next vehicle, and that’s why we created our services.

You see, over the years, we’ve learned that everybody’s financial situation and credit history is different. Your credit is actually like a fingerprint, it’s unique! There is no cookie cutter approach in getting people with credit challenges approved, there is no “one size fits all” solution and people who say the opposite probably don’t understand automotive credit.

We’ve also learned over the years that every lender has different guidelines and areas of comfort and discomfort… some might be comfortable with new credit, others might prefer self-employed individuals… and other are excited to lend to people who went through a bankruptcy.

The key is to find the right lender for Your Low Credit Profile!

Other dealers might prefer to “shotgun” your credit application to numerous lenders in the hope of finding one that will “bite” and accept your application.

We find that approach dangerous for a number of reasons

First, each time a potential lender “pulls” your credit bureau, your credit score will lose a few points which might lower your beacon score enough to make it impossible to get it approved.

Second, some lenders, seeing on your credit bureau the numerous attempts to get a loan through different lenders might label you as a credit seeker and might decline the application without even giving it a “fair chance”.

For all these reasons, we believe the best approach to get you approved is for us to take the time to learn your story, understand what happened and why it happened, then find a lender that will understand your unique situation.

If you would like to have a Special Finance expert in your corner a specialist and a friend that understands automotive credit and that can help you get the vehicle you want and need, while rebuilding a new credit history to replace the imperfections of the past

We are your Partner

The first step would be for you to Click Here button, and complete the Web form. That will provide us with all the information we need to jump start the process.

Step number two will be a short phone call where we will have a pleasant and honest conversation about your unique situation so we can best understand what happened and how to move forward with the right lender. Step three we will get you approved and behind the wheel of your next vehicle in no time.