What vehicles are best suited for Subprime Financing
Featured Vehicles for Subprime Financing in Calgary
You need to understand that subprime lenders do not view all vehicles with the same selling price the same way. Imagine two $13,500 vehicles: The first is a 3-year-old commuter car with 36,000 kms and the other is a 8-year-old sporty convertible with 110,500 kms. Even though both vehicles are the same price, a subprime lender may approve a loan on one vehicle and not the other. A subprime lenders is more likely to approve the newer car with fewer kilometers.
The reason for this is the overall value of the vehicle.
When shopping for an auto loan the general rule of thumb is choose a vehicle less than 3 years old that has a high resale value and below average kms. The other consideration is selling price. Vehicles under $22k are the best option for subprime candidates otherwise your monthly payment may be too high.