Usually the first large purchase someone makes that requires the use of financing or a loan is for a car of their own. The challenge with this is that you may not have the proper credit history in order to qualify for a loan or to have a creditor approve them for a loan. Therefore, applying for an auto loan with no credit can come with its fair share of difficulties. There are options however. Here are a few of the reasons why a creditor may not approve someone for a car loan, why establishing credit can be difficult and options that are available to people with little or no credit history when applying for a car loan.
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Getting a car loan with missed payments can be difficult for some people depending on the individual circumstances. Any kind of loan is hard to obtain when someone has missed payments in the past because it lowers their credit rating and can ultimately lead to bankruptcy and bad credit. But it is possible for people to get a car loan with missed payments if their credit score is still fairly good. Some factors considered by the dealership are the status of any accounts with missed payments as well as your income and job situation.
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Getting a car loan after a divorce can be a tricky task. A couple’s negative credit history and strained finances could be the reason for a divorce. When a couple is married, it is much simpler to get a car loan since both of the salaries are combined, or one could co-sign for the other. After a divorce, it may be more difficult to get a car loan. With careful planning, it is possible to bounce back from a divorce and get a car loan (and even potentially begin to raise a low credit score).
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Have you experienced a bankruptcy and find yourself in need of a car loan in Toronto? It may feel impossible to ever get a car loan again after going through a bankruptcy, but don’t give up. You might still be eligible for a bad credit car loan.
A bad bankruptcy can happen to good people and it is comforting to know that there are car brokers and dealers available to help you get a bad credit car loan (which is also a good place to start rebuilding your credit history).
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