Everybody has financial trouble every now and then. Whether you have had a bankruptcy, repossessed auto, charged-off credit cards, or slow pay history you can get fresh start auto loans and begin the rebuilding process. Job losses, medical problems and other crisis in our lives can wreak havoc on your credit report.
How Does Fresh Start Auto Loans Work?
If you are currently employed and have proof of income, you can apply for a fresh start loan. You may not be able to purchase the most expensive car on the lot, but you can qualify for a car loan with Ontario Cars On Credit. You can complete an application and submit it with your most recent pay stubs. You may need to show several months of paid utility bills or paid rent receipts. References have to be given as well.
Fresh start loans may but do not always require a down payment. Once you have been approved for a loan, you can select a car that fits into your budget and drive away. Just make your monthly payments on time every month and within a period of time your credit rating will move higher. Some people even refinance at a much lower rate later on.
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What you will need to Qualify
- Steady employment-should be on the same job for at least 3-6 months.
- Have at least 3 recent pay stubs.
- Be able to show steady monthly payments on a utility or telephone bill.
What we are looking for is the ability to make regular, on-time payments on a couple of accounts that are currently in your name.
The longer you have been at your current job, the better your chances of getting an approval for Ontario bad credit car loans through us. Save up some money so that you can offer a good down payment. This shows that you have a vested interest in keeping your car. The more you can put down, the better your chances of getting the loan. Within several months of regular payments your credit rating will begin to steadily improve.