How Can I Get Car Financing with a Bad Credit Score?

Are you trying to get a car with bad credit near Burlington? You likely have a number of questions. Perhaps you’re wondering, “Can I even get a car loan with bad credit”, “Where can I get a new car with bad credit?”, or “What is the minimum credit score for a car loan in Canada?” If this sounds like you, no worries. Mercedes-Benz Burlington is here to answer all of your questions and help you secure the car you need, regardless of your credit score. Read on to learn more. Then, explore our inventory, and contact us to arrange for a test drive.

How Can You Finance a Car with Bad Credit?

If you’re trying to get a car with bad credit in greater Hamilton, you may be wondering what the minimum credit score for a car loan in Canada is. Many lenders won’t approve you if your credit score is below 630. However, the financial department at Mercedes-Benz Burlington can help you acquire a car loan with bad credit, regardless of your score.

First, get pre-approved by applying for financing online, value any trade-in you might have, and our finance team will be in touch will you shortly after. Not only can we work with you regardless of your credit score, but we can take a close look at your budget and work with you to come up with a personalized payment plan that works for you.

What Steps Should I Take to Get a Car Loan with Bad Credit?

If you have bad credit and wish to take out a car loan, there are a few things that you can do to ensure you’re making the best financial choice:

1. Based on your budget, figure out how much you can afford to pay per month.
2. If you’re wondering where to get a new car with bad credit, you can trust Mercedes-Benz Burlington to provide you with the best possible loan given your credit history. The more general rule is that you’re more likely to get a loan from a dealership than a bank. Banks use automated approval systems and deal with high volumes of clients. At a dealership, we can slow down, look at your financial history, and identify a more complicated story. For instance, if your credit is weighed down by a business loan, we can take that into consideration, whereas a bank is less likely to have the time or flexibility to look that closely.
3. If possible, make a larger down payment. Not only will this lower your monthly payment, but it can also put you in a better position to negotiate for a lower interest rate on your car loan. If you currently have a car, you can use its value to raise a larger down payment.
4. Before applying for a loan, make an effort to clean up your credit report in any way you can. The better your score, the better your interest rate, so if you’re in a position to clean up your credit history prior to applying for a loan, go for it. We’ll still be here and ready to work with you.
5. Find a car that matches your lifestyle and doesn’t exceed what you need out of a car. At Mercedes-Benz Burlington, not only can we help you get a car with bad credit, but we can also help you identify options in our inventory that perfectly reflect your needs and budget.

Improve Your Credit Score

Improving your credit score after you take out your car loan will increase your lending power in the future. If you have bad credit but make your car payments on time each month, you can qualify for lower-interest loans and credit cards later on.

Finance a Car with Bad Credit Near Milton Today.

Now that you know how to get a car loan with bad credit and where to get a new car with bad credit, call Mercedes-Benz Burlington at 877-557-3007 to take the next step. And don’t forget to explore our new vehicle specials to find opportunities to save.