Car Traders Winnipeg Blogs

How to get Approved on a Vehicle with Bad Credit?

I'm Sean, the director of finance and sales for Car Traders Winnipeg.

I want to talk to you about getting approved on a 10 to $15000 Car or SUV with bad credit.

Most people don't realize that there are two parts to the approval process.

The 1st part is the consumer:

What's their history? Where do they work? How long have they been working at their current workplace? How much money do they make it do they make? And there are about 20 things that a bank looks at that determine whether or not they're going to lend the customer the money to buy the car.

The 2nd part is:

No one talks about in the auto industry or, in general, is the car itself.

If a person goes in to buy a car that the Bank doesn't want to lend money for, it doesn't matter if they have perfect credit. The answer is still going to be No, so just like the consumer, they'll look at 20 different things on the actual car or SUV that determined whether or not it's a risky or risk-free vehicle or do they want to lend the money for that particular vehicle. 

So they might look at the age of the vehicle they might look at how many kilometers are on it and all the history. Doesn't it have accidents? Has it been a total loss? So there are about 20 things that they look at actually on the vehicle as well, but I'll determine whether or not they actually want to lend the money for that car. 

So, In short, there are roughly 20 things they look at on the individual and there's 20 things that they look at on the vehicle, and so you can get to 39 out of 40, and the answer is still NO! 

Even if the one thing is on the car and not you, and the funny part is that the dealerships just say you're not approved, they don't tell that the car is not a right fit.

So what I would do is I'll get people approved 1st so that we know what the Bank is comfortable with on a monthly basis for the individual, and then I take my 30 years of experience because I understand how to get the banks to say YES, what they want to finance and what they don't want to finance.

And then I'll actually suggest vehicles that fit the Bank's call So that if you go with something that I suggest you're likelihood of the success is very high. 

Now I'm not perfect I've gotten it wrong once or twice or maybe 3 times, but the reality of it is that going into a situation where you're approved, you just need to find a vehicle that fits. Often is the hardest part for any dealership to fit the vehicle that will work with Bank's approval.

As you know right now with the pandemic inventories are at an all time low whether it's new or used prices are at a all time high whether it's new or it's used because of the shortage and chips and shortages in supply.

So having somebody that really understands what the banks need to say yes and be able to suggest multiple vehicles for you that fit your want and that you'd like to drive it. It makes the process fast and convenient.

In many cases I do 90% of everything over the phone or via text and then the last 10% we'll get together with one person, that's me.

I handle the approval process, I handle all of the vehicle selection, the trade-ins, everything!

Car Trader's Winnipeg is the new way to buy your next vehicle!  You won't have to deal with a sales person that doesn't know what they're doing or negotiating with that invisible manager that you never meet or a finance manager that doesn't understand how to get the banks to say yes!  so it's 1 on 1 it's very simple and in many cases my customers show up to view the car, take it for a drive and sign and drive.

0 down real simple.

If you're interested in learning more, give me a call at the very least if I can't find a car that fits you, or I can't get you approved, which is possible, not likely, but it is possible, I will tell you how to get back on track so that in a year or so you can get back to driving a car and once you get set up for a car, and you get your major institution like a Bank of Nova Scotia or TD Bank or  Royal Bank of Canada.

Once you have them behind you, you can get back to being a prime customer even if you start off as non-prime and in a year or two get ready for a house.

Call me, I'll take care of you, and I'll make it simple, easy and convenient.

Sean, Car Traders Winnipeg apply today and start driving tomorrow