You’re ready to buy a home. You’ve saved up a good solid chunk as your down payment, you’ve zeroed in on the neighbourhoods you’d like to live in, and you know you’ll be able to make your monthly payments. The only problem? You have a terrible credit score. Enter the bad credit mortgage.
Whether it’s due to a previous bankruptcy, missed credit card payments, illness, job loss, or even simply not having used enough credit to have an established score, having a low credit score used to be a huge red flag stopping Canadians from being able to buy their own homes. Luckily for many aspiring home buyers, that’s since changed.
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Whether you’re new to the world of loans and credit or are a subprime borrower, trying to find financing for your car that won’t leave you paying out of the nose because of high interest rates can be a challenge. One of the obvious options, of course, is to take out a loan with a cosigner.
While that might be ideal for someone young who’s just buying their first car and still needs assistance from their parents, most people don’t want to deal with the crutch of a co-signer (not to mention, the anxiety of knowing that if you fail to make your payments, your co-signer is responsible for them).
If you have bad credit (or no credit), here are some ways you can get a favorable auto loan without needing someone else to be your Cosigner.
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When the housing market collapsed in the United States back in 2007, the blame was placed squarely on the practice of banks doling out subprime loans and mortgages. The word has since taken on a particularly negative connotation, but what does it actually mean? And is it really as bad as the news would have you believe?
Continue reading “What you Need to Know about Subprime Loans”