How To Finance A Car With Less-Than-Perfect Credit?

Autoplex Alberta
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How To Finance A Car With Less-Than-Perfect Credit?
Autoplex Alberta

How To Finance A Car With Less-Than-Perfect Credit?

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Interested in buying a new vehicle but unsure if you qualify for an auto loan? Don’t allow less-than-perfect credit to stop you from seeking out your payment options. Autoplex Alberta is here to assist you in providing the proper payment plan and setting you up with the right vehicle while ensuring you get approved. A recurring misconception with auto finance applicants is that credit rating is the main criteria to getting pre-approved. However, individual income is an important factor used to help applicants to get approved too. This is a useful element to consider because there is no minimum income required to qualify. For instance, individuals funded through government or disability programs are encouraged to seek out their payment options when looking to purchase a vehicle.

Review Your Credit Score 

Before seeking your options, consider observing your credit score to determine what range you are sitting at (excellent, good, fair, or bad credit). This can provide an indication of the interest rate you will qualify for and the vehicle options accessible to you. This is expressed further below with the diagram. Assessing your credit score provides you with the opportunity to research your options or dispute any claims/mistakes on your bureau that can result in improving your score. If you have bad credit, Autoplex Alberta has financing options with low and affordable auto payments which is a great way of rebuilding your credit, but it's important to keep realistic expectations of your vehicle options. If you require a vehicle immediately consider acquiring a cosigner. A cosigner is a reliable individual (friend or family member) that will sign alongside your finance contract. 

Establish a Budget 

Determining your personal budget when buying a vehicle allows you to establish a payment plan that you are comfortable committing to. This provides you with a range of options and a baseline of what vehicle you are looking for. This in the long run will allow Autoplex Alberta to work alongside your needs and curate a plan that best suits you while considering your financial situation. Observe the car loan calculator to determine what monthly payments comfortably fit your budget and align with the vehicles available.

Trade a Vehicle

Have a vehicle that you can trade? Trading in a vehicle provides you with some income that can lower your monthly auto loan payments when seeking a new vehicle. This is an option to consider when establishing your budget plan. Find out how much your trade-in is worth at the links provided: Value Trade or Sell Your Car

Down Payment Option

Have you considered putting down a downpayment? Providing an upfront payment will decrease the principle of your auto loan and increase the chances of getting financing approval. Additionally, a down payment can increase the vehicle purchase options available to you, allowing you to upgrade. However, a down payment is not a requirement, Autoplex Alberta provides zero down finance options.


Organize a co-signer, that is a reliable friend or family member that agrees to share responsibility on the car loan. You will want to choose a co-signer that has good credit, a stable job history, and is in close relations with you. These factors will enhance your possibilities of being approved for an auto loan.

New vs Used Vehicle

If you have bad credit, considering a used vehicle is a smart solution to guarantee getting approved. This is especially true when multiple used vehicles are close to brand new and in perfect condition. This allows you to get better value from your purchase and allows individuals with poor or no credit to have the opportunity of owning a newer vehicle. 

Get Approved 

Implementing the various solutions and steps above will ensure individuals with good, bad, or no credit are approved to finance a used vehicle. Considering all of these factors allows the dealership to develop a payment plan that best fits your financial situation and assign a vehicle that best fits your lifestyle. In the long run, this will work towards rebuilding your credit and setting up a payment plan that best fits your financial situation. There is no better time than now to start rebuilding your credit and getting a pre-approval from Autoplex Alberta. A pre-approval requires no commitment but will let you know what your current interest rate is, your vehicle options available, and what your payments will be. To get started with your pre-approval application from Autoplex Alberta use the online application, or call today and speak with one of our credit specialists.

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Call us:

1(587) 327-5804

Visit our location:

2730 23rd St NE, Calgary AB, T2E

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