Understanding Vehicle Loans

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Understanding Vehicle Loans

Principal

The total cost of a vehicle includes not only the price of the car itself but also any additional fees from the lender or dealership related to the car loan. This total also encompasses any options or add-ons you choose to include with your vehicle purchase.

Term

The length of time over which payments will be made is known as the loan term. Typically, terms range from 36 months to 72 months, although shorter or longer terms are sometimes available.

Interest Rates

The percentage that the lender charges for borrowing money is known as the interest rate. Interest rates can vary based on factors such as the type of vehicle and the risk the lender perceives in granting the loan.

Poor Credit Score?
Know Your Options

A bad credit car loan is a type of financing designed for individuals with poor credit scores who want to buy a car. This option allows those with low credit ratings to purchase a vehicle despite their financial history. These loans usually come with higher interest rates than traditional auto loans, reflecting the increased risk for the lender.

However, they provide a valuable opportunity for individuals with bad credit to acquire a vehicle. For those facing credit challenges, bad credit car loans can be a practical solution to meet their transportation needs and potentially improve their credit score over time with timely payments.

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Our online loan calculator will provide an estimate on your auto financing loan instantly. Simply find the interest rate, loan term length and your downpayment to find out what your payments might look like.

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Ready to get behind the wheel? Fill out our super quick 3-minute application, and we’ll hook you up with a local dealership offering special financing options, no matter your credit score. Don’t wait—apply now and start your journey today!

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Got questions about car loans? Drop us a line at info@kwcredit.com and our team will get back to you ASAP. Our loan specialists are standing by to assist you every step of the way!

What You Need To Qualify

A few simple requirements & some simple documentation are all thats you need to qualify for your next car, truck, SUV or minivan credit loan.

Bank Account

The lender requires authorization to withdraw your monthly payments from your bank account. Providing a void cheque or a stamped pre-authorized payment form is the simplest way to facilitate this process.

Current Address

To finalize your loan documents, you must provide the lender with your current address.

Driver’s License

A valid driver’s license and meeting the age of majority in your province are essential requirements for obtaining a car loan. Lenders prioritize these criteria as they ensure borrowers are legally permitted to drive, which increases the likelihood of loan repayment.

Down Payment

While a down payment is not always mandatory, it can significantly improve your chances of getting approved for a car loan. Putting money down upfront reduces the amount you need to finance, which makes lenders more inclined to approve your loan application.

Employment & Income

Employment & Income Requirements

Generally, eligibility criteria for car loans often include a minimum requirement of three months of employment at your current job, with a monthly income of at least $1500. Some lenders may also accept other forms of income, such as specific types of government assistance.

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Understanding Vehicle Loans

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