Bad Credit Financing

Bad Credit Auto Loans Toronto & Bad Credit Finance Toronto

Bad Credit Financing – Bad Credit? No Problem!

There are a lot of misconceptions out there that if you have bad credit or no credit that you can’t get a truck & equipment loan. We’re here to tell you that, this is not true. If your credit score has gone down because of collections or you have made a proposal or filed a bankruptcy and your Personal Net worth is good, we can do a deal for you and can secure an approval for you

CIK Capital Corp is the bad credit truck loan experts – getting great vehicles, great terms and great customers together!

Truck & Equipment Loan with Bad Credit – What’s Different?

The biggest difference between getting a vehicle with bad credit and good credit can be what you are buying (new or used) and from where (whether from dealer or private sale). The age of the Equipment, Owner Operator work program and estimated gross income also plays a major role in decision making. If you have perfect credit you can typically walk into your bank and try your luck there. Since it is a depreciating asset and used one it is most likely that most banks will say no but we will say yes. Unfortunately for those of us that have bad credit and need a truck loan, a normal bank will probably will not give us one.

The good news is there are also lenders that specialize in financing with poor credit. These lenders have programs setup to help you get a truck loan.

Understanding Truck Financing: Truck Loans for Bad Credit

A Truck loan, especially one if you have bad credit, can be very confusing. We want to make understanding Truck loans as easy as possible.

Payments on Vehicle Loan for Bad Credit or Good Credit are calculated using three main things: Principal, Term, and Interest Rate.

Principal: Is the total cost of the vehicle including any fees the lender or dealership may have for the Truck Loan.

Term: This is the length of time that payments are made for. Typical terms run between 24 Months (2 years) and 72 Months (6 years) although you can get Truck loans for bad credit with shorter or longer terms.

Interest Rate: This is the Percentage (%) that the lender is charging for you to borrow the money. Interest rates can vary depending on whether the vehicle is new or used and the perceived risk the lender sees in lending the money.

When you get a Truck loan you are typically making payments back to a lender rather than the dealership itself.