There are literally thousands of cars sitting in dealer lots–26,000 in Ontario, 7,000 in BC, and 6,000 in Alberta.1 Dealers want to clear them out ASAP, so now is a great time to see what’s out there…Plus, due to COVID-19, vehicles come with free delivery to your home. And now, dealers are working especially hard to get rid of barely used vehicles—regardless of your credit. Because of this need to clear out, now is a great time to be a car buyer.
The industry knows there’s a ton of used cars with only 10,000, 5,000, and even 1,000 kilometers. We are finding there are people who get bored with cars very quickly (during COVID), and they’re swapping them out several times a year.
These car owners can afford to do this because they’re leasing or taking advantage of today’s low-interest rates. And for those that can’t afford the cars, they’re being repo’d and put back on the market. That’s where you can pick up a sweet deal. We’d recommend that you at least have a look and see what’s out there and what kind of financing programs there are right now.
To get these barely used cars, there are tons of special programs that may allow those with poor credit to access a $0 down car loan worth up to $40,000–to rebuild or improve their credit. We saw a recent applicant with a 520 credit score easily receive a $26,000 car loan. And, another a few hours later was able to get into a one-year-old car with only 120 kilometers on it. This small difference made his “used” car cost $10,000 less than a new car would’ve been. This program has a 95% acceptance, and you may qualify in less than 24 hours. It’s totally worth a look.
Hot Pro Tip:
There are two big things dealerships look for when they look to offer financing for a car: Can you prove your income for the last 3 months, and is that income least $2k monthly.
Why not take a few minutes and see what kind of financing deals are out there…(this avoids the headache of in-person negotiating). Because dealers need to move cars – many drivers with good, bad, and no credit are getting loans if you meet these two requirements. See what you qualify for, and you may get approved for a low monthly payment auto loan.