Confused about where to turn when you have credit challenges? You’re not alone...here are some things to consider.

MAKE AN INFORMED CHOICE

Are you confused by the overwhelming number of people offering you a bad credit auto loan for a car, truck, van or SUV regardless of your past credit?

Who are they? How do they work? How do they guarantee 100% approval or a similar approval rating? Often they tell you very little about themselves. Are they right for you? Let's take some of the mystery out of bad credit auto loans, so you can understand your choices. We believe that when you understand your options, your choice will be Ezee Credit.

BAD CREDIT CAR LOAN GENERATORS

Many advertisements are for Bad Credit Auto Loan Lead Generators. These sites are designed to get you to apply. Your lead is often sold to an affiliated dealer located in your geographic area.

An affiliated dealer is merely a dealer who has paid for your lead. Sometimes the lead generator attempts to obtain approval of the bad credit auto loan, and sometimes it is left up to the dealer who buys the lead. In either case, they will generally use the same selection of bad credit car loan lenders with no independent financing available.

MULTIPLE SITES

It is not uncommon for the same “bad credit lead generator” to have multiple web sites that look different but are in fact the same lead generator. By applying on multiple sites, you could be creating duplicate applications that go to the very same lead generator, and ultimately, to the same lenders. This can lead to multiple credit reports being pulled on you by the very same lender for the purpose of obtaining only one car loan. This process can actually hurt your chances of success by having your application repeatedly credit shopped.

In the end, you must  still develop a good relationship with the dealer who paid for your lead. You have to hope that you are happy with their product, price and service as they often know nothing about you, except for the fee they paid for your “lead”.

BUY HERE, PAY HERE DEALERS

When buy here pay here was developed, the used car dealer sold the car and collected payments from the customer who could not get financed from the banks or other usual finance sources. Generally, this was the smaller used car dealer who offered an older vehicle with higher kilometres as the dealer had limited financial resources and could only afford to self finance less expensive, older vehicles.

Even if the dealer was more established financially, the vehicles often remained older as the dealers also wanted to reduce their risk by not having much invested in the vehicle they self financed.

100% APPROVAL

Buy here, pay here dealers got into the practice of advertising 100% approval guaranteed or similar claims. You still see these claims by many dealers today. Unfortunately, the claim sounds better than it is.

Everyone can get approved if they come up with enough money and/or the vehicle is cheap enough. It doesn't mean that you will be financed on anything you really want to drive. Obviously these claims have limited value to you and are often just ploys to get you to apply at these locations.

NEW BAD CREDIT FINANCE SOURCES

More recently, some larger bad credit auto lenders have been established in Canada and have financed newer vehicles similar to the type that Ezee Credit has traditionally offered. Ezee Credit has developed relationships with the lenders they believe offer the best value and terms.

Most of these lenders offer long term financing which can be good for you if structured properly on the right vehicle. Long term financing can also be be dangerous and bad credit auto leasing can often be preferable although not offered by many lenders.

LIMITED EXPERIENCE AND CAPABILITY

The introduction of these new lenders has allowed used vehicle dealers to obtain poor credit to bad credit financing on later model vehicles for some of their credit challenged customers. It has also led to new car franchised dealers setting up “special finance” departments designed for people with bad credit. Generally, however, these departments have only one person with limited experience.

In most cases, the dealer, whether new or used, shops the person’s credit all around hoping to get it approved somewhere. Importantly, most of these dealers are not set up to self finance a vehicle. If they are unsuccessful, they often leave your credit worse than when they started. And you're still without a vehicle! If they are prepared to self finance, it will usually be the older, higher kilometre vehicle for the reasons discussed above.

THE EZEE CREDIT DIFFERENCE

So how is Ezee Credit different?

• We don't sell your leads. We're only interested in dealing directly with you.

• We don't shotgun your application. We have years of experience to determine the best financing method for you.

• We're not just one department, or one person, in a dealership. This is what we do.

• We arrange the financing with the lenders we believes offers the best terms.

• We have multi-million dollar financing lines to offer you an in-house alternative you won’t find anywhere else.

• We offer both purchase financing and a shorter term lease – you decide what’s best for you.

• We focus on new and late model vehicles with lower kilometres, all of which come with a minimum 12 month power train warranty.

Ezee Credit is truly your one-stop solution for your bad credit auto loan answers.