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Tips for Buying a Car with Bad Credit | Ontario Chrysler

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So, you thought it was a good idea to fill out one of those credit card applications when you were in university and then they actually sent you a card! What luck! Wheee! Freedom on so many levels including the freedom to hang yourself with the rope you’ve been given. Right? Okay…so now your credit is looking a little like the Peanuts character Pig Pen who leaves dirt, dust and debris in his wake. You’re looking at the old jalopy you rebuilt when you were a teenager and you’re realizing it doesn’t exactly fit with your new image as an engineer.  Let’s face it; you really need a new ride. But that shiny new vehicle you dream about is going to be playing hard-to-get if your credit is a mess. So, what to do Barrie, Brampton, Oakville, Toronto and Mississauga?

Getting a new car with bad credit isn’t impossible, but there are things to think about and do that will help you get what you want:

1. Check your credit report so you know in advance how bad it really is. In Canada contact Equifax at 1-800-465-7166 and follow their advice. Pay off old debt, dispute credit report errors and add positive information to your credit report.

2. In the months leading up to your car purchase, make sure you pay everything on time and don’t fill out any other credit apps as this may bring your rating down.

3. Check current interest rates so you know what to expect if your credit rating isn’t stellar.

4. If you have the means, save up for a good-sized down payment. A down payment can help to widen the selection of vehicles you will be able to buy and cover things like taxes, interest and fees.

5. Create a budget so you know how much money is left at the end of the month after your bills are paid. That way you won’t want to get into a car you can’t really afford.

6. Contact your bank or credit union and see if you can get pre-approved for a loan for your vehicle. Then at least you know how much you will be able to spend on that SUV. If your bank or credit union won’t give you a loan, your car salesman may be able to point you in the direction of a lender who will. At Ontario Chrysler, we will make sure you get the loan you need.

7. You may need to be realistic about what extras or options you can really afford on your purchase.

8. If you are going to work with on-site financing, make sure your car dealership is reputable by going online and reading reviews. That way you can avoid being taken advantage of for having bad credit.

9. Make sure you read all the fine print on any financing documents to make sure you are getting the deal you think you are.

10. Don’t buy a car with the expectation of trading it in the following year, unless you can re-finance at a lower rate. It may sound like a great deal, but remember that the balance of your old loan will get tacked on to your new loan and your payments may increase.

Ontario Chrysler will work with you to get the financing you need:


The Ontario Chrysler finance center works with many area lending sources to offer customized car loans and leases. This means we are able to provide you with a great cheap car loan, with a low interest rate, on your new or used car loan in Mississauga, Toronto or Brampton even if you have less than perfect credit. Bad Credit, No Credit, New Credit, New Comer, Student, and more, will all get approved by our connected Finance Staff who will make sure you get behind the wheel and build your credit within one year. 

If you're thinking about getting a new Dodge, Jeep, Chrysler, Ram, or a used car in Mississauga or Toronto, come down from Brampton or North York area to Ontario Chrysler at 5280 Dixie Road. We'll get you the vehicle you want, at a great price, and smoothly guide you through the auto financing process. We are here to help you get approved. 

If you would like to start the process of getting a car loan in Mississauga, we suggest you begin by understanding your budgeting options. You can find your estimated monthly loan payments by using our online Car Loan Calculator and you can apply for car financing with our secure full online car loan application.


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