Before we get into the topic of no credit check car loans, let’s take a moment to examine the world of sub-prime business. “Sub-prime” or below prime is a term often used in the finance world to describe loans that is given out to individuals with bad or no credit history. These types of loans are below prime because they are below the normal requirements for approval. These types of loans can sometimes be called “bad credit car loans” or “no credit car loans” but in essence they are the same thing. These types of loans carry a higher interest rate from the lender, because they are deemed to be riskier than the conventional loans. The typical range of interest charge is from 12% to as high as 20%, in some cases even higher.
The applicants in these cases are people with bad or no credit; there is little choice for them when it comes to interest rate. The old saying of “choosers can’t be beggars” applies here perfectly. If your credit score does not quality you for a loan, it usually means higher interest rate or the highway. But even bad credit car loan providers will occasionally turn down applicants, if their credit is beyond repair. There are lenders in Toronto that is willing to take a chance on you if you fall into this category. It is called “no credit check” car loans; it literally means no credit check is required. These types of loans usually comes from a private source, it’s almost the same as you borrowing from another person.
As long as the other party trusts you enough that you will pay them back, they may lend you the money needed for a vehicle. These no credit check loans generally comes from the dealer directly, there are some stipulations such as a small amount of down payment, or GPS locator installed on your vehicle in case of repossession. But if you need a vehicle for family or work and can not get approved anywhere else, this maybe your last chance.
There are few no credit check car loan providers in the Toronto area, one of the most reputable provider is called “Benchmark Automotive Group” they are located in the Toronto area, and you can find them online at http://www.benchmarkautomotive.ca/badcredittoronto.php thank you for reading, this article is brought to you by SOS Car Loans; please visit us online for your instant approval at http://www.soscarloans.com or for more valuable tips on bad credit car loans.
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