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Bad Credit & Car Loans
At Peace River Ford, bad credit isn’t a barrier to buying a car. We have financing tools and credit specials on hand to help you get back behind the wheel with affordable car loans.
Our team has helped thousands of people who have had trouble getting a car loan through conventional sources. We’ll help you finance a car or truck with bad credit or no credit in Peace River, Alberta or as far as BC or the NWT.
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Finance VS Lease
Leasing VS Financing:
Frequently Asked Questions
What Should I Bring to My Finance Appointment?
All buyers should bring:
- Valid government-issued drivers license
- Current paystub
- Void cheque
- Contact a your Sales Consultant for a complete list of what you’ll need to buy or trade in a car with Peace River Ford.
Will I be approved?
Four main factors determine whether you get approved for a car loan:
- Vehicle selection—Cost, age, and mileage
- Application information—Employment history, residence, and income
- Credit history—Information contained in your credit file
- Down payment—total of cash and trade equity
Tip: For the best chance of approval, and the lowest monthly payment possible, try to select a vehicle that fits your budget and provide as large of a down payment as you can.
How are my car payments calculated?
On approval, three factors will affect your monthly payment (in order of importance)
- Amount financed
- Term or length of contract
- Annual Percentage Rate (APR)
We offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile. You can learn more about your personal finance options at any Go Auto dealership.
How do I budget for car payments?
The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment.
For example, if you make $2,000 a month you should spend no more than $300 on your car payment. Monthly payments normally range from $20 – $25 per $1,000 financed.
What is my credit score?
Your credit score helps financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it’s meant to forecast how (and if you will pay your bills.
The higher your credit score, the greater your chance of receiving a better financing offer from Go Auto.
How is my credit score calculated?
Your credit score is a number that ranges from about 350 to 850. In general, the higher the number, the lower the risk. The systems that generate your credit score look at your credit report and take several factors into account including:
- The timeliness of your payments, including late payments
- The amount and type of debt you have
- The number and age of your credit accounts
- Inquiries created by applying for credit
- Public records such as liens and judgments
Should I finance or lease?
Do you prefer to drive a new vehicle very few years that will always be under warranty? That’s one advantage of leasing. Do you prefer to build up equity and drive one car for a long time? Then consider financing.
There are all sorts of factors to consider when choosing between financing and leasing. Luckily, we have a team of finance experts who are Happy to Help you find the best option for you. Call (866) 528-3538 or any Go Auto dealership to schedule a free consultation.
You can also learn more at our financing vs leasing page.
Can I qualify for financing on my first vehicle?
Many Go Auto customers qualify for financing on their first vehicle purchase.
If a normal credit determination cannot be made based on your current credit history, you may still qualify for other programs, like those for recent college graduates.
Stipulations for college students vary by finance company. Check with a finance professional at any of our Go Auto dealerships for more information.