Subprime Lending in Toronto, ON
Subprime Loans - Bad Credit Car Loans and Auto Financing in Ontario
At RoadSport Honda, we don't encounter financing problems, only solutions. We are devoted to assisting our customers by offering the funds needed to purchase the car they want. Want to take home the vehicle of your choice without compromising your needs, wants, and wishes? Complete a credit application today. We say yes when others say no.
Whether you have your sights set on a new Honda or pre-owned car, a loan is an option that must be thoughtfully considered to minimize financial hardship. Factors such as total purchase price, interest rate, term, and conditions must be carefully reviewed with our finance specialists, especially if you have had had financial difficulties in the past.
Subprime Loans Explained
Subprime loans are accessible to potential borrowers with low credit ratings. This type of loan often carries higher interest rates, depending on the customer's situation, then more conventional loans. At RoadSport Honda, we believe everyone should be given a 2nd, or even a 3rd, chance to drive a safe, dependable, and innovative vehicle. That is why regardless of your credit, good, bad, or no credit at all, we want to help you!
Are you new to Canada or do not have any previous vehicle buying experience? Buying a car is a significant purchase for a new resident or as an adult with no prior credit history. Let the qualified staff at RoadSport Honda help you develop a plan with a maintainable payment plan and even secure a no credit car loan if your situation requires it.
The Advantages of Subprime Loans
Not everyone who requires a loan has the credit score necessary to be approved for those loans. Usually, more conventional lenders reject borrowers who have defaulted on payments in the past or have outstanding debt on their financial portfolio. In the subprime loan market, customers who cannot obtain loans from banks can now find the loan they need for the purchase they want. Credit scores do not have to be perfect for a borrower to be approved.
Another advantage of subprime loans is its ability to help borrowers rebuild their credit score and reestablish their reliability to other lenders. When payments are made on time, and as agreed upon, this information is reported back to major credit reporting institutions, such as Equifax, and your credit score subsequently increases. Contact us for more information on how we can help you rebuild your credit with a subprime auto loan in Scarborough ON.