Getting Car Loans with Bad Credit in Langley

A payment on a Good Credit Car Loan or a Bad Credit Loan is always calculated the same way  with Term, Principal, and Interest Rate.

  • Term: Total time payments are made spread over –  usually from 36 Months  up to 84 Months.  
  • Principal: Is total cost of purchase including taxes
  • Interest Rate: This is the Percent rate (%) that the lender is charging you on the balance owing. It is usually calculated monthly with a portion of each payment going to principal and interest. As the balance of the principal goes down so does the amount of interest paid to it from each payment go down. Interest rates vary depending on the bank prime rate, how new the vehicle is,  and the risk factor that the lender sees in the borrower. Guaranteed Auto Loans will get you the best interest rate available.

Your car loan will usually be from a  lender not the dealership. However, dealerships will quite often offer “in-house financing”. This is done so a potential customer with bad credit will still be able to get a car loan when other attempts did not work. 

Ball Park Car Loans Payment

Langley Loan Pre-Approval Form

First Name*
Your Email*
Home Phone*

Mailing Street*
Mailing Province*
Time at Address*

Time at Employer*

If you worked less than 3 months with current employer or lived less than 2 years at current address please provide details. Feel free to add anything else we may need to know.

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What Are The Necessary Requirements For Car Loans ?

The lender’s biggest concern is that you can afford it. I you had  past bad credit that can be overlooked if you are able to prove that you can afford the vehicle and currently have the ability to make the payments.

Income Qualification for Car Loans

Minimum requirement for a car loan is $1800 a month income and that you have been at your present job for at least 3 months. This demonstrates to the lender that you can make your payments and if you have been at a job for that length of time, you are more likely to continue at it.  If you get  assistance  from the government most lenders will see this as a plus so be sure to add that information on your application.

  • A Valid Driver’s License:  Lenders will want to know if you can legally drive and if you are of legal age before they will give you a vehicle loan when you have bad or poor credit. In Canada you must be at least 18 years of age to apply.
  • Present Address: Lenders need to know your physical address which is a requirement for all Auto Loans.
  • Banking Information:  After your car or truck loan is approved  the lender will require payments be taken from your bank account each month. This is done by getting a pre-authorized payment form from your bank to fill out and hand in.  The other way is to use a blank check and write VOID on it.
  • Zero Down Payment:   There is no requirement for  a down payment if you are obtaining a car loan with bad credit, but it can help. The lower the principal, the better the chance  the lender will  approve your car loan. Feel free to ask about zero down financing.

The best way to help you understand how you can get car loans with bad credit is to connect up  with our finance team at Guaranteed Auto Loans. They can to take you through all the steps. They can match you up with a  vehicle and a payment you will be happy with – Just fill out our  Fast Easy Online Application.