Ottawa, the country’s capital, is a great place to live. Although the public transport system is efficient in the city, having a car is much more convenient. Unfortunately, a car is out of many people’s budgets, especially when people have to worry about things like student loans, credit card payments and loan payments.
When you are looking for a car loan, you may have a hard time finding the best one. This is especially true for those with credit problems as it is harder to get approved. Thankfully, loan search engines like LoanConnect exist. LoanConnect is a great way for Canadians to see all of their options for bad credit car loans in one place.
The application process is simple. Input some personal information, such as your social insurance number, as well as information about your vehicle. Then, LoanConnect will show you all the lenders that can provide you with a bad credit car loan.
Let’s take a look at the pros and cons of using LoanConnect, Ottawa!
- Interest rates start as low as 4.6%, depending on your credit score.
- Loan terms vary and range from 6 months to 60 months.
- LoanConnect 12 different types of loans on the site. This is perfect for people in Ottawa who need a variety of loans.
- You can still be eligible for a loan through LoanConnect regardless of your credit history.
- Eligibility requirements with LoanConnect are not too strict, especially compared to traditional lenders. You will likely get approved if you are Canadian of the age of majority and your debt is less than 60% of your income.
- User experience with the website is great as it is easy to use and navigate.
- The entire application process is done online and is totally free.
- When you are pre-approved for a loan, you can either choose to go with the lender or not. There is no obligation.
- The higher your credit rating, the higher your interest rate will be.
- LoanConnect only offers a maximum of $50,000 for car loans. Vehicles that cost more than that will need to get a different loan.
- You will get rejected for your bad credit car loan if your debt is more than 60% of your income.
If you need more financing for your vehicle, another great loan platform to check is Canada Drives. Canada Drives solely provides Canadians with auto financing for a new vehicle from the dealership. Since their inception in 2010, Canada Drives has helped over 1 million Canadians get a new vehicle, even if they had no credit or bad credit.
The company is based in Alberta, but as it is an online platform, Canadians in Ottawa can also benefit from the service.
Let’s look at some of the pros and cons of using Canada Drives to get your dream vehicle, Ottawa.
- If you are approved, and the inventory is available, you can receive your vehicle within 48 hours straight from the dealership.
- User experience on the website is great as applications can be completed online in less than five minutes.
- Financing up to $75,000 is available through any dealership Canada Drives works with.
- If you have good credit, your interest charges will be low.
- There is a free car loan calculator on the website for users to see their potential financing options.
- Car loan terms range from 12 months to 98 months.
- You choose whether you want to pay off your loan weekly, bi-weekly, or monthly.
- If you put down a bigger down payment, you will have access to better rates.
- Whether you have no credit or bad credit, Canada Drives can help you find a vehicle.
- Auto sales are limited to dealerships that work with Canada Drives.
- If you have bad credit, your interest rate can be as high as 46.96%.
- You must have a minimum monthly income of $1,500 to get approved for financing.
The Bottom Line
Both LoanConnect and Canada Drives are great lending platforms with excellent reviews. Many Canadians have used either platform to take out a car loan and have had a great experience. Whichever platform you go with, you’re in good hands as both provide excellent customer service.
Both platforms are also free to use, so there’s no harm in heading over there to request a free quote. For more information, look for the ‘chat session’ or ‘call us’ section on either site to talk to a member of their customer service team. Go get your new car, Ottawa!