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Bad Credit Car Loans
Bad Credit Auto Loans
No Credit Car Loans
No Credit Check Car Loans
Used Mazda 6s in bad credit car loans
Used MPVs in bad credit car loans
Used Mazda 5s in bad credit car loans
Used Tributes in bad credit car loans
Even No Credit Check Car Loans in bad credit car loans area
At Used Mazda Toronto we offer financing in bad credit car loans area
And of course many quality used Mazdas in bad credit car loans area
What is the lowest payment vehicle I can finance?
So what is the lowest payment I can possibly receive when it comes to a car loan. Well the banks usually carry a minimum borrowing limit of $7500, which means you should find yourself a vehicle that will pass safety and meet the bank's minimum requirements in km and year for about $6600. The vehicle shouldn't be more than 5 years old, and it shouldn't have km exceeding 120,000 km. Remember the lower capital cost of borrowing usually cost you more in terms of interest rate. Also banks usually have a restriction on the term of the loan, these types of loan will usually carry a very short term, such as 36 or even less. Assuming the interest rate is 15% you will be in a monthly payment of $257 for 36 month term.
There is another option to have a better cash flow when it comes to financing a used car, it is called bi-weekly payment. It is calculated based on the simple term of multiply your monthly payment by 12 and divide it by 26. So in this case it will be 257 X 12 = 3084 / 26 = $118 for every two weeks. Please don't mistake this as $236 per month payment because that is not the case. The total amount of payment you will be paying in one year will be exactly the same. However bi-weekly payment maybe more suitable for certain individuals because they are matching with their pay structure.
So in theory the lowest payment you can possibly receive should be in the $250 range when it comes to a car loan. And don't let the bi-weekly payment fool you into thinking it is cheaper.
Thank you for reading this article it is brought to you by Used Mazda Toronto you can find us online at http://www.usedmazdatoronto.ca we are your Used Mazda Toronto, we are your bad credit car loans service provider.
