How Can I Buy a Car with a Bad Credit Score?

Many Winnipeg drivers may feel that having a bad credit score will prevent them from securing a car loan, but that isn’t necessarily the case. Capital Ford Winnipeg specializes in offering bad credit car loans that can help Winnipeg-area car shoppers get behind the wheel of the car, truck, or SUV they want today. Learn more about how to buy a car with a bad credit score in this guide from the experts in our Finance Centre.

Finance Centre Contact Us

How to Finance a Car with Bad Credit

Bad credit car finance can be a little tricky, but there are some things that can be done ahead of time to improve the chances of getting a car loan in the Selkirk area. 


  1. Take a hard look at your budget and financial situation to see exactly how much you can afford to pay on a car loan. 
  2. Make a sensible choice about what type of vehicle will best suit your needs. 
  3. Figure out how much you can afford to pay per month. Our online payment calculator is a good tool to help you find out what your monthly payments will be.
  4. Make a larger down payment to help reduce the amount of your monthly payments. Planning on trading in your current vehicle? The trade-in value can be applied towards the down payment. Use our instant car appraisal tool to find out how much your car is worth. We buy used cars of all makes and models.

How to Improve Your Credit Score In Order To Qualify For An Auto Loan

Still uncertain about pursuing a bad credit car loan, improving your credit score beforehand can increase the likelihood of securing financing. Here are few ways to boost a credit score: 

  1. Check Your Credit Reports: Review all available credit reports to ensure that the information there is correct.
  2. Assess Your Debts: Take a close look at how much you owe to see whether you are in the position to take on additional debt.
  3. Make a Payment Plan: Create a payment schedule that will work with your budget. 
  4. Open a Credit Card: Opening a credit card and choosing one recurring monthly charge to pay with it will help to build credit. However, when applying for new cards or loans lenders often do a hard inquiry of your credit, which can have a negative impact on your score for as long as a year. 
buying a car with bad credit is possible at capital ford lincoln

Can You Refinance a Car Loan Once Your Credit Score Improves?

One downside to bad credit car loans is that they come with higher interest rates. However, by keeping up to date with your monthly payments, your credit score will improve, and you’ll have the opportunity to refinance the loan to get a better interest rate. The finance team at Capital Ford Winnipeg near Steinbach will be happy to guide you through the refinancing process and help you decide if it is a good option for you.

Alternative: Get a Cosigner For Your Auto Loan

The answer to this question is yes: “Can you finance a car with bad credit?” One of the most common ways for those with a less-than-stellar credit score to secure a car loan is to have a cosigner. A cosigner is someone with a good credit rating who guarantees that the loan will be repaid should you default. This reassures the lender that there will be less risk involved, and will usually result in the bad credit borrower getting the financing they need to buy a new car. 

However, choosing to have a cosigner is a serious responsibility. One needs to understand that the cosigner will be on the hook, so to speak, if the payments are not made on time. It is very important that the borrower knows their budget and manages the loan in a responsible manner.

Explore the Bad Credit Finance Options Available Today at Capital Ford Winnipeg

Don’t let a bad credit score keep you from buying the car you need. Apply for financing with us online and get pre-approved today! Our finance professionals are here to help you get the loan or lease that best suits your budget, no matter what your credit score may be. Make sure to take a look at our new vehicle specials, and if you have any questions about your financing or refinancing options, please don’t hesitate to reach out to us.

Capital Ford Winnipeg 49.8832073, -97.1953835.