Have you reached the point with your current vehicle that it is no longer meeting your needs or wants? Are you spending a fortune in repairs on a regular basis? Maybe the problem is that it isn’t very fuel-efficient, which means you’re spending a lot more in fuel than you’d like to. Then again, maybe you have a growing family and your current vehicle no longer offers the amount of space you need.
There are all kinds of reasons for wanting a new car, and typically the process is relatively simple. You find a car you want, you get approved for financing, and you’re ready to drive your new wheels off the lot. So, what happens when you don’t have a great credit rating? For those with bad credit, leasing a car can be a very stressful and downright expensive process. There’s the fear that you won’t get approved for a lease, and, if you do, the interest rate will be so high that you won’t be able to afford the payments.
Here at LendingArch we work with people of all credit ratings, both good and bad, and we make sure that everyone gets equal opportunities so that driving away with a new car is possible for anyone. Our car loan payment calculator can be used by everyone, but, for those with bad credit, this car payment calculator can prove to be invaluable.
What is the Car Loan Calculator Tool?
Our car payment calculator is a very powerful and useful tool meant to help people who are in the market for a new vehicle but aren’t exactly sure if the payments will be affordable. The car finance calculator breaks down the sticker price of the car, the interest/finance rate, and the taxes, and shows you what your payment would total on a monthly basis. There is no guesswork here, as the auto loan calculator uses the most current information and rates, so you know the information is reliable and accurate.
And, as mentioned above, we make it our business to help connect people with lenders no matter what their credit rating may be. The fact that you have bad credit doesn’t mean you’ll be turned away, nor does it mean you’ll be hit with insanely high finance rates. Our goal is to help you find the perfect deal so that your dream of leasing that new vehicle becomes a reality.
What Else Does the Auto Finance Calculator Do?
Besides working out the monthly payment for you, even with bad credit, the vehicle finance calculator can be useful in terms of helping you to budget. You’ll need to enter a variety of information into the calculator, such as the type of vehicle, the price, if you have a trade-in, how much you currently make, and how much you plan to put down as a down payment. This allows you to input various amounts into the auto payment calculator and watch what it does to the monthly payment.
For example, try entering in a higher down payment, a trade-in, or even factor in that new raise that you are promised at work. What does that do to the monthly payment? It’s a great way to not only see what you can afford but to learn how you can make your payments more affordable on a monthly basis.
What Can You Do to Improve Your Odds of Getting Approved?
So, even though we here at LendingArch are happy to help those with bad credit find a lender that offers a reasonable deal, you may still be wondering if there’s anything you can do to increase your odds of getting approved. The good news is that there are steps you can take to improve your credit score, and it’s a good idea to get started on them before you even begin shopping around for a new car. Because your financial history and current status is something that plays into the approval process, you want to give yourself the best odds of success.
It’s always recommended that you request a copy of your credit report before you go ahead and apply for financing. This is a great way for you to get a snapshot of where things stand, and it will help prepare you for what kind of leasing/financing rate you’ll be offered. Also, occasionally there are mistakes on your credit report that can have a negative impact on your rating. If you can correct these mistakes and have them removed, that can bump up your score right there.
If you find the report confusing while you look through it, be sure to visit the Government of Canada online explainer guide that takes you through the basics and discusses what all the codes and numbers mean. It may be that you have old debts still sitting there despite the fact they have been paid. Clearing them off will make a massive difference to your overall rating.
Besides that, you want to pay your bills on time, ensure your credit cards aren’t maxed out, limit your number of credit cards, and even consider opening a secured credit card account if you haven’t been able to get approved for a credit card. Moving forward, it’s also wise to monitor your credit score.
Once you’re able to improve your credit rating, you can then make use of the car loan calculator tool again and input your new rating. Then you can watch how the information changes your rate. You may be pleasantly surprised at what you’ve been able to accomplish.
Give Our Car Loan Calculator a Try Today
At LendingArch, our car loan calculator Canada-wide tool is meant to make life easier for anyone looking to lease a new vehicle, particularly those with bad credit who are feeling hesitant about even applying for financing. Because this car payment calculator reflects rates across the whole country, and is province-specific, it can be your most useful tool in the car shopping experience.
Don’t let bad credit stand in your way! With LendingArch on your side, you can lease a new car. Get started today!