What Will Help Me To Be Approved For Bad Credit Car Loan?

Dec. 25, 2009 - PRLog -- So you have decided to purchase a vehicle and getting a loan through a bad credit car loan provider. After submission of your application, you are anxiously waiting for the “good news”. Maybe it has been a few days since your application was submitted; you are getting worried if you are going to be turn down again. Patience my friend, your file are been processed by different lenders as you are reading this article.

Bad credit history usually means a longer wait period for many, this is important step for the banks or lenders to asses your risk factors. When your loan application is processed through the dealer, it is submitted automatically to all the sub-prime lenders at once. Perhaps some of them decided to turn your down, but others have not yet made up their mind. Don’t panic, let the application take its normal course and you soon should hear some encouraging news.

It is important for you not to seek credit during this time, nothing can be more damaging than you trying to submit another application through another dealer within a short period of time. There are things that may help your application, such as added insurances for your loan. By adding “loss of income” insurance, or “disability” insurance, it will protect the bank’s investment or loan. Therefore your application may look more favorable in the lender’s eyes. These add on insurances can cost on average 600-1500 in Canada, but it does offer protection in case you got laid off, or become disabled to pay back your loan. They are not always necessary especially you can proof to the bank your work stability, or have very good credit score. But in the case of bad credit car loan, it can help your application to obtain approval.

Thank for reading this article, it is brought to you by New Oshawa Motors, for more information please visit us online at http://www.newoshawamotors.com also visit http://ezinearticles.com/?Bad-Credit-Car-Loans-Tips&id=34...

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New Oshawa Motor is Oshawa's top bad credit car loan provider, with over 100 vehicles in stock, we have helped hundreds of people with their bad credit car loans. Visit us online at http://www.newoshawamotors.com