Sub Prime Lending

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When you have less than perfect credit or no credit at all, it can sometimes be very difficult to purchase a vehicle.


If you have bad credit or no credit, a sub prime auto loan may be just what you need to be able to purchase the vehicle you want while you work on improving your credit.


There are many reasons why someone would be put in the sub prime car loan category:


If you have recently experienced job loss, which resulted in unpaid bills; an accident; unexpected medical expenses; divorce or bankruptcy, any of these could have dropped your credit score. You may be a recent graduate or simply finding that your lack of credit history is making lenders reluctant to give you financing. In those cases, it's not that you have bad credit, you may not have a credit history at all. That puts you in the sub prime category.


In general, lenders prefer to work with "prime" borrowers; people with excellent credit that are very likely to pay off their auto loans completely and on time. Everyone who does not fit in that "prime" category would fall into "sub prime". In most cases, a sub prime car loan carries an interest rate somewhat higher than that given to the prime borrower. This protects the lender by giving them more interest income on a loan because it carries some additional risk.


If you have ever been turned down for financing at a dealership, it was likely due to your credit score. Most automotive dealerships generally qualify auto loans for private lenders who are interested only in prime borrowers.


However, if you find yourself in the sub prime category, getting a pre-approval for an auto loan before going to look for vehicles is a great way to start off on the right foot. By getting pre-approved for a sub prime auto loan at Grey Motors before starting your shopping experience, you can avoid the disappointment of buying a vehicle first and then being turned down for financing for the actual purchase.


Instead of thinking of a sub prime car loan as a problem, think of it as an opportunity. With this loan, you will be able to purchase the vehicle you need now instead of waiting for your circumstances to improve.


Car loan & auto refinance expert, Brenda Fries, our Financial Services Manager, helps good people with bad credit. Grey Motors provides consumers an opportunity to rebuild their credit; we work with you in a friendly and hassle-free environment and help ensure that you don't get turned down.


We understand that your time is valuable, and we know that sometimes, bad things happen to good people and we are here to help.


How Do You Rebuild Bad Credit?

So, you have bad credit. It's not the end of the world. While some dealers, banks, and lending institutions might make you feel like you have a criminal record when you bring up your bad credit score, you'll find a helpful and supportive team at Grey Motors in Owen Sound, Ontario.


We're here to help you rebuild your credit fast, and without a huge hassle while you drive a car that you love. So, how do you get started? Learning how to rebuild your credit isn't as hard as you think.


Let us get to work for you!

Meet With our Grey Motors Finance Professional Brenda Fries, Financial Services Manager

Apply for a SubPrime Car Loan here and our finance professional will contact you to arrange an appointment. We'll help you find a car loan that you can afford, even if you have bad credit.


As long as you have a steady income, and meet some other basic requirements, we can likely get you approved right away. We work with top local lenders in order to provide our customers with a number of solutions for bad credit financing.


Our financing process is both quick and easy. Through our sub-prime car financing options, we can help you to get out of an over-daunting car lease and into something a bit more manageable.


So regardless of bruised credit, bad credit, no credit, or bankruptcy - we can help anyone, anywhere.
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