Subprime Auto Loans & Financing in Oshawa, ON
One of the ongoing goals of Davey Auto Sales is to break down the barriers to people finding safe, reliable, and affordable cars, trucks, and SUVs. Finding financing is often one of the biggest obstacles people face during the buying process. Our team of experts is well-versed in sourcing affordable and flexible solutions to finding the money necessary to get people behind the wheel of the vehicle they want to take home. For many buyers, a subprime auto loan is the financial tool required to get the job done. There may be some negative connotations surrounding subprime loans, and our finance team wants to help potential customers find the money they need.
What Does Subprime Loan Mean?
Nobody needs to be a financial expert to understand that a person’s credit score plays a major role in finding a car loan. People with credit scores above 670 generally qualify for prime loans, and those with a credit score under 670 are in a position where they need to consider subprime loans. The main difference between prime and subprime loans is that people with subprime loans are charged higher interest rates. Believe it or not, experts estimate that as many as 25 percent of active car loans in Canada fall under the subprime category.
Some of the reasons that a person might need a subprime loan include:
- Prior financial difficulties
- No credit profile
Advantages of Subprime Auto Financing
Without belabouring the point, helping people find affordable cars is our top priority. We also help people find vehicle financing they can afford, even if that means setting them up with a subprime loan and making some compromises in other places. There are several advantages to taking out this type of loan:
- It’s a great way to get a reliable vehicle for people without other options.
- Loan terms can be stretched out to accommodate tight budgets.
- There are many subprime lenders giving borrowers the chance to shop.
- Making on-time payments can help rebuild credit.
It’s important to remember that subprime loans don’t have to last forever. Some people might be in a position to refinance their loans and get a lower interest rate.
Davey Auto Sales is committed to helping people find used vehicles that will fit their lifestyles and their budgets. We have an ever-evolving inventory of outstanding automotive platforms from today’s most popular manufacturers. If you’d like to start or finish your vehicle search with Davey Auto Sale, make an appointment with one of our product experts, today.