Tag Archives: Car Loans Ottawa

Bad Credit Loans – How to Use Bad Credit Loans to Get Your Credit Back on Track

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The number of people who find themselves with a bad credit history is continuing to grow every day. Maybe you are one of the millions of Americans who have watched their credit slowly disappear as you became more and more behind on payments.

You may have known it was happening, but you didn’t give it much thought because you were still able to go about your day-to-day activities. Your low credit score didn’t seem to be really affecting your life that much.

But now your bad credit history has become a pain. It’s actually holding you back from getting the things that you want, such as a car loan in Ottawa or a home of your own.

If you’re in this position right now, don’t worry…there are solutions to your problem. One of the best, yet most overlooked solution, is using a bad credit loan to get your finances back on track, repair your credit, and raise your score.

In this article, you’re going to discover 3 ways that a bad credit car loan in Toronto can actually help you out of your current situation.

Pay your current bills

One of the most important factors used in calculating your score is how well you pay your bills on time. Having late payments on your credit report can lower your score very quickly. Obtaining a loan can help make sure that you have the funds to bring all your payments current.

Consolidate your bills

There is where you use the funds from your new loan to pay off other accounts that you may already have. Instead of having several monthly payments from all of the different accounts, you’ll end up with just the one payment on your loan. This new payment is normally a lot less than the total monthly payments you had before…making it easier on your budget. Debt consolidation can play a major role in helping you to repair your credit and start fresh.

Save on fees

Are you spending a lot of money on fees for overdrafts and late payments? These add up quickly and can actually eat up a lot of your monthly income. Having the money to be able to avoid these fees is a big help to you…both for your financial and mental well-being.

Since there is a higher risk involved to the lender, the interest rate on your loan will be higher. However, your cost is going to be a lot less that what an overdraft fee or late payment fee would be…especially on all those little purchases that banks like to “pay on your behalf”.

Don’t let a low credit score keep you from having what you want. By understanding how a bad credit personal loan can help you put a stop to some of the items that are affecting your credit, you’re on your way to getting your life…and your credit…back on track.

With the number of companies that offer these loans online, you could be just a few clicks away from being able to have the money that you need right now.

If you are looking for a car loan in North York, Fast Lane Credit can help. Apply online today, and start re-establishing your credit.

3 Tips to Help You Make the Right Decisions When Buying Used Cars

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Are you in the market for a used car in  but aren’t sure where to begin with your used car search? Many of our customers have not been in the used car market for several years, which means that they may not be up-to-date with some of the information that is out there regarding used cars. These days, you may be surprised by the features and options that come available on many used cars that may not have been available when you were last in the used car market.

Here are 3 tips to help you make the right decisions when buying used cars – no matter how long it has been since you last bought a used car:

Research financing options

Many of our customers are aware that there are financing options that are available for some used car customers. However, they often believe that these options will not apply to them either because they have bad credit or simply don’t know about what the options entail. We’re happy to let all of our customers know that we provide financing opportunities for all of our customers, including those customers bad credit, because we offer bad credit car loans in Cambridge There are many financing options that our customers may also be able to take advantage of, such as used car loans in Ottawa, trade-in opportunities, and special programs. Contact us for details.

Research the market

Especially if it has been awhile since you last bought a car, it’s important that you take time to research which options are available in the marketplace. These options will help you to determine what features come with used cars, how you can best use those used cars for your specific needs, and more. Contact us to test drive any of the used cars on your short-list or visit our online inventory to get a good overview of what used cars are currently available and of the features included in those used cars.

Always get a warranty

Many of our customers are surprised when we encourage them to get warranties on their used cars. They think that if a car is used, it is ineligible for a warranty. However, thanks to our warranty department, all of our customers should get warranties for their used cars that will maximize their peace of mind.

We look forward to helping you get the right used car for your needs – and making sure that you know what is available. Contact Fast Lane Credit, car loans in Toronto, Ottawa and Cambridge today at www.fastlanecredit.ca

Car Financing – Something for Everyone

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When it comes time to finance the purchase of your car, we’re here to tell you that there is car financing in Toronto for everyone. Even those customers with bad credit or no credit can get great financing opportunities when they work with our dealership. Plus, when you are able to find the right financing package for your needs, you can be sure to get the best car for your long-term lifestyle and not settle for having to buy a car that you’ll need to replace a few years down the road when you outgrow it.

Buying a car is a serious investment that often requires an orchestration of several factors to come together – including selection and financing. Here are a few ways that we can help you find the right car and easily finance it so that you can own your car today!

Car loans

Many of our customers buy their cars with car loans in Toronto. There are several ways that customers go about the process of buying a car with a car loan. Some customers come to us knowing that they will need to be able to take out a loan to buy a car and want to be sure that they have the right information about what kind of loan they will be able to take out. Other customers know that they want a car, but are not so set on exactly which type of loan or other financing package they will use to buy the car.

Customers who know they need to get a car loan in Ottawa to buy a car often prefer to begin their buying experience in our loan department. By consulting with our loan officers, our customers will have a better idea of what their car-buying budget will be and, therefore, be able to look only at cars they know they can afford to buy. Feel free to get started with your loan application from your home as well by completing the application online through our secure server,

Trade-in

If you have a vehicle that you plan to stop using when you buy your new car, then consider trading that vehicle in for a price reduction on your purchase price. The price reduction will be the value of the car that you are trading in, as determined by our assessment and by the Canadian Black Book.

At Fast Lane Credit,  we offer quality car loans in Ontario, and we look forward to working with you for all of your car buying and financing needs. Contact us today to get started!

How to Get a Car Loan with Bad Credit

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If you are like many of our customers and have bad credit, the good news is that you’re not alone. Many of our customers with bad credit come to us with plenty of concerns about whether or not they will be able to afford to buy a new or used car with a car loan. We’re here to let you know that even if you have bad credit, you can still get a car loan – and one that you can afford!

Here are a few things that you need to know in order to get a bad credit car loan in Toronto in no time!

Understand credit

People with bad credit have bad credit for many reasons. Some of our customers with bad credit have bad credit because they have lost their jobs or had to move around for work. Other customers with bad credit have made one or more financial decisions that have resulted in bad credit. However, no matter what your reason is for having bad credit, we’re delighted to let you know that having bad credit does not mean you can’t get a bad credit car loan in Toronto. We’d like to help you understand how credit works, first, though. Schedule a consultation with one of our lenders to discuss your financial situation and to learn how you can get a car loan even with bad credit!

Complete the credit application

Whether you have perfect credit or bad credit, you’ll still have to complete the credit application in order to ensure that you are able to get a car loan. We have the credit application available online so that you can get started from the comfort of your home. When you complete the credit application, our lenders will be able to learn more about you financial history, spending habits, debts, and more. Based on this credit application, we’ll develop a loan program that is uniquely suited for your needs so that you can afford to buy your car and actually repay your loan each month!

Look for deals and savings opportunities

Buying a car with a car loan in Ottawa is not the only way to afford to buy a car in; you can also buy your car through a special program, which may be going on now, or by using a trade-in. There are plenty of ways to save even more money when you buy your car; contact Fast Lane Credit for tips and advice on getting approved for your bad credit car loan in Cambridge today!

4 things to do Before you get your Car Loan

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1. Even though you may know that your credit is bad, you want to know what your credit score is. Get a copy of your credit report so you know exactly what you are dealing with. Credit reports are easily available online from many sources. With your report you will also know if there are any items that have been incorrectly reported. This will give you a chance to get anything removed that shouldn’t be on your report. Be aware of your credit score and how it is used to determine if you can get approved for a car loan in Toronto or not. Credit scores range from 300 to 800, where 800 is excellent and 300 is really poor. Any score that is below 620 is viewed as a high risk loan, and lenders refer to scores in this category as subprime. Subprime loans always require a down payment and are a much higher risk, therefore you will pay a higher interest rate. With this type of loan you may need a co-signer or a trade-in vehicle to qualify.

2. Review your financing options and research for dealers that work with buyers who have credit problems. If you credit is really bad, you may want to consider an independent dealer with “buy here, pay here” programs. They are usually easier to work with because they don’t have your traditional financing stipulations and guide lines to follow. They have credit specialists and lenders that can get you approved for your car loan in Ottawa. 

3. Take time and evaluate your budget before you go looking at a car. Some subprime car loans can run as high as 25 percent, depending what State you live in. This amount of interest can have a huge impact on the total price you will have to pay for the vehicle. Having poor credit leaves you in a position with little room for negotiation on the interest rate, so plan to provide a good down payment or have a trade-in vehicle to keep your monthly payments within your budget.

4. Once you locate a dealership, like Fast Lane Credit that offers plans to help you, be up front and explain your credit situation. Be honest and tell them exactly what you can afford and what you have as a down payment. If the dealership offers a financing plan that works for you and meets your needs, then pick out your car and sign the loan papers. Be sure and make your payments on time as you rebuild your credit for future loans and better interest rates.

3 Steps to Improving Your Credit

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If you are in a situation where you could save a great deal of money by taking measures to improve
your credit, then it may be worth it to spend some time improving your credit. For example, if you
are trying to buy a car, you may be able to get a lower interest rate and a higher dollar amount of your car loan in Toronto  if you are able to improve your credit by just a few points. Here are three steps to help you improve your
credit:

Pay Off Your Credit Cards

When credit bureaus look for information about your credit history in order to determine your
credit score, these credit bureaus look for outstanding debts. It’s okay to have debts. In fact, it’s
recommended that in order to have a high credit score, you are able to show a history of being able
to pay off your loans on time. However, if you have a high level of credit card debt, then your credit
score may be lower and your credit history may not be as strong as it could be.

Some people may be able to pay off their credit card debt using their savings accounts. Other people
may have to scrimp a little more on optional expenditures in order to pay off their debt. Think
about methods that you can use to pay off (or at least pay down) your credit card debt in order to
improve your credit score.

Dispute Negative Items

Many people have at least one negative item on their credit history. This negative item may be a
bankruptcy, an inability to repay a loan, or a foreclosure. If you have a negative item on your credit
history, you should be aware that the item will not go away on its own and it will negatively impact
your credit score.

Often, people are able to dispute these negative items by appealing to the lender and the credit
bureaus. Lenders and credit bureaus are required to keep detailed records about each transaction.
If lenders do not have these records, then they cannot legally submit the negative items to a credit
bureau. In such a case, they will be obligated to remove it. Investigate your options by speaking
with your lenders and credit bureaus.

Take Out Loans

Believe it or not, taking out car loans in Ottawa can actually help your credit score and credit history – as long as
you are able to repay those loans. By repaying the loans, you will show future lenders that you have
financial responsibility and have built a track record of paying off loans. This will improve your
chances of being able to get a car loan in Cambridge at a lower rate.

Contact us for more information about getting a better loan rate and improving your credit.

What is an Interest Rate and How Does it Impact a Car Loan?

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If you are like many of our customers, you are going to be taking out a car loan in Ottawa in order to afford your new or used car. When you take out a car loan, you will need to pay an interest rate on top of that car loan. The interest rate can be very complicated for many of our customers to understand – especially for those customers that are just taking out a loan for the first time. Here’s some more information about interest rates that may help to shed some light on a rather complication car loan component:

They are normal

Whenever you take out a loan of any type, it is highly likely that you will have to pay interest on that loan. Interest is the amount of money that you give to the lender in exchange for the car loan in Kanata. It may help to think about interest as the lender’s “interest” in the arrangement. While we all may wish that lenders would lend us money out of the good of their own hearts, it’s not practical for any lender – even family members – to lend money without charging something for the arrangement. Interest is generally very small compared to the amount of the entire loan.

Interest rates vary

It’s rare for two people to get the same interest rate for the same amount of money – even on the same day and with very similar circumstances. Interest rates vary a great deal depending on a wide variety of factors. Those factors include the general economic conditions, a person’s credit history and credit score, specials that are going on at the dealership, the loan amount, the duration of the loan, and more. Therefore, you can expect for your interest rate to be different than someone else’s.

Interest is based on the entire loan amount

Interest is a percentage of the entire loan. You can often either get a fixed interest rate or a variable interest rate. It’s wise to have one of our lenders explain how both of these loan options may impact you and your loan before you decide which loan options to choose. You’ll repay the interest as you repay the principal loan amount each month and may not even be aware of the interest repayment (again – it’s generally rather small compared to the loan amount).

We’re happy to discuss interest with you. Contact Fast Lane Credit today at www.fastlanecredit.ca  for more information about interest and our car loans in Ottawa.

Why We Are Your One-Stop Car Loan Resource

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If you are in the car buying market, then chances are good that you are looking for ways to save money when you buy your car – and get the best possible financial arrangement on the car. Our car loans in Kanata are designed to make it easy for you to buy the right car for your needs – no matter what your budget is. Through our car loan program, you can not only get the best interest rates possible for your car loan, but you won’t be denied a car loan for reasons based on your credit.

Here are a few reasons that we think you’ll enjoy getting your car loan in Ottawa from our Fast Lane:

We’re on-site

One of the best reasons to get your car loan from our lenders is that we are on-site. We are located right at the dealership so that you can visit with our lenders and then take a walk through the lot in order to find the right car for your budget based on your meeting with the lenders. The dealer and lender also work together in order to ensure that the car that you buy not only suits your lifestyle, but that it also suits your overall needs.

We don’t turn anyone away because of bad credit

Many of our customers have bad credit and are concerned that they may not qualify for a car loan. Luckily, thanks to the strength of our lending program, we don’t deny a car loan to anyone based solely on their credit. We offer bad credit car loans in Ottawa, no credit car loans, and, of course, good credit car loans. The major differences between these loans is that with the bad credit car loans, you may have to pay more for your car loan and qualify for a higher interest rate than a borrower with perfect credit. However, we can still ensure that you will get a car loan at a rate that you can afford for as long as you need it. And – the car that you buy from us with the car loan will be safe and reliable for years to come.

Financing packages

A car loan isn’t the only financial solution we can offer to our customers. In fact, a car loan is usually only one segment of our full loan packages. The car loan usually works alongside a special offer or trade-in program in order to help further reduce the price of a car or loan payments.

Contact Fast Lane Credit today at www.fastlanecredit.ca  to learn more about our car loan program or to get started with the loan arrangement that’s right for you.

Improving Your Score

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Credit scores aren’t fixed in stone. Because they’re calculated based on your current credit report, they change every time your credit report changes. While this change may be very slight, it can also be much more dramatic. Here are some things some financial advisers say to do to try to improve your score:

  1. Review your credit report and correct any errors you find. A shocking percentage of credit reports contain errors — one study concluded that as much as a quarter of reports list wrong information that hurt an individual’s score [source: CNNMoney]. Getting rid of these negative mistakes can improve a score dramatically.
  2. Keep old credit accounts, even if you’re not using them. Creditors look at the debt-to-credit limit ratio and the average age of your accounts.
  3. Reduce your balances on credit cards to 75 percent or less of your available credit (25 percent is preferable).
  4. Pay your bills on time. Assuming that there are no big errors on your report, punctual payments are the most effective way to improve your score. If you look back to the page on credit score breakdown, you’ll see that payment history is the most weighty of all elements of your score. This has to do with whether you pay debts back on time and in full. This may take time to raise your score dramatically, but you’ll see slow and steady improvement.
  5. Don’t let anyone make an inquiry on your credit report unless you absolutely have to. In general, the more inquiries, the lower your score. However, if you are shopping for a loan, make sure multiple inquiries occur within a few weeks, so that they can count as one inquiry on your score.
  6. If you are planning on applying for a big loan, such as a mortgage, don’t open new credit card accounts just to increase your available credit in the hopes of raising your score. Opening new accounts will at first have a negative impact. In the long term, however, having more credit available can boost your score.

If you are looking to re-establish or improve your credit rating, we can help. At Fast Lane Credit, applying for your car loan is quick and easy. We can get you approved for you car loan in Ottawa. Click or call us today at 877-306-0116.