Common myths and misconceptions about bad credit loans
Can you get a loan with bad credit?
Yes you can definitely get approved for a car loan with bad credit. Lenders are more and more realizing with the ups and downs of the Canadian economy that they have to be ready to help people from all types of credit situations. There may be some extra steps to take, but you can definitely
Will a car loan build my credit?
Yes, demonstrating experience with different types of credit including Installment Credit can build your credit if you make your payments on time. Positive payment history is the most important factor to improve your credit.
If you do get approved, will the interest rate will be high?
Not necessarily. Having bad credit and doesn’t mean you’re going to get stuck with a high-interest loan. A lot of customers who apply have gotten low-interest loans while rebuilding their credit.
Applying Online is a scam! Is this true?
Categorically False. While there are some online loan scams to look out for, there are many reputable companies At the bottom of our website are our 3rd party ratings on Trust Pilot and Feefo. We strongly encourage everyone to be careful when they give their information out online. We make sure every application is secure with our advanced encryption and privacy measures. If you have any questions as you go call our approval hotline 1-888-279-3447
Will I have to choose a vehicle I don’t want because of my credit?
Nope. There are many affordable vehicles that you can pre-approved for despite your credit. You will be selecting a vehicle from our partner dealerships inventory based on what you’re pre-approved for, but we make sure we only deal with approval centers that have a wide variety of late model Cars, Trucks, Minivans and SUVS.
Does Canada Drives Do Personal Loans?
Yes, we do! Our sister company, Fresh Start Finance has made getting a personal loan easy. You can apply for your personal loan online, and even text your way through the application process, all without going to the bank.
Canada Drives® Easy 3 Step Approval Process
- Simply fill out our fast & easy online application – it’s 100% secure and takes just 2 minutes.
- You will be automatically connected to a local approval center who will process your application and begin to prepare vehicle options. We will match you with one of our partner dealerships who is located close to you and best suited to help.
- So, if you want to re-establish your credit or if you’re tired of being turned down – apply now for your bad credit car loan!
Applying Online is always no obligation, so if you don’t find a car you love, you don’t buy!
Bad Credit Loan Resources
- Canada Drives Reviews and Success Stories
- No Credit Check Car Loans with Guaranteed Approval: Fact or Fiction?
- 0% Interest Car Financing Deals In Canada: Fact Or Fiction?
- How To Get A Car Loan After Bankruptcy In Canada
- How Car Lease-To-Own Programs Work
- How To Qualify For Car Financing With Bad Credit In Canada