Our car lending companies and dealerships offer auto loan packages for Canadians from every walk of life. We’ll find you the car loan in PEI you want and need. Here’s the way it works:
- Complete your application.
- Pick the car, truck, or SUV you want.
- Finish your paperwork.
Car Loans in PEI with Bad Credit
There are 140,000 consumers living in Prince Edward Island, and up to 19,600 of these individuals are stricken by bad credit. Thankfully, our dealerships put much more focus on your present income than your credit. As long as the installments are within your budget, we can normally find you a dealership. PEI no credit check car lots are usually not good for your credit. We can help you find better rates.
- Resident of Prince Edward Island.
- 18 years of age.
- Monthly payment no more than 20% of monthly income. Given that PEI residents have a median income of $5,301 per month, this is $1,060.
- Loan amount equals 10 months income or less. Given an income of $5,301, this is $22,264.
You’re probably asking yourself: do these car loans in Prince Edward require down payments? If you have got money saved for a down payment, congrats. You can request zero down car loans, but a down payment is always a wise idea. If possible, offer 10 to 20%. For a $22,264 car, this is $2,226 to $4,453.
Guidelines for Car Loans in Prince Edward
Your rate will define how much your vehicle costs in the long run. Annual percentage rates for used cars in are higher than those for new cars and trucks. However, used cars are generally a better deal, and we recommend them for any consumer who has bad credit. If your credit score has seen better days, than a used car will give you a better chance of approval. In any case, if you want the lowest rates available, there are a number of things you can do. This applies to both new and used vehicles.
- Get your auto loan package co-signed.
- Repay the loan in less than 60 months.
- Offer up an attractive down payment.
- Apply online.
In House Financing Car Dealers in PEI
There are always people who are trying to find no credit check auto loans in PEI. Why? Because they have bad credit. The dealers we work with have to do credit assessments. However, they do approve bad credit for residents of Prince Edward. If you want to bolster your credit scores, you need to arrange an auto loan through us. No credit check auto loans tend not to repair your credit score.