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Do I Have to Wait to Get a Car Loan?

As the saying goes, "everything's not going to be perfect," and that goes for car buying. While the timing isn't right, you may not have the luxury of waiting until your credit is in top shape again before applying for a car loan.

You Don't Need to Wait to Apply for a Car Loan

There are several reasons why the immediate need for a car loan could arise. The good news is that you don't need to wait, and there are plenty of reasons why you shouldn't.

Wait to Get a Car Loan

  • Car was lost due to repossession in a bankruptcy.
    The team here at Canada Auto Loan hears about this a lot from car buyers just like you. Due to a financial calamity, they were forced to let go of their car, truck or SUV. Fortunately, there are subprime lenders that are experienced in handling these types of situations.
  • Accident/frequent maintenance.
    If your vehicle was involved in an accident and was rendered undrivable, or if the maintenance costs required to keep an unreliable vehicle running are outweighing the cost of a newer vehicle, it is time to get another car. Your car is your link to the rest of the world, and you won't be doing yourself any favours financially if you are no longer able to get to work on time.
  • Your current car is no longer affordable.
    There are times when the level of your income changes and the car you were once able to easily afford is now a drain on your wallet. If you have equity in the car, you can use this to your advantage by applying that value to the purchase of a lower priced vehicle. If you have negative equity in the car - owing more on the loan than the actual cash value (ACV) - it may be a little more problematic, but a dealer may still be able to work with you.
  • You need to accommodate more family.
    The need for a different car may be because of new requirements, such as a child or perhaps additional family members moving into your home.
  • The Right Dealer Makes All the Difference

    Since car buyers who need subprime financing will be faced with a higher interest rate on their loan, it's important to work with a reputable auto dealer. So, before you head out to find that dealer, complete the fast, secure and obligation-free online application with Canada Auto Loan and let us save you time by connecting you with the one nearest your local area that can help. We have a countrywide network of car dealers that are equipped to help car buyers with unique credit situations, and they will do everything possible to get you back on the road, in the car you need, fast.