Used Cars London offers hunderds of used cars, trucks, vans and SUVs, at competative prices. Car loans available
Used Cars
London Ontario
London Ontario's Car Loan Specialists.
Everone is approved for auto financing.
Have a question? Let us help.
(800)555-5500
A division of 5 Star Dealer

Bad Credit Auto Financing

When you finance a vehicle using a loan, it's very important to understand how the repayment calculations work. In most The loan and amortization period are the same and the loan will be paid down to $0 when the loan term is completed. However, when loans are for a shorter time period, such as 60 months, with an amortization period of 72 months (i.e. it would take 72 months to pay it to $0). This is done to reduce your payments, but you will be left with a balance still owing when the loan is completed that you must have saved up to pay off at that time or be in a position to refinance it.

There are a number of lenders in Canada offering bad credit car loans. These lenders generally finance through dealers rather than dealing with the customers directly. The differences are:

- How much they will finance
- The payment frequency they will permit
- The age of vehicles
- The term and amortization
- The interest rates
- Down payment will be required

Every organization also has its own unique approach to assessing a customer’s bad credit. Some lenders focus more on credit scores such as a Beacon Score with limited focus on job stability. Others look the type and timing of bad credit the customer has experienced.