The average price of a new car in Canada is around $66,000 nowadays. Even buying used is just shy of $40,000, on average. Regardless of whether you decide to buy a new or used vehicle, you’re looking at a serious chunk of change. Only wealthy Canadians can afford to purchase a car outright, but it’s not exactly easy to get a traditional loan for a car either. If you’re struggling to find the money to finance your new vehicle, Kingcash.ca might just be able to help.
Our no credit check loans are designed to help Canadians who don’t necessarily have the best credit or are in a difficult financial situation.
Being in a less-than-ideal financial state doesn’t mean you don’t need a reliable vehicle, whether it’s to get to and from work or pick your child up from school. Keep reading and learn how our online loans can help you get the right vehicle for your needs.
Auto Loans vs. Personal Loans
The difference between an auto loan and a personal loan should be fairly obvious. An auto loan is a secure installment loan taken out for the sole purpose of purchasing a vehicle. Personal loans are more flexible-once you’re approved you’re able to use the money for whatever you need.
Auto loans use the very car that you purchase as collateral. If you miss one or more payments on the car, the fact that it’s collateral means that the lender can repossess the car. Being secured, auto loans tend to offer lower interest rates with longer repayment terms.
When you have a poor credit history, however, you may struggle to secure an auto loan. In these scenarios, it’s better to seek out a personal loan from a reputable lender that can offer you competitive rates.
Personal loans are unsecured, so you don’t need to worry about your car being repossessed. That said, neglecting to pay off your Kingcash loan will make it harder to get loans in the future.
Instant Access to Fast Loans in Canada
There’s nothing worse than getting to the final stage of buying a car, only to find out that you’re several hundred dollars short. You don’t have to let a small hiccup like this stop you from securing your vehicle or a down payment for your vehicle.
Our Kingcash.ca loan application process couldn’t be simpler. Just head to our site, fill out our online application, and we’ll approve you in a matter of minutes. As long as you’re a Canadian citizen over 18 years of age with a bank account and a job, there’s a really good chance you’ll get your loan.
Once the loan is approved-they’re generally processed within an hour-you have instant access to the money you need. This couldn’t be handier when you find you’re that little bit short on your car payment.
What makes the Kingcash fast loans better than the rest is that you can instantly apply for a loan renewal. Because we offer flexible repayment and let you pay lump sums to settle your loan faster, you can reapply for a loan in seconds and have it approved.
As long as you’re in our system and your loans are in good standing, there’s no reason you can’t apply for $500 to $750 over and over again. This also comes in handy when you run into issues paying your original loan off.
Quick and easy loan renewal is a great option in the event you fall behind on car payments as well. You’ll never have to worry about your car being repossessed because a safety net is a few clicks away.
Overcoming Bad Credit
One of the biggest obstacles for Canadians trying to purchase a new car is bad credit. The average credit score in Canada is between 690 and 750, which isn’t horrible, but consumers with lower credit scores will always have trouble securing loans.
If you’re trying to secure a large loan for a new car, you need to have decent credit. Building up your credit from a poor score can feel insurmountable, but when you start borrowing from lenders like Kingcash, you can slowly work your way up. Eventually, you’ll be able to secure a good loan to buy the car of your dreams.
We understand that this is more of a long-term plan. That said, it’s also a low-risk plan that helps you work your way into a better financial situation. When you’re financially secure, getting loans for big purchases – cars, homes, etc. – becomes a lot simpler.
Car Buying Options
Most people think about dealerships when they think about buying cars, but there are more options out there. If you’re able to save some money and combine it with cash loans, you may be able to purchase a car outright from a private seller.
When you buy a car this way, you don’t have to worry about securing a car loan or dealing with credit checks. As we mentioned earlier, you can use your no credit check loan however you want. If you find a decent car on the private market, you can secure a loan to secure the vehicle.
It’s important to take care when buying from a private seller. Make sure to test drive the car and take it to a trusted auto shop for an inspection before transferring the title over to your name. The last thing you want is to secure an online loan only to find out that the car is a lemon and needs repairs.
Buy a Car With Help From Kingcash.ca
These are a few of the ways that a loan from Kingcash.ca can help you buy a new vehicle. There’s no denying that buying an expensive new car is a daunting prospect when you don’t have a lot of money or credit. To get one of our quick loans, however, you don’t need a lot of money or credit.
If you want to learn more about our loans, how they work, and how getting one can help you, don’t hesitate to contact us today.