How Much More Interest Will I Pay On My Car Loan If I Have a Bad Credit Score?

Bad Credit Doesn't Mean No Credit

If you're looking for a new van, truck, crossover, or family vehicle, acquiring a vehicle that is reliable is an integral part of everyday Canadian life. It is vital to find the best and most practical financing options when you are in the process of purchasing a new vehicle. One thing to take into consideration when applying for credit, your credit score will impact the type of loan you receive. Luckily, for the 20 percent of Canadians that have a credit score below 600, you can still obtain a vehicle loan.

At Motor Hub Group, we have a fully capable finance centre that will help you get the credit you need to finance a vehicle. Browse our new vehicle inventory online or in-store and choose the perfect vehicle for your lifestyle. Continue reading to learn more about obtaining a loan with poor credit.

Credit Score and Interest Rate

An individual's credit score is dependent on their history with various forms of credit. Typically, a good to excellent credit score is above 680 to 720. This score will tell you what kind of vehicle loan you will be able to get and at what interest rate. If your credit score is 700 or above, you should expect an interest rate around 3-4% unless the manufacturer is offering 0%. Someone with poor credit can expect an interest rate of 6.5% to 15.9% or even higher.

Motor Hub Group will work with creditors and finance companies to get you the best possible vehicle loan, dependent on your situation. If you have any questions, please don't hesitate to contact us for more information. Also, don't forget to utilize our online trade-in tool to receive accurate market value for your current vehicle. This way, you can reduce your monthly payments by putting the value towards your new vehicle.

Come and See Us!

Get in touch with our dealership to learn more about your financing and leasing options. Call Motor Hub today, or come to our convenient locations to speak to our expert, professional staff.

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  1. MotorHub Automotive Group

    28 Waddell Street
    Truro, NS B2N 5C5

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