New Brunswick resident? Need a car loan? Great, you’ve come to the right place! We help consumers across the province get approved for auto financing. To begin with, you will need to submit your application. It only takes three minutes. We enjoy some of the best rates of acceptance in New Brunswick.
What If I Have Bad Credit?
Have you been trying to find a car dealer in New Brunswick that works with bad credit? No problem. By our reports, 105,000 of the province’s 750,000 inhabitants have got poor credit. Here at CarLoansofCanada.com, a bad credit report is not a major issue, as long as you meet a few basic criteria. There is no minimum credit score required.
- Resident of Canada.
- Monthly payment no more than 20% of monthly income. Given New Brunswick’s median income of $5,179 per month, this is $1,036.
- Amount borrowed equates to 10 months income or less. Given an income of $5,179, the NB average, this is $21,753.
Are you planning on offering up a down payment? You should, particularly if the car you want is brand new. Cars and trucks, particularly new ones, depreciate very quickly. A down payment will help prevent you from being upside down on your car loan. Having said that, Car Loans of Canada has lenders who offer up zero down payment car loans to New Brunswick residents. For shoppers who can supply a payment in advance, 10-20% is recommended. If the car or truck costs $21,753, this is a down payment of $2,175 to $4,351.
Used Car Deals: New Brunswick
Used cars are best for most residents. Although you could buy a vehicle from a private seller, many car dealerships with whom we’ve partnered provide great deals for used cars, and the majority of these are being sold with extended warranties – something you’ll never get from a private seller. If you are in need of car lots that work with bad credit, most likely they will only be selling used cars and trucks.
Auto loans for used cars do come with higher interest rates. However, used cars typically don’t depreciate as quickly as new cars, and the approval requirements are more lax. This is an especially important factor for anyone who needs a bad credit car loan in New Brunswick. If your credit has seen better days, approval is going to be your number one priority. No matter what, you’re going to be facing higher interest rates on account of your credit history.