A subprime car loan, or special finance car loan is based on a higher interest rate loan as compared to prime rate loans. Due to the higher interest rate of the loans, they are called subprime loans. Subprime car loans are available to people who may have challenged credit or low credit scores.
A credit score is a number from 300 - 900 that represents the individual’s credit and their creditworthiness. A credit score is primarily based from a credit report sourced from a credit bureau, such as Equifax or TransUnion. It’s designed to help lenders determine how likely you are to pay back your loan.
Don’t be discouraged if you don’t have the highest number! You can always start building a credit history and the score is a snapshot in time, always fluctuating. Your score could change completely in three months, depending on your financial activity.
Banks understand that there could have been an unforeseen financial problem and will work together to find the best suitable loan for you. Re-establishing your credit is important in order to move forward from a repossession.
Here at Abbotsford Auto Loans, we work to match you with a vehicle that suits your needs. We have a network of auto dealers of whom we work with, and can pair you with multiple different makes and models of vehicles.
What this means to you, is if you have a certain make, or model in mind, you can insure that Abbotsford Auto Loans will work to find that vehicle.
- 1. Credit History
- 2. Vehicle Information
- 3. Application Information (such as monthly income, time at job etc)
- 4. Down Payment Amount