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Posted on February 8, 2023
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Buying a car is something necessary for our everyday lives. However, obtaining a good credit score is getting harder, and many loan companies will refuse your application. Here at Myers Ottawa, it’s unfair that some individuals can’t get their dream purchase just because of a low credit score.
Subprime financing might be a solution for you, especially if you have a few mishaps with your credit score. Would you qualify for a subprime loan? Please read this article, and see if this method of financing will be good for you.
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What Is a Subprime Financing Loan?
In North America, credit scores are essential to anyone’s finances, as a low credit score will prevent you from getting a loan. Essential things in life, such as buying a house or a car, can most of the time only be purchased with the help of a fair loan. Unfortunately, loan companies aren’t willing to give you a loan if you’re not up to their standards.
Do I Qualify for Subprime Financing in Ottawa?
The credit score is a numbered value that ranges from 300 to 900. In Ottawa, your credit score is considered good if you’re in the range of 660 to 724. That means you’ve been doing well with your finances, and haven’t had any financial issues in the past.
If you’re below that range, things get more complicated, as loan companies will mostly reject your application. However, you’ll qualify for subprime financing in Ottawa, as you don’t need a good credit score.
Pros of Subprime Financing in Ottawa
Applying for a subprime loan is like getting a second chance at financing your life project, which means you can access a sum of money and enjoy an extended monthly repayment plan. For example, buying a car in 48 months can be extended to 60 months with a subprime loan.
Cons of Subprime Financing in Ottawa
A subprime loan will get you one step closer to achieving your dream, but it’ll come with higher interest rates and some extra fees.
Is a Subprime Loan Good for Me?
Before applying for a subprime loan for your next car, you should carefully consider your financial situation. Can you commit to your payment plan on time? Is your financial and personal case settled? Is your actual income good enough to repay your loan? Is there anything in your situation that could predict a loss in income in the next two or three years?
Once you’ve answered these questions favourably, you can rest assured that our company will accept your application for subprime financing in Ottawa.
Get a Subprime Financing Loan in Ottawa
Here at Myers Ottawa, we aim to satisfy every customer, regardless of your credit score or financial past. Our financing team specializes in considering 2nd and 3rd credit chances for individuals that need to buy a new or pre-owned car.
Rest assured that we’ll carefully study your application and accept a wide range of credit scores and situations. Our team will also give you the best payment plan, emphasizing reliability and transparency.