411Drives has a solution
for all situations

Are you worried that your previous credit history (bad credits) will stand in the way of you getting the vehicle you want? 411Drives has a solution for all situations. First take a look into what makes credit important, how to maintain it, and why you can still get approved.

Having and maintaining decent credit in Toronto is an important thing. Credit does not just dictate if you can get a loan or a credit card anymore. Having decent credit has an impact on many things such as job opportunities and the cost of living (renting or mortgages).

One of the first things to understanding credit history is to know how it is calculated and what components make your credit score.

Payments being made on time: It is extremely important to make sure that any loans, payments and credit cards are paid on time. When a payment is late or missed or late it reports on your credit bureau.

Keeping your debt ratio low: By keeping your debt ratio low, you are showing future lenders and credit bureaus that you are not living beyond your means.

The length of time you started using your credit: The timeframe you started your credit history helps indicate the behaviours and usage of your credit. Credit is better measured over a long period of time.

The number of inquiries: Whenever you are looking for any source of credit such as loans, credit cards or line of credit, the lender pulls your report which results in your credit score losing some points. Having multiple inquiries on your credit report indicates to lenders that you are trying to live beyond your means and will bring down your score in a negative manner. The healthy amount of inquiries would be 3-5 checks in a year’s time.

Having a diverse use of credit: This means showing that you can handle different types of credit helps show your responsibility.

How can you qualify for a Car
Loan when you have Bad Credit?

Fortunately for you, 411Drives has the networks to get you approved unlike many traditional dealerships. 411Drives partners with a huge network of lenders that specialise in helping those with bad credit. Many of the lenders that we partner with look at more than just your credit score allowing you to get approved for a bad credit car loan. Many lenders will take into consideration things such as your income, if your collections are paid off and many more factors that are all unique to each situation. Whether you have had a bankruptcy or a consumer proposal.

411Drives are equipped with the right network of lenders and partnerships to
get your bad credit car loan pre-approved for what you need.

Apply Now

Is a down payment required for
a bad credit auto loan?

There are many $0 down options even when you have bad credit. Sometimes lenders would like to see a down payment to show your seriousness in wanting an auto loan.

How can an auto loan help me
build my bad credit?

Auto loans are a great way to build your credit whether you have bad credit, no credit or even a consumer proposal! It’s a great way to get started. When you apply for a car loan, your purchase will get reported to the credit bureau. This is so they can track your payments on the vehicle. When you consistently make your payments on time, you build rapport with the lender. This means you are in good standing with them, resulting in a higher score and more opportunities to get credit at a lower interest.

Have any questions about the
process or want to follow up
on your application?

  • This field is for validation purposes and should be left unchanged.
Frequently asked questions

Our Experts
have the Answers

Apply Now

Do you offer only Financing?

411 Drives offers more than just financing. We can assist you if you are looking to lease, buy a vehicle out right or if you found a vehicle that you need funding for.

Is a down payment or upfront payments required?

Although we have many $0 down options available, a down payment has its benefits. It can help lower your monthly payments as well as demonstrates to lenders that you are serious in making this commitment.

What do I need to get approved? What are the requirements needed?

  1. You must be 18 years of age or older
  2. Have 2 forms of valid photo ID. (Driver’s License, Passport, Social Insurance, etc.)
  3. Proof of income. (Paystubs, Notice of Assessment, T4, Bank Statements, ODSP & Pension documentation, etc.)

How much can I get Pre-approved for?

The amount that you are pre-approved for depends on multiple factors. After you have submitted your auto loan application, a finance specialist will contact you to discuss the details of your pre-approval.