Bad credit does not mean no car. We consider every credit profile and look beyond your score. Apply online in about two minutes.
A low credit score does not disqualify you from a car loan in Canada. OCAL Financial specialises in used vehicle financing for drivers in British Columbia and Alberta whose credit history has taken damage, and we work with lenders who assess the whole application rather than the score alone.
Canadian credit scores run from 300 to 900. Lenders generally treat anything under about 660 as non prime, and under about 560 as deep subprime. Below those thresholds a bank will usually decline, but specialist auto lenders still lend, at a higher rate, when the rest of the file is solid.
Discharged bankruptcy and completed or active consumer proposals, collections and past repossession, no credit history at all, and thin files belonging to newcomers to Canada. Each of these has a lending path. None of them is an automatic decline.
An auto loan reports to Equifax and TransUnion every month. Paid on time, it becomes a long running instalment tradeline, which is exactly the kind of history that lifts a damaged score. Many of our customers refinance at a better rate after twelve to twenty four months of clean payments.
Subprime auto rates in Canada are materially higher than prime rates. We will not quote a number before a lender has reviewed your file, and we will always show you the total cost of borrowing before you sign. If the payment does not work, we would rather restructure the deal or change the vehicle than put you in something you cannot carry.
Start the application, or read more about how auto loan rates are set. You can also estimate a payment with the loan calculator.