Survive Winter Driving with Bad Credit Car Loans

December 19, 2011 By

Snow, Snow and More Snow

 

It has begun. The season of the year I like to call “winter smash up”. This is the season that takes place after the first snowfall, when all new and Seasoned Canadian drivers battle with that age old problem of adjusting to the confines of physics. Or more appropriately, learn to drive with snow and ice on the roads….again. Could someone really forget how? It was just 9 months ago! Yet every single winter we see the same problem. Driver’s driving too fast, not leaving enough room, and assuming that it will take them the same amount of time to drive to work in June on a hot summer day as it will in December with 2 feet of snow on the road. It takes a while but everyone seems to get the hang of it by mid-January.  But until they do its stressful out there!

One very unfortunate thing that can happen during the winter time is an accident. Anyone that has driven in a Great White Canadian Winter knows that it doesn’t take much.  One false move at 5km an hour can cost thousands in repairs even to the most careful of drivers. It becomes exponentially easier for an accident to happen when you factor in snow, ice and low visibility. We have all read a version of a “how to guide” to driving in the winter and there are some consistencies that most of us can agree upon.

  • A good set of winter tires,
  • Driving with caution and better anticipation of what is happening on the roads
  • leaving earlier for work
  • Leaving space in between you and other drivers.

The one thing you can’t control however are the myriad of other types of driver’s that you share the road with. Accidents are bound to happen, but they aren’t the only bad thing that can happen to your car this winter.

Winter is hard on your vehicle. The up and down temperatures, road salt and the cold hard starts all have a significant impact on the condition of your vehicle. As vehicles are driven and as they age; they become more prone to increasingly expensive repairs (Click here to read more about aging cars and repairs). Failing to meet even minimum service requirements like an oil change can wreak havoc on your vehicle. Add up multiple winters; with less than adequate maintenance and that familiar scene of a tow truck at the mall or a stalled car on the highway can become a reality.

For those readers with bad credit, having a vehicle breakdown can be terrifying. Where are you going to find the bad credit car loans that will not only help you get your credit on track but will also ensure that you won’t be in the same place again in a year with a car that won’t start and a repair bill that exceeds the value of the car?

This is where some of my earlier posts on bad credit car loans and other financing sources come full circle. There are too many stories of people with poor credit going to find bad credit car loans at a “100% approved” bad credit car loan dealers. They find themselves with a high kilometer car that in just a year or two will most likely surpass 150,000 kilometers and could soon begin to experience compounding repair issues. Add in the Canadian Winter factor and you have just increased the likelihood of issues that could be catastrophic and result in total vehicle failure.

So if you are searching for bad credit car loans, make sure you take into account the Canadian Winter Factor.

Filed Under: Bad credit resources, Car Leasing, Car Loans, London Ontario

3 Helpful Ways To Get A Vehicle You Will Love And The Bad Credit Car Loans You Need.

October 25, 2011 By
Decisions Decisions Decisions

How To Love Your Car and Bad Credit Car Loans!

 Just think how easy it would have been to decide which car to buy when the Ford Model-T was the hottest set of wheels on the market. In today’s automotive market place there are literally hundreds of different choices of auto products. Cars, trucks, minivans, SUVs, CUVs, hybrids, diesels, two door, four door, five door, extended cab, long box, four wheel drive, two wheel drive, CVT transmission, dual clutch, tiptronic, manual; and the list is endless. It can be intimidating to decide what vehicle and what options are best matched to your needs, even for the savviest of auto enthusiasts.

Now add in the myriad of different dealers and programs available to those with good credit, bad credit or no credit and you just increased the difficulty in being able to narrow down those hundreds of choices of vehicles and dealers into your best option. What do you need to make sure that you don’t fall victim to vehicular information overload? Keep reading.

Get Educated

Being educated about any large product or service you are about to purchase is crucial to the overall success of well…any large purchase you will ever make. In this post I am focusing more on the actual car rather than bad credit car loans or leases, but because it is relevant I just can’t help myself. Throughout our website there is a very distinct and consistent theme. That theme is “make an informed decision”. That is a very key element in our program for bad credit car leasing and sales. Why? Well, it’s simple; knowing your options will increase your chances of making a smart decision based on your own needs and situation. Some of our customers have shared their stories of anxiety with needing to purchase a vehicle and feeling completely in the dark about their options. Not only did they have to decide what vehicle they needed, they also had to decide what program for financing was best for them. The allure of 100% financing sounded too good to be true and they had to find out. So they came to our site, and did something very simple; they asked questions.  What did they find out? That they had different options available to them and they could be at ease that they had more than one!

Get out your Crystal Ball

It seems ridiculous but you should take a quick sneak peek into the future. How do you see your life changing in the next four or five years? The vehicles that you have been thinking of now as fitting your lifestyle may not fit your needs at all a few years down the road. Ourpriorities change over time and you have to try and provide foresight into yourvehicle needs today so that two years later you aren’t stuck between and rock and a hard place. (Or even throw your back out trying to get a baby in and outof the fancy sports coupe you bought last year before the bundle of joy arrived.)

Another thing to think about into the future is the actual car, truck, or minivan that you buy. How many kilometres are on it? It is a pivotal question. Far too often I see those dreaded 100% approved places (you can tell I really, really like them) offering high kilometre product to customers seeking bad credit car loans.  High kilometre cars have severely reduced chance of making it to the end of the finance term. In many cases the terms on these high kilometre cars are over 84 months. For a used car with over 125,000 kilometres on it that is CRAZY – that is 7 years! Now let us quickly do the math for our future projection.

Average driver drives – 20,000 kilometres per year. Multiply that by the term so -   7 years =140,000 kilometres driven during the entire term of the contract. Now add the starting kilometres and you end up at 265,000 kilometres. This is precisely where some product education and your crystal ball come in handy.

On average, cars that breach 150,000 kilometres start to experience higher than normal wear and tear. Consequently they experience an increase in the frequency of required repairs to keep them on the road. Now I am not saying every car dies after the odometer reads 150,001 kilometres. I am saying that as a vehicle increases in kilometres driven, so do repair and maintenance bills naturally and usually in tandem.

(Meaning higher kilometres = higher maintenance bills and lower kilometres = lower maintenance. That is a difference of perhaps having to perform oil changes a few times a year when the car is new vs. having to replace brakes and tires after the car is driven past a certain number of  kilometres*)

Okay, so what does that mean for the 100% approved car loan places and their higher than average kilometre cars? That slightly after the very 1st year of a 7 year term, the car in question that started out with 125,000 kilometres will breach 150,000 kilometres.  After 3.5 years or in other words half way through the term that vehicle would have 205,000 kilometres.  At that odometer reading the value of the car has bottomed out and you still owe half of the original value of the finance contract. To add insult to injury: the chances of increased cost of maintenance and repair and possibly catastrophic mechanical failure have just risen to critical levels.

What is the alternative? Well it is simple yet again! Low kilometre vehicles and shorter terms. You are still going to drive the same average kilometres. What if you had a four year lease, with a car that started out with 45,000 kilometres? You would finish out the term of the lease with an ending kilometre reading of 125,000. The same amount the 100% approved car loan place car started out with.  Now which option seems better?

Rid yourself of Vehicular Vanity

We have talked about the program decision and now we will address the car. As mentioned earlier in the post there are hundreds of choices of different vehicles to buy. I like expensive looking cars. I mean who doesn’t? I love Luxurious leather, technological toys, big wheels and a throaty exhaust. I have to ask myself though, do I really need that? What I want isn’t always what I need. We confuse this principle many times a day when we make our purchases. Do I need that extra coffee today? Nope, I want it though! Do you really need that 50 inch LED TV? Nope, I want it though! In saying that, an extra cup of coffee or a big screen TV aren’t huge commitments.  A vehicle purchase is not a cup of coffee or a TV and should be made with a little more care. Think about what you will need it for and put on your vehicular vanity blindfolds. Think about fuel economy and how much you will be driving. (See my earlier post 3 Healthy Habits to Save You Money on Fuel for a closer look at fuel economy) Get exactly what you need and the benefit of a useful vehicle will pay dividends to your lifestyle for years. I have a friend that loves snowboarding, mountain biking, camping and hiking and has a couple of bigger slobbery dogs. I bet you pictured a big shiny SUV and you would be wrong. He loves going on long road trips with his family and a big less than average fuel efficient SUV had him second guessing the looks over functionality. He has been sporting a nice luxurious extended minivan. Why? Because he listened to his needs, became educated on the product, used his crystal ball and stopped caring about what people would think about when he pulled up in minivan.

Filed Under: Car Loans

Bad Credit Car Loans and Bankruptcy – Like Peanut Butter and Chocolate

October 6, 2011 By

Combined Magic

The Perfect Combination,

For many Canadians the word Bankruptcy looks like this: B##%&@!*&y. It doesn’t have to be a bad word. There are many situations that we might find ourselves in that call for bankruptcy as a viable solution to financial success. It might sound ridiculous but let’s not forget that the path to financial success is built upon knowing what to do now in order to be prepared for the future. Although in some cases it is a good option, don’t take the decision lightly. Click here to read more in depth about Bankruptcies and Proposals.

Many customers looking for Bad Credit Car Loans in London and the surrounding area have experienced bankruptcy or know someone who has. The fear and anxiety of a tarnished credit report keeps many people from realizing what options are available to purchase a vehicle post-bankruptcy.

A common question we hear at EzeeCredit is: Will I ever get a loan for anything now that I am bankrupt? For those customers that we have helped over the years get into newer vehicles post-bankruptcy are overjoyed that they have been given the chance to change the trajectory of their credit and make a positive impact in their lives. In fact, a recent new customer gave all of us here at the office the “warm and fuzzies” when she wrote us a letter exclaiming how we helped give her hope and changed her life. Here is a little snippet of what she said: (Click here to read the whole letter and other letters)

“I was in a desperate situation and needed to purchase a vehicle. Because of an abusive marriage breakdown I was forced into bankruptcy due to my husband’s irresponsible financial decisions which resulted in me
having no credit.  I had a leased vehicle that was due for a return. I was denied credit by the original dealer even though I have faithfully made my payments for the last four years…I was directed to EzeeCredit by my Trustee. 


EzeeCredit was my last hope.  From the moment I met the consultant I was put at ease.  I will be honest, after all the rejection in the previous few weeks, I was not holding on to much hope.  EzeeCredit changed all that. They gave me all their attention, heard every word I said and made me feel like I mattered.  The compassion and genuine concern for my situation restored my faith in that there still are people out there that care
about people. I am so grateful to everyone involved, for going over and above their duty.  Words can’t express, really, how their kindness, compassion and honour restored my trust in people.  They are an example of what we should all strive to achieve.”

Restored faith in humanity because of bad credit car loans! Many people we have helped exclaimed feelings of pride that they have been given a second chance when no one else would even consider them. That is an entirely different conversation to come in a further post about 100% approved advertising and the claims made by other dealers in the area that turn away many of those same people that we have been able to help get re-established.

There are in some cases examples of our customers claiming bankruptcy and picking up a newer vehicle at EzeeCredit in the same day. One common element that all of us share whether or not we are bankrupt and looking for bad credit car loans, is that a large majority of us need vehicles. Whether it is to get to work or shuttle the kids around, cars have become for many people, a necessity of life.

As stated in the earlier post: “Laid Off? Here Are Some Ways to Ensure Your Credit Survives”, EzeeCredit reports to the credit bureau on a monthly basis. What this could mean for a person experiencing bankruptcy is that you could begin rebuilding your credit score and drive a newer model, low kilometre vehicle while you are still bankrupt. A newer model vehicle with low kilometres drastically reduces the likelihood of unexpected auto repair expenses. When dealing with a bankruptcy, the last thing anyone wants is unexpected expenses that could jeopardize the success of the bankruptcy process.

So there you have it! Bankruptcy doesn’t have to be a bad word and definitely doesn’t mean you will have to take the bus. Bad credit car loans can help make life easier while trying to rebuild your bad credit rating. Peanut butter and chocolate are exceptional on their own, combined they become a masterpiece!

Filed Under: Car Loans Tagged With: ,

Laid-off? Here are some ways to ensure your credit survives.

September 12, 2011 By

In a sleepy community outside London, Ontario, close to 1500 people will be out of a job this week. The workers that are displaced by the St. Thomas Ford assembly plant shutdown have some tough realities ahead of them. In the short term, the reality of trying to find a job in a region heavily dependent on the manufacturing sector will prove to be difficult. Some will be moving to different communities throughout the region in search of work, others will retrain for a completely different career. All of the displaced workers whether they find a job within weeks, months, or even worst case scenario years, could find themselves in a delicate financial situation.

When reviewing each of our customers on a case by case basis we strive to learn the circumstances that brought them to be searching for bad credit car loans in the first place. A very common explanation for the cause of bad credit is a previous job loss. Our customers explain that the sharp and dramatic drop in expendable income made it extremely difficult for them to  maintain monthly bills. For those that had lost their vehicles, they faced an uphill battle getting bad credit car loans in order to get back on the road.

Here are a couple of suggestions we have come up with to avoid your credit taking a nosedive and a couple of suggestions on how to get your bad credit on track for recovery if you just couldn’t make ends meet.

Make Payment Arrangements

Most of us have had to do it in the past. You call your bill holder (Hydro, Cell Phone carrier, Gas Company) and make a payment arrangement. You generally provide a promise of payment at a later date to ensure that your account doesn’t go into collections. If you find yourself in a position of employment uncertainty the first thing you should do is make arrangements. Your credit can be seriously damaged by a few bills that fall into collection departments. Making those arrangements can make all the difference going forward. Additionally it might allow for a little more flexibility with cash flow issues you might be suffering from and allow you to realign payment priorities. It might also be a good idea to reduce your services slightly and save a bit of money that way. Do you have a cell phone and a home phone? Call your cell provider and ask to have the account temporarily suspended. Most have a monthly fee that is charged for the account to be on hold and it doesn’t count towards contract expiry, but it could save you hundreds if your job search becomes lengthy.

Reassess your Budget

As stated in an earlier post: 3 Healthy Habits to Save You Money on Fuel! , having consistent and committed budgets whether it is personal finance or fuel expenditures can provide comfort in knowing where you stand and can give insight as to where you need to focus your finances. If you find yourself facing a job loss, you should consider things like: eating out less, cutting down unnecessary driving, putting down those new designer shoes and heading to a discount store. The sacrifice of setting low limits for things that weren’t limited when you were fully employed will pay dividends when you finally land that perfect new job.

 

If you used these budget conscious methods of trying to maintain your cash
flow and credit health and still just couldn’t make ends meet, don’t worry it’s
not the end of your healthy credit forever. Time and effort is all that is
needed to raise your bad credit to good credit status!  

Keep an eye on your Credit Bureau Report

You can obtain copies of your credit report online for a small fee (or free if you request a mailed copy). It is highly recommended that you should be doing this anyways to ensure that you aren’t a victim of credit fraud. Regularly reviewing your credit report allows you to see the progress (or worst case – regression) that you have made in your credit rejuvenation journey.

One important thing to keep in mind is credit utilization. When looking at your credit report, make sure that the balances on your revolving debt (open lines of credit, credit  cards, etc) are no more than 30%. That means that you have 70% of your limit available. This shows that you can be responsible with credit that is granted to you. That number is not in any way an industry standard. It is my own personal goal with my credit utilization ratio!

Look for any collections that you may have been unaware of and take initiative with poor rated accounts and focus on them to try and bring them back up to good status. Get your credit report often and rise to the challenge!

Bad Credit Car loans or Leases

It is no secret that EzeeCredit reports to the credit bureau on a monthly basis. It is also widely held that automobile debt is not “bad debt” to have on one’s bureau. It is such a powerful tool that can be used to help rejuvenate a bad credit situation. We have had customers from all over South-western  Ontario come to us and trade in their older vehicles, get something newer and help rejuvenate their bad credit all at the same time! Not only do our customers benefit from less unexpected auto expenditures, but they can look up  their credit report (something that you are going to do regularly right?!) and  see it right there, helping to improve their credit right before their eyes!  Now due to the topic I had to plug the company, just beware that not all places that advertise credit repairing bad credit car loans will actually report to the bureau (and therefore won’t help you at all).

So there you have it…

Facing a tough job loss doesn’t mean financial disaster. With some good planning and effort anyone can maintain healthy credit. For those that just can’t quite make ends meet, there is always a light at the end of the tunnel. Use the tools outlined in this post like regular credit reports and bad credit car loans to rejuvenate your credit. Time and some dedication is all that is required!

Filed Under: Car Loans Tagged With: , ,

Welcome to the EzeeCredit Blog!

August 26, 2011 By

It is exciting to get the opportunity to openly communicate with our current and future customers. We take pride at EzeeCredit to provide relevant and current information to the public concerning all elements of a vehicle purchase. Blogs as most of you know are plentiful. There has been a trend in recent months where syndication and regurgitation of articles are thrown all over the web.

You won’t find regurgitated material here! Whether you need information on bad credit car loans, bad credit car leasing, outside purchase vehicle financing, or just general information on the automotive industry itself this is the place to find it.

Check back frequently or subscribe to the EzeeCredit blog for news and updates on everything automotive and more! We will be posting articles on subjects that include General automotive trends, Gearhead lifestyle, consumer credit, new vehicle reviews and of course our own new Inventory Items, employee reviews of their favourite vehicles and much much more! We promise to try our absolute best to keep the content enjoyable. We will make sure that we cover the most interesting and relevant subjects that appeal to a wide audience whether you have Good Credit, Bad Credit, Poor Credit, or No Credit! It won’t matter!
We are Starting Something Good Again!!

Filed Under: Uncategorized Tagged With: ,

3 Healthy Habits to Save You Money on Fuel!

August 26, 2011 By

Bad Credit Consumer Fuel HabitsOh Gasoline Prices, how I loathe thee…and will continue to do so against my will.

For the very first post I thought it would be crucial to address the growing concern on every driver’s mind. The ever rising cost of fuel. I don’t know how many customers have come to us in the past few months desperate to get out of their older, high kilometre vehicles. In some cases the cost of fuel outweighed the actual car payment! Needless expenditure!
I also suffer from fuel pump pain. I drive a car that I think it wants to permanently live at the fuel pump. I won’t tell you what it is; I don’t want to kill my credibility on our first date. When I purchased this vehicle 3 years ago fuel prices were dramatically lower than they are now and like many of us that are emptying our wallets at the pump, I wasn’t thinking of the future and I am not only talking about my ability to properly forecast world Crude Supply and Demand. I am referring to the future condition of my car.
As everyone can guess, as a vehicle ages its performance suffers. This drop in performance can be greatly reduced with proper maintenance and healthy driving habits. Not only will healthy driving habits increase your fuel efficiency in the present, you will have a dramatic impact on fuel efficiency in the years to come. I have 3 good habits to live by.

Relax.

Take your time when driving from A to B. Remember, in most cases flooring it to get somewhere quicker usually only saves a few minutes. Is it really worth wasting 4 litres of fuel to drive across town to be exactly on time for work instead of 3 minutes late? Not only do you run the risk of speeding tickets and accidents, the increased demand on your engine doesn’t do you any favours.

Budget your Fuel

Just as it is a good idea to be efficient at managing your own personal finances, it is definitely a good idea to have a fuel budget. Know how much you (and perhaps your family members) are actually driving. It would shock many people to actually figure out how much they drive and how much that costs! When we have customers apply for bad credit car loans or leases we try to do a very effective individual needs analysis. In that is a kilometre needs assessment. Most people have never thought to do a personal analysis of their driving habits. How many times do you go to grandma’s house? Twice a month? Once a week? How far is it? Ask these types of questions along with How far is work from my house? Should I really be driving home for lunch every day? Could I carpool twice a week? Know how much you drive. Set a kilometre limit and STICK with it! Treat fuel like currency and I guarantee you will save money!

Maintain your vehicle

This is a no brainer. Get your oil changed; it will make your engine run smooth and clean. Change your air filter, plugged air filter means less oxygen =less fuel burned=wasted fuel. Check your tires, underinflated tires can severely reduce your fuel economy. These are small things you can do to ensure that you are getting the best fuel economy out of your vehicle. Do the regular scheduled maintenance as per the manufacturer. They have done their homework.
So there you have it. My top 3 healthy habits that will help you save money on fuel. Whether you have good credit, bad credit or no credit these habits will prove to be invaluable for years to come!

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You don’t have to settle

August 25, 2011 By

You don’t have to settle for less just because you have bad or limited credit, a poor credit rating or even no credit. Ezee Credit is the right place to come when your credit rating is less than perfect. We’ve helped people with:

  • Bad Credit
  • Bankruptcy (discharged or undischarged)
  • Consumer Proposal (completed or not)
  • Poor Credit
  • Limited Credit
  • No Credit
  • Fixed Income
  • Previous Repossession
  • Limited Job or Residence Stability

So relax. You’re not alone. Since 1991, we’ve specialized in helping people with poor credit obtain excellent cars loans and auto leases. And we can help you! Get a fresh start on your credit, contact ezee credit to start driving today.

Filed Under: Uncategorized Tagged With: