Buying A Car In Calgary and Edmonton Alberta With A Very Bad Credit Rating


Background: Auto Loans/Calgary/Edmonton/Bad Credit Scores

CALL 403 818 5626 FOR YOUR BAD CREDIT AUTO LOAN IN ALBERTA – EMAIL US @
jdecter@cochranetoyota.com OR ghume@cochranetoyota.com

We have been providing financing for people in Alberta who have poor credit scores for over a decade at the time of this post. If you need get a car, truck, or SUV, and you have bad credit, and live in Alberta, we can help you get approved for a great vehicle quickly.

How It Works

If you have a low credit score and can’t get approved directly with an Alberta bank branch in Edmonton, Calgary, Lethbridge, High River, Airdrie, etc. for your auto loan. Whether you are a banking customer at CIBC, Royal Bank, HSBC Canada, TD Canada Trust (for example), if you have a low credit score coming under a FICO of 670 you will likely have trouble getting approved for a car, SUV, or truck loan. We offer a solution. We get you approved for your vehicle loan using the vehicle as your collateral. When we do this, we accomplish a few good things for you.

Two Main Advantages of Our Bad Credit Auto Loans

  1. help rebuild your credit rating by having the car loan and making regular (and manageable) payments
  2. get you driving in a vehicle of your choice

Process of Bad Credit Auto Loan in Alberta

This is the simple process when getting approved for a bad credit auto loan in Alberta with our service.

  1. view our vehicle inventory and choose the automobile that best suits your needs and desires
  2. work with our car sales specialists, and finance specialists to get approved for the lowest rate (APR)
  3. receive your vehicle and keys
  4. get driving

All of these steps are carried out quickly and easily so you can get the lowest rate possible, regardless of your bad credit history. Rates will vary of course depending on your credit score and credit history, but we work with you to make sure your monthly payments are manageable for you based on your DTI (debt to income ratio), your monthly income, and your mortgage or rent payment(s).

It’s very important that you use this opportunity to rebuild your credit rating. If you can make a commitment to yourself to handle your personal finances better, stick to a budget, and make all your creditor payments on time going forward, you will be amazed at how quickly your credit rating can start to rebound.

How Alberta Residents Can Contact Us

To view our vehicle inventory and start working with our highly experienced and friendly staff, please contact us at 403.818.5626. Ask for Jeff or Gerri. That number in bigger text for ease of use;

403 818 5626

Once you call us we will jump into action working for you. Our aim is to get your in your car or truck, rebuild your credit score, and do it quickly. We understand the urgency you may have. It’s critical to have a quality form of transportation in order to work and function in Alberta.

Two Case Studies of Bad Credit Auto Loan Approval

Here we present three different examples of clients we’ve helped get approved for financing and get them on the road in their new vehicle.

Bad Credit Auto Loan: Case Study #1 – In Calgary Alberta

This first client needed a bad credit auto loan and his credit score was at 630-640 at the time of approval. He had a job at Tim Hortons in Southeast Calgary at the time. His credit score was bad because of overdue credit cards that got out of control. He just couldn’t make the payments on time, being late for his minimum payment numerous times in one particular year. He was sharing rent on an apartment in McKenzie Town at the time, and he really didn’t have much in the way of extra money at all.

His 1994 Mazda finally finished it’s life with a  transmission that needed replacing, and it was badly rusted too. So he realized he really needed a newer car so he could safely and easily get from point A to point B. He was also in big rush to get approved for a loan so he had wheels ASAP.

He contacted us and we managed to find him 2002 Toyota Camry for $4,500 – it was good condition and these were the details on it;

Make/Model: Toyota Camry
Year: 2002
Price: $4,500
Odometer: 154,686 Kms
Camry Type: Sedan
Transmission: Automatic
Colour: Blue
Drive Train: Front Wheel Drive
Status Type: Used
Fuel Type: Gasoline

2002 toyota camry Buying A Car In Calgary and Edmonton Alberta With A Very Bad Credit Rating

Monthly payment was $235 which was manageable for him.

In the end Kenneth was VERY happy to get financing for his Toyota Camry and his transportation concerns were well taken care of. He was approved with an interest rate that was much better than he thought it would be considering how bad his credit history was at the time. Since this purchase, his credit score has improved, and one of the main reasons for that is because he was making successful payments on his Camry every month. He managed to get his spending under control and was very serious about not damaging his credit score any further.

He was approved for financing based on the Camry as collateral, and we found him the lowest possible interest rate on the note.

Bad Credit Auto Loan: Case Study #2 – In Edmonton Alberta

Andrea who lives in Edmonton, Alberta had recently been through a divorce and both her and her ex-husband’s credit scores were severely damaged. She ended up with a VERY bad credit rating with a FICO score of 590-600 (varying from Experian, Equifax, and TransUnion). In fact, Andrea’s credit score was so bad, she didn’t even bother trying to get a loan with her bank branches (TD Canada Trust and Royal Bank). Her husband had totalled their old family Hyundai SUV in a DUI accident, therefore there was no insurance. This happened when they were in the middle of divorce proceedings. A very bad time for both of them and their kids.

Luckily she still had a job working as a waitress in a bar not far from the West Edmonton mall and made pretty good tips on the weekend. Here total income per month averaged between $2200 and $2500. This is after she added up her base wages and her tips. She was also raising a 3 year old boy and a 2 year old girl by herself. She moved in with her mother which was also lucky because she didn’t have a mortgage or rent to pay.

Regardless though, her credit score was so bad there was no way she was going to get a car loan from any traditional bank in Alberta. So she started using Google to look for a way she good buy a car based on her employment income only. She had been working for the same employer for three years at the time of her struggle to get approved.

She found us using Google and she called us at 403 818 5626. Our friendly staff informed her that we could help her get approved for a car loan regardless of her credit rating, and the loan collateral would be her used vehicle. Her steady job of course came into play as well, but most importantly the finance company/bank would want her SUV to be collateral on the loan.

We helped her purchase (got her financing and found her a used Nissan Sentra with low mileage and in great shape) Here are the details:

Price: $3,900
Year: 2006
Make/Model: Nissan Sentra
Odometer: 113450
Body Type: Sedan
Transmission: Automatic
Colour: Red
Drivetrain: Front wheel drive
Fuel Type: Gasoline

2006 nissan sentra Buying A Car In Calgary and Edmonton Alberta With A Very Bad Credit Rating

Conclusion for Both Bad Credit Applicants and Their Cars

Both of these clients were extremely happy when they found themselves in some great cars and for reasonable interest rates regardless of their poor credit scores. Both clients managed to get their finances under control with just a little bit of due diligence in regards to their spending and budgeting. Both clients were driving cars there were in great condition and they were rebuilding their credit because of it. In both cases these clients found us using Google, and in both cases they were pleasantly surprised with outcome.

If you live in Calgary, or Edmonton Alberta and your credit rating is also damaged, feel free to give us a call and we can help you choose a quality car, truck, or SUV. We have plenty of inventory for you to choose from, and we can find the best financing possible for you. Thanks for stopping by and reading about our services.

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Use the loan application below to start the process. Detail your income and purpose of loan please - lenders do not respond to applicants who don't provide it. Thanks for using BFC!


5 Loan Requests

  1. Jessica applied for the following loan:

    Loan: 3000

    Speed: ASAP

    Credit: I have very little credit

    Location: Hamilton ontario

    Income: 1,666 after taxes from full time employment 490 from Child tax benefit. 250 from child support For a total of 2406

    Reason:

    To catch up on some bills after being forced to move into a new home and getting seperated.

  2. Mark applied for the following loan:

    Loan: 5000

    Speed: Today

    Credit: Bad

    Location: Calgary AB

    Income: Full time job for 2 years

    Reason:

    Need to buy a used vehicle right away that’s reliable

  3. Ed applied for the following loan:

    Loan: 1500

    Speed: ASAP

    Credit: <400

    Location: toronto

    Income: 6060 after tax

    Reason:

    flight to see my mum

  4. Shannon applied for the following loan:

    Loan: 3200.00

    Speed: As soon as possible

    Credit: very poor

    Location: LACOMBE

    Income: Currently I'm on the AISH program and receive 1588/mth. Also, have been trying to start a home based business which I hope generates more income for myself.

    Reason:

    My roommate moved out unexpectedly leaving me with 2 mths of rent in arrears to the tune of 2200.00. And I need some work on my car as I currently rely on others for all my appts., plus will need to pay for insurance. Since I broke my neck, I suffer from trauma everyday. I take medications to keep me from feeling the nerve damage, plus dealing with Clinical Depression. I need help, plain and simple. Thanks

  5. Denise applied for the following loan:

    Loan: $5000

    Speed: Now

    Credit: Terrible

    Location: Saskatoon

    Income: $3200

    Reason:

    I need this loan badly – I have bad credit and need this help quickly please

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