How to Choose the Best Calgary Used Cars for Your Budget

How House of Cars Helps You Find the Right Calgary Used Cars

Buying a used vehicle is one of the smartest ways to save money without sacrificing reliability, but only if you choose the right one. With hundreds of Calgary used cars available at dealerships and private sellers, narrowing down your options can quickly become overwhelming.

Price is important, but it shouldn't be the only factor guiding your decision. A vehicle that fits your budget today should also be affordable to own, dependable in Alberta's climate, and suited to your daily lifestyle. Taking the time to research your options can help you avoid unexpected costs and make a purchase you'll feel confident about for years to come.

In this guide, we'll walk through how to set a realistic budget, evaluate used vehicles, understand financing, and choose a dealership you can trust.

Start With a Budget You Can Comfortably Afford

Before comparing makes and models, determine what you're comfortable spending—not just on the purchase price, but on the total cost of ownership.

Your budget should account for more than monthly loan payments. Consider expenses such as insurance, fuel, routine maintenance, registration, and seasonal costs like winter tires. A vehicle with a lower purchase price may end up costing more over time if maintenance or fuel expenses are significantly higher.

If you're financing your purchase, think about a monthly payment that fits comfortably within your overall budget rather than stretching to the maximum amount you qualify for. Leaving room for unexpected expenses can make vehicle ownership much less stressful.

Decide What Type of Vehicle Fits Your Lifestyle

The best used car isn't necessarily the most popular one—it's the one that fits how you drive.

Think about your daily commute, the number of passengers you typically carry, cargo space, and how often you travel on highways or in winter conditions. Compact sedans are often a great choice for fuel efficiency and city driving, while SUVs may be better suited for growing families or drivers who need additional cargo room.

If you frequently drive outside Calgary or through snowy conditions, features such as all-wheel drive may also be worth considering.

Research Reliability Before You Buy

One of the biggest advantages of shopping for a used vehicle today is the amount of information available online.

Look into reliability ratings, common maintenance issues, and long-term ownership costs before committing to a particular model. The Government of Canada also offers consumer information on vehicle buying and ownership.

Reliable vehicles typically cost less to maintain over time, making them a better value even if their purchase price is slightly higher.

Always Ask for a Vehicle History Report

A vehicle's appearance only tells part of the story.

Before purchasing any used vehicle, ask to review its vehicle history report. Reports from providers like CARFAX Canada can reveal important information, including previous ownership, accident history, registration records, and reported damage.

Reviewing this information gives you a clearer picture of the vehicle's past and helps you make a more informed decision.

Make Sure the Vehicle Has Been Inspected

A professional inspection adds another level of confidence when buying a used vehicle.

Ask whether the dealership has completed a mechanical inspection and what repairs or maintenance have been performed before the vehicle was offered for sale. This can help identify potential issues and ensure the vehicle is ready for Alberta's roads and changing weather conditions.

Choosing a dealership that carefully inspects and reconditions its inventory can reduce the likelihood of unexpected repairs after your purchase.

Compare Financing Options Before Making a Decision

Financing can significantly affect the overall cost of your vehicle.

Rather than focusing only on monthly payments, review the loan term, interest rate, and total amount you'll repay over the life of the loan. A lower monthly payment isn't always the better option if it means paying interest for several additional years.

If you have limited credit, are rebuilding your credit, or are buying your first vehicle, working with a dealership that has relationships with multiple lenders may provide access to more financing options.

Consider the Benefits of Buying From a Dealership

Some buyers consider purchasing from a private seller to save money, but buying from a reputable dealership often provides additional peace of mind.

Depending on the dealership, benefits may include:

• Professionally inspected vehicles
• Vehicle history reports
• Financing options
• Trade-in opportunities
• Available warranty coverage
• Ongoing customer support

These advantages can simplify the buying process and reduce potential risks compared to private sales.

Look for Transparency Throughout the Buying Process

A trustworthy dealership should make it easy to understand exactly what you're buying and how much you'll pay.

Look for clear pricing, detailed vehicle information, straightforward financing explanations, and staff who are willing to answer your questions without pressure.

Transparency helps you compare options more confidently and reduces the likelihood of unexpected surprises later.

Don't Rush Your Decision

Buying a vehicle is a significant financial commitment, so it's worth taking the time to compare your options.

Research multiple vehicles, ask questions, and think about your long-term needs rather than making an impulse purchase based solely on appearance or price.

The right vehicle should fit both your budget and your lifestyle.

Find Calgary Used Cars With Confidence at House of Cars

Shopping for Calgary used cars doesn't have to be complicated. At House of Cars, you'll find a wide selection of quality used vehicles, transparent pricing, and financing solutions designed to meet a variety of budgets and credit situations.

Whether you're buying your first car, replacing your current vehicle, or looking for something that better fits your family's needs, the team is here to help you make an informed decision without unnecessary pressure.

With more than 1,000 vehicles in stock across Alberta, it's easier to compare options, explore financing, and find a vehicle that works for your lifestyle.

Olympic Park Location
8525 Bowfort Rd NW, Calgary, AB T3B 2V2
📞 (587) 356-1144

Serving Calgary, Airdrie, Cochrane, Edmonton, Lethbridge, and Medicine Hat.

If you're ready to explore Calgary used cars, browse the House of Cars inventory online or visit one of our Alberta locations to get started.

Can You Trade In a Car With Negative Equity

How House of Cars Helps Alberta Drivers Navigate Negative Equity

Trading in a vehicle is usually supposed to simplify the process of upgrading to something new. But for many Alberta drivers, there’s one issue that complicates the decision: negative equity.

If you still owe more on your current loan than your vehicle is worth, you may be wondering whether trading it in is even possible—or whether you’re stuck with the vehicle until the loan balance catches up.

The good news is that yes, you can often trade in a car with negative equity. But understanding how the process works is important because the financial impact can follow you long after the trade-in is complete.

For buyers in Calgary and across Alberta, the key is knowing how lenders evaluate negative equity, what options may be available, and how to avoid making a difficult financial situation even harder

What Negative Equity Means on a Vehicle Loan

Negative equity happens when the remaining balance on your vehicle loan is higher than the current market value of the vehicle.

For example, if you still owe $28,000 on your loan but your car is only worth $22,000 as a trade-in, the difference—$6,000—is considered negative equity.

This situation is also commonly referred to as being “upside down” or “underwater” on a loan.

Negative equity has become increasingly common in recent years due to longer loan terms, rising vehicle prices, and rapid depreciation during the first years of ownership. According to the Consumer Financial Protection Bureau, owing more than a vehicle’s value can make trading or refinancing more complicated because the remaining balance still needs to be paid.

How Negative Equity Happens

There are several reasons why drivers end up with negative equity on a vehicle.

Long Loan Terms

Many buyers choose longer financing terms to reduce monthly payments. While this can make payments more manageable, it also slows how quickly the loan balance decreases.

Meanwhile, the vehicle continues to depreciate.

High Interest Rates

Higher interest rates increase the total amount paid over time, which can make it harder to keep pace with depreciation during the early years of the loan.

Minimal Down Payments

Low or zero down payment financing can increase the risk of negative equity because buyers begin the loan with little ownership stake in the vehicle.

Rapid Depreciation

Some vehicles lose value faster than others. New vehicles typically experience the steepest depreciation within the first few years of ownership. According to Edmunds, many vehicles lose a significant percentage of their value within the first year alone.

Can You Still Trade In a Car With Negative Equity

Yes, in many cases you can still trade in your vehicle even if you owe more than it’s worth.

However, the negative equity does not disappear. The remaining balance still has to be addressed somehow.

Typically, there are three common ways this happens:

• The negative equity is rolled into the new loan
• The buyer pays the difference upfront
• The dealership and lender restructure the financing

The most common option is rolling the remaining balance into the next vehicle loan.

How Rolling Negative Equity Into a New Loan Works

When negative equity is rolled into a new loan, the remaining balance from the old loan is added to the financing amount for the replacement vehicle.

For example:

• Current vehicle loan balance: $28,000
• Trade-in value: $22,000
• Negative equity: $6,000

If the replacement vehicle costs $30,000, the new financing amount may become approximately $36,000 before taxes and fees.

This approach allows buyers to transition into another vehicle without paying the shortfall immediately out of pocket.

However, it’s important to understand that this increases the total amount financed, which may also increase monthly payments or loan length.

Why Lenders Carefully Review Negative Equity Deals

Trading in a car with negative equity is possible, but lenders evaluate these situations carefully because the financial risk is higher.

They typically review factors such as:

• Income stability
• Current debt obligations
• Credit profile
• Loan-to-value ratio
• Vehicle affordability

The goal is to ensure the new loan remains realistic and sustainable for the buyer.

This is why choosing the right replacement vehicle matters. A lender is more likely to approve financing when the vehicle value and payment structure align with the buyer’s financial situation.

When Trading In With Negative Equity Makes Sense

There are situations where trading in a vehicle with negative equity can still be a smart decision.

Your Current Vehicle Is Becoming Unreliable

If your current vehicle requires expensive repairs or is no longer dependable, continuing to keep it may cost more long-term than transitioning into a different vehicle.

Your Financial Situation Has Improved

Some buyers initially financed at very high interest rates due to previous credit challenges. If credit or income has improved since then, refinancing through a new loan structure may create a more manageable long-term situation.

You Need a Different Vehicle for Practical Reasons

Family changes, commuting needs, or work requirements sometimes make switching vehicles necessary, even if negative equity exists.

When It May Be Better to Wait

While trading in with negative equity is possible, it is not always the right financial move.

Waiting may make more sense if:

• The negative equity amount is extremely high
• Your current vehicle is still reliable
• Your income situation is unstable
• You are close to paying down the loan balance significantly

In some situations, continuing to make payments for a period of time may help reduce the negative equity gap before trading in.

Common Myths About Negative Equity

There are several misconceptions that create confusion around vehicle trade-ins.

You Cannot Trade In a Vehicle With Negative Equity

This is false. Many dealerships and lenders work with buyers who still owe money on their vehicles.

The key issue is not whether negative equity exists—it’s whether the new loan structure remains affordable.

Negative Equity Disappears After the Trade-In

The remaining balance does not vanish. It is either paid upfront or added into the next financing agreement.

Understanding this clearly helps buyers avoid unexpected surprises later.

Dealerships Create Negative Equity

Negative equity is primarily caused by loan structure and depreciation—not by the dealership itself.

Factors like long loan terms, high interest rates, and minimal down payments contribute much more significantly.

Why Financing Expertise Matters

Negative equity situations require careful planning.

A dealership experienced in vehicle financing can help buyers:

• Understand the real numbers clearly
• Explore lender options
• Structure manageable payments
• Avoid overextending financially

This is especially important for buyers already dealing with credit rebuilding or budget concerns.

The right dealership focuses not just on getting approval, but on helping buyers move into a better long-term financial position.

How Trade-In Evaluations Work

When evaluating a trade-in vehicle, dealerships consider several factors including:

• Vehicle condition
• Mileage
• Market demand
• Accident history
• Service history
• Current resale value

These factors help determine the actual trade-in value used to calculate whether negative equity exists.

Transparent evaluations are important because they help buyers understand how the numbers are being calculated rather than feeling uncertain about the process.

Understanding Your Options Helps You Make Better Decisions

Negative equity can feel stressful, but it does not automatically prevent you from moving forward.

The most important thing is understanding how the numbers work and choosing a path that fits your financial situation realistically.

For some buyers, trading in immediately makes sense. For others, waiting and paying down the loan further may be the better choice.

There is no universal answer, only the option that best aligns with your current needs, budget, and long-term goals.

Explore Trade-In Options With House of Cars

At House of Cars, the goal is to help Alberta drivers navigate vehicle financing with clarity and confidence, even when negative equity is involved.

If you’re looking to trade in a car with negative equity, the team can help you understand your options, evaluate your current loan situation, and explore financing solutions that fit your needs.

With access to multiple lenders and over 1000 vehicles across Alberta, House of Cars works to make the process more transparent, straightforward, and manageable.

Olympic Park Location
8525 Bowfort Rd NW, Calgary, AB T3B 2V2
📞 (587) 356-1144

Serving Calgary, Airdrie, Cochrane, Edmonton, Lethbridge, and Medicine Hat.

If you’re unsure what your current vehicle is worth or whether trading in makes sense right now, House of Cars is here to help you explore the next step with confidence.

Can You Get a Car Loan After Bankruptcy in Alberta? Everything You Need to Know

A Clearer Path to Vehicle Financing After Bankruptcy With House of Cars

Filing for bankruptcy can feel like hitting reset on your finances but it can also leave you wondering what comes next, especially when it comes to getting approved for a vehicle.

For many Alberta drivers, having reliable transportation isn’t optional. It’s how you get to work, take care of your family, and move forward. So the question becomes: can you get a car loan after bankruptcy in Alberta?

The short answer is yes. But approval doesn’t happen the same way it would for someone with strong credit. It requires understanding how lenders think, what timelines look like, and how to rebuild trust step by step.

What Bankruptcy Means for Car Loan Approval

Bankruptcy affects your credit profile because it signals to lenders that you were previously unable to meet financial obligations. In Canada, a bankruptcy typically remains on your credit report for 6 to 7 years after discharge, depending on the credit bureau.

That doesn’t mean you have to wait that long to get approved for a vehicle.

Lenders don’t just look at your past—they also evaluate your current financial situation. Once your bankruptcy is discharged, many lenders are open to approving car loans if you can demonstrate stability.

The key shift is this: approval becomes less about your credit score and more about your present ability to repay the loan.

How Soon After Bankruptcy Can You Get a Car Loan

One of the most common questions is timing.

In Alberta, some buyers are able to get approved:

• Immediately after discharge, in many cases
• Within a few months, if income is stable
• Even during bankruptcy, in certain structured programs

While approval during an active bankruptcy is more limited, it’s not impossible. Some lenders specialize in working with individuals who are still in the process, though options may be more restricted.

After discharge, approval becomes significantly more accessible especially if you’ve re-established steady income and reduced outstanding obligations.

What Lenders Look for After Bankruptcy

When applying for a car loan after bankruptcy in Alberta, lenders focus on a different set of criteria than they would for traditional borrowers.

Income stability matters more than credit score

Lenders want to see consistent, reliable income. This could come from employment, self-employment, or other verifiable sources. Stability is often more important than the amount itself.

Affordability is a key factor

Your monthly expenses are reviewed alongside your income to determine whether the loan payments fit comfortably within your budget.

Lenders are not just asking “Can you pay?”—they’re asking “Can you sustain this over time?”

Down payments can improve approval odds

While not always required, a down payment can strengthen your application. It reduces the loan amount and shows commitment, which can help offset perceived risk.

Vehicle selection plays a role

Lenders often prefer vehicles that are reliable, reasonably priced, and hold their value. Choosing the right vehicle can significantly improve your chances of approval.

Why Car Loans Are One of the First Approvals After Bankruptcy

Car loans are often one of the first types of financing available after bankruptcy because they are secured loans.

This means the vehicle itself acts as collateral. If payments are not made, the lender has the ability to recover the asset.

Because of this structure, lenders are generally more willing to work with higher-risk borrowers compared to unsecured loans like credit cards.

For many buyers, a car loan becomes the first step in rebuilding their credit profile.

Rebuilding Credit Through a Car Loan

Financing a vehicle after bankruptcy isn’t just about getting approved—it’s about what happens next.

Each on-time payment contributes to rebuilding your credit history. Over time, consistent payments demonstrate responsible borrowing behavior, which can help improve your credit score.

Many buyers begin with:

• A manageable loan amount
• A vehicle that fits their budget
• A structured payment plan

After 12 to 24 months of consistent payments, some borrowers begin to qualify for better financing terms.

This is why lenders often view auto loans as part of a credit rebuilding strategy, not just a purchase.

Common Misconceptions About Bankruptcy and Car Loans

There are several myths that prevent people from even trying to get approved.

You have to wait years before applying

This is one of the biggest misconceptions. While bankruptcy remains on your credit report for several years, approval can happen much sooner, sometimes immediately after discharge.

You won’t get approved without perfect credit

Lenders working with post-bankruptcy borrowers already understand that your credit isn’t perfect. What matters more is your current financial situation.

Interest rates are always unaffordable

Rates may be higher than average at first, but they are often structured to help borrowers rebuild. As your credit improves, refinancing options may become available.

All lenders will decline your application

Traditional banks may be more restrictive, but many specialized lenders exist specifically to help borrowers rebuild after financial setbacks.

How Dealerships Help You Get Approved After Bankruptcy

Applying directly through a bank can limit your options, especially after bankruptcy.

Dealerships that specialize in financing work differently.

Instead of relying on a single lender, they often have access to a network of lenders—including those who work with post-bankruptcy clients. This increases the chances of finding an approval that fits your situation.

More importantly, they help structure your application properly.

That includes:

• Matching you with the right lender
• Recommending vehicles that align with approval criteria
• Ensuring your loan is affordable and sustainable

This guidance can make a significant difference in whether an application is approved or declined.

What to Expect During the Approval Process

The process of getting a car loan after bankruptcy is often simpler than many people expect.

It typically involves:

• Submitting a financing application
• Providing proof of income and employment
• Reviewing available vehicle options
• Receiving approval from a lender
• Finalizing terms and signing paperwork

In many cases, approvals can happen within 24 to 48 hours, depending on the situation.

The goal isn’t just to get approved, it’s to ensure the loan makes sense for your current financial position.

Moving Forward After Bankruptcy With Confidence

Bankruptcy is not the end of your financial story. It’s a turning point.

Getting approved for a vehicle loan after bankruptcy is not only possible—it’s often one of the first steps toward rebuilding stability.

The process may look different than traditional financing, but that doesn’t mean it’s out of reach.

With the right approach, the right lender, and the right support, many Alberta drivers move forward successfully every day.

Get Approved for a Car Loan After Bankruptcy With House of Cars

At House of Cars, our focus is helping you move forward, no matter where you’re starting from.

If you’re exploring a car loan after bankruptcy in Alberta, you’re not alone—and you’re not out of options. The team works with a wide network of lenders who understand real financial situations and are open to helping you rebuild.

Whether you’ve recently been discharged or are still working through the process, there are paths available. More importantly, there’s a team ready to guide you through it without pressure or judgment.

Olympic Park Location
8525 Bowfort Rd NW, Calgary, AB T3B 2V2
(587) 356-1144

Serving Calgary, Airdrie, Cochrane, Edmonton, Lethbridge, and Medicine Hat.

If you’re ready to take the next step, apply for financing today and see what’s possible.

Bad Credit vs No Credit When Buying a Car in Alberta

How House of Cars Supports First-Time Buyers, Credit Builders, and Alberta Drivers Seeking Approval

For many drivers in Alberta, financing a vehicle isn’t just about choosing the right car, it’s about understanding how credit affects approval. Two terms often come up during the process: bad credit and no credit.

At first glance, they may sound similar. Both situations can make financing more complicated, and both may lead buyers to believe getting approved for a vehicle loan is impossible.

The reality is very different.

Understanding the difference between bad credit vs no credit when applying for a car loan can help you approach financing with more confidence. It also explains why many buyers (including first-time drivers, students, and newcomers to Canada) are still able to secure vehicle financing through dealerships that work with specialized lenders.

What Bad Credit Means When Applying for a Car Loan

Bad credit refers to a credit history that includes negative marks such as missed payments, collections, high debt balances, or bankruptcy. In Canada, credit scores typically range from 300 to 900, and scores below about 660 are often considered subprime by lenders.

A lower score doesn’t automatically mean you’ll be denied a car loan, but it can affect the type of lenders willing to work with you and the interest rates offered.

Bad credit can happen for many reasons, including:

• Late or missed payments on loans or credit cards
• Accounts sent to collections
• Bankruptcy or consumer proposals
• High credit utilization
• Financial hardship or unexpected expenses

For lenders, bad credit signals higher risk because it suggests previous difficulty repaying borrowed money.

What No Credit Means for Car Financing

No credit means you don’t yet have enough credit history for lenders to evaluate your borrowing habits.

This situation is surprisingly common and often affects:

• First-time car buyers
• Young drivers or students
• Newcomers to Canada
• People who have always paid cash and avoided credit

Understanding the Difference Between Bad Credit and No Credit

When comparing bad credit vs no credit for a car loan, the biggest difference is the presence of credit history.

Bad credit means a borrower has an established credit history that includes negative marks such as missed payments, collections, or high debt balances. Lenders reviewing this history can see patterns that suggest the borrower previously struggled to repay debt. While that doesn’t automatically prevent approval, it may lead lenders to offer higher interest rates or require additional verification before approving financing.

No credit, on the other hand, simply means there is little or no credit history available to review. This situation is common for first-time buyers, younger drivers, students, or newcomers to Canada who have not yet built a Canadian credit profile. Instead of seeing negative financial behavior, lenders simply see a lack of data.

Because of this difference, lenders evaluate each situation differently. With bad credit, they focus on whether the borrower’s current financial situation shows improvement and stability. With no credit, they focus more heavily on income, employment history, and affordability to determine whether the borrower can realistically manage loan payments.

In many cases, both situations can still lead to successful approvals. What matters most is not just the credit history itself, but the overall financial picture—including income stability, monthly expenses, and the structure of the loan.

Why Car Loans Are More Flexible Than Other Loans

One reason many buyers can still qualify is that car loans are secured loans. That means the vehicle itself acts as collateral.

Because of this, lenders often focus on more than just your credit score. They may also evaluate:

• Your current income
• Employment stability
• Debt-to-income ratio
• Down payment amount
• The vehicle’s value and reliability

Even borrowers with low scores or limited credit history may still qualify when these other factors are strong.

Specialized lenders exist specifically to work with buyers in subprime credit categories, helping them access financing when traditional banks decline applications.

Common Myths About Bad Credit and No Credit Car Loans

Many misconceptions about credit prevent buyers from even trying to get approved.

Myth One: You Cannot Get a Car Loan With Bad Credit

This is one of the most common misunderstandings. While banks may be stricter, many lenders specialize in financing for borrowers with lower credit scores.

Approval often depends on income stability and affordability, not just the credit score alone.

Myth Two: No Credit Means Automatic Approval

Some first-time buyers assume that having no credit is easier than having bad credit. While it can sometimes be viewed more positively, lenders still need proof that payments can be made reliably.

Without a credit history, lenders may rely more heavily on employment history and income verification.

Myth Three: Interest Rates Are Always the Same

Credit history often affects loan terms and interest rates. Borrowers with stronger credit typically qualify for lower rates, while higher-risk borrowers may receive higher rates to offset risk.

This difference can add significantly to the overall cost of a vehicle loan over time.

Myth Four: Dealership Financing Is Only for People With Good Credit

Many dealerships actually work with a network of lenders that serve buyers across the credit spectrum. Some programs are specifically designed for customers rebuilding credit or establishing credit for the first time.

In fact, dealerships often provide more financing flexibility than traditional banks.

How First-Time Buyers Get Approved for Car Loans

First-time buyers often fall into the no-credit category, which can make traditional bank financing difficult.

However, many lenders offer programs designed to help new borrowers establish credit. These programs often focus on factors such as:

• Stable employment
• Consistent income
• Reasonable monthly expenses
• Affordable vehicle selection

Starting with a manageable loan and making on-time payments allows first-time buyers to begin building a credit history.

After a year or two of consistent payments, borrowers often see significant improvements in their credit profile.

Car Financing Options for Newcomers to Canada

New Canadians frequently encounter the no credit challenge because they may not yet have a Canadian credit file.

Fortunately, some lenders offer newcomer programs that recognize international financial history and employment stability. These programs may allow buyers to qualify even if their Canadian credit history is limited.

Applicants may need to provide documents such as:

• Proof of employment
• Work permits or residency documentation
• Canadian address verification
• Valid driver’s license

How Car Loans Can Help Rebuild Credit

For buyers with bad credit, financing a vehicle can actually be part of rebuilding their financial profile.

Making consistent monthly payments demonstrates responsible borrowing behavior, which credit bureaus record. Over time, this positive history can gradually improve credit scores.

Some buyers begin with a modest vehicle loan designed to fit their budget. After building payment history for several years, they may qualify for better loan terms and lower interest rates in the future.

In this way, a vehicle loan becomes more than just transportation—it becomes a step toward stronger financial stability.

What Lenders Look for Beyond Credit Scores

Credit scores matter, but they are not the only factor in approval decisions.

Lenders often review several other elements when evaluating applications, including:

• Income consistency
• Length of employment
• Monthly financial obligations
• Down payment amount
• Vehicle affordability

The Importance of Working With the Right Dealership

Navigating financing options can be confusing, especially when dealing with bad credit or limited credit history.

Dealerships that specialize in financing support often work with multiple lenders, including those that offer subprime and newcomer programs. This allows them to match buyers with lenders whose criteria best fit their financial situation.

Instead of submitting applications to a single bank, dealerships can explore multiple approval paths at once, improving the likelihood of finding a solution.

Understanding Your Credit Situation Helps You Move Forward

When it comes to bad credit vs no credit car loans, the most important thing to remember is that neither situation automatically prevents you from getting approved.

Bad credit reflects financial challenges in the past, while no credit simply means you haven’t yet built a credit history. Both situations require a different approach to financing, but both can still lead to successful approvals when handled properly.

The key is understanding your situation, working with experienced financing specialists, and choosing a loan that fits comfortably within your budget.

Find Financing Options With House of Cars

House of Cars is an Alberta-based dealership network focused on helping drivers secure vehicle financing, regardless of credit history. With over 1,000 vehicles available and locations across the province, House of Cars works with multiple lenders to help buyers explore financing options that fit their situation.

Whether you have bad credit, no credit, or are purchasing your first vehicle, the team can guide you through the process and help you understand your options.

Olympic Park Location
8525 Bowfort Rd NW, Calgary, AB T3B 2V2
Phone: (587) 356-1144

Serving communities across Alberta, including Calgary, Airdrie, Cochrane, Edmonton, Lethbridge, and Medicine Hat.

If you’re considering a vehicle purchase and are unsure how your credit may affect approval, the team at House of Cars is ready to help you take the next step with confidence.

How to Get Approved for a Car Loan in Alberta Even With Bad Credit

Understanding Alberta Car Loan Approvals and Your Options With House of Cars

If you’ve been turned down for financing before, it’s easy to assume getting a car loan in Alberta with bad credit just isn’t possible. Many people stop looking altogether, worried about rejection, judgment, or being pushed into something they can’t afford.

Here’s the truth: bad credit doesn’t automatically mean bad options. Approval depends on more than just a credit score, and dealerships like House of Cars are built specifically to help Alberta drivers get approved, even when traditional lenders say no.

This guide explains how car loan approvals really work, what lenders look at, and what you can do right now to improve your chances of getting approved and back on the road.

Can You Get a Car Loan in Alberta With Bad Credit

Yes, you absolutely can. In Alberta, many lenders specialize in auto financing for buyers with poor or damaged credit. Unlike personal loans or mortgages, car loans are secured loans, meaning the vehicle itself helps reduce the lender’s risk.

That’s why auto financing is often one of the easiest ways to get approved, even if you’ve experienced bankruptcy, collections, late payments, or gaps in credit history.

The key is working with a dealership that understands how to structure applications properly and match you with the right lenders, not just one bank.

What Lenders Actually Look at for Car Loan Approval

Credit score matters, but it’s only part of the picture. Lenders evaluate your overall financial stability, not just a three-digit number.

Your Income and Employment Stability

Lenders want to see that you have consistent income and the ability to make monthly payments. This doesn’t mean you need a high-paying job. Many approvals are based on:

• Full-time or part-time employment
• Self-employment with proof of income
• Government or disability income
• Seasonal or hourly work

Your Monthly Expenses

Lenders assess how much of your income is already committed to rent, utilities, child support, or other obligations. This helps determine a realistic payment, not one that stretches you too thin.

At House of Cars, financing is built around affordability—not maximum loan size.

Your Down Payment

A down payment isn’t always required, but it can help. Even a small amount can:

• Improve approval odds
• Lower your interest rate
• Reduce monthly payments

If you don’t have a down payment, there are still options. Many Alberta lenders offer zero-down approvals when the rest of the application is strong.

Your Credit History, Not Just the Score

Lenders look at patterns, not just mistakes. A few missed payments years ago are different from ongoing issues today. They want to know:

• Are things improving or staying the same
• Are recent payments on time
• Has income stabilized

Why Applying at a Bank Often Leads to Rejection

Many people apply directly through a bank or online lender and get declined. This isn’t because approval is impossible; it’s because banks use rigid approval systems.

Banks typically:

• Focus heavily on the credit score
• Avoid higher-risk applications
• Don’t consider the full context

Dealerships like House of Cars work differently. They submit applications to multiple specialized lenders, each with different criteria. What one lender rejects, another may approve.

How House of Cars Helps Buyers With Bad Credit Get Approved

House of Cars is built around financing solutions, not just selling vehicles. That difference matters.

Access to Multiple Lenders

Instead of relying on one bank, House of Cars works with a network of Alberta and national lenders, including those who specialize in bad credit, no credit, and credit rebuilding loans.

This increases approval chances dramatically.

Proper Application Structuring

How an application is submitted matters just as much as what’s on it. Income verification, vehicle selection, loan term, and payment structure all affect approval.

House of Cars knows how to present applications in a way that lenders respond to positively.

Credit Rebuilding Focus

For many buyers, the goal isn’t just getting approved; it’s also about improving credit. House of Cars’ Credit Rebuilding Program is designed to help you:

• Make manageable monthly payments
• Build positive payment history
• Improve your credit profile over time

How Long Does Approval Take in Alberta

Approval can often happen the same day, sometimes within hours. In many cases, buyers are driving within 24–48 hours, depending on documentation and vehicle availability.

Things that help speed up approval:

• Proof of income
• Valid driver’s license
• Proof of address

Even if you don’t have everything ready, House of Cars will guide you through the process step by step.

Common Reasons People With Bad Credit Still Get Approved

Many buyers assume their situation is “too far gone.” In reality, House of Cars regularly helps people who:

• Have been declined elsewhere
• Went through bankruptcy or a consumer proposal
• Are new to Canada
• Are self-employed
• Have limited or no credit history

Choosing the Right Vehicle Matters for Approval

Vehicle selection plays a big role in financing approval. This is why working with a dealership that understands financing is so important. House of Cars helps match you with vehicles that lenders are comfortable approving, without pushing you into something you don’t want.

Lenders consider:

• Vehicle age and mileage
• Loan-to-value ratio
• Reliability and resale value

What You Can Do Right Now to Improve Approval Chances

You don’t need perfect credit to take action today. Simple steps can make a big difference:

• Be honest on your application
• Know your income and expenses
• Avoid applying to multiple places on your own
• Work with a dealership that specializes in approvals

Your Next Steps Toward Car Loan Approval

It’s completely normal to feel hesitant about applying for financing again, especially after being declined in the past. Many people worry about embarrassment, pressure, or spending time on an application that won’t go anywhere. That fear alone can stop buyers from moving forward, even when approval may actually be possible.

Getting approved for a car loan in Alberta with bad credit is more achievable than most people realize. It’s not about having perfect credit, it’s about stability, proper structure, and working with the right team. House of Cars helps bridge the gap between lenders and real people with real financial histories, offering clear answers, honest guidance, and options that help buyers move forward with confidence.

Get Approved Today With House of Cars

House of Cars is an Alberta-based dealership network focused on helping drivers get approved for vehicle financing—regardless of credit history. With multiple locations and over 1000+ vehicles in stock, House of Cars simplifies the car-buying process through transparent pricing, personalized financing solutions, and credit rebuilding programs.

Olympic Park Location
8525 Bowfort Rd NW, Calgary, AB T3B 2V2
📞 (587) 356-1144

Serving: Calgary • Airdrie • Cochrane • Edmonton • Lethbridge • Medicine Hat

Ready to move forward? Apply for financing today and find out what you qualify for with no pressure and no judgment.

Get approved today with House of Cars.

How Long Does It Take to Rebuild Credit With a Car Loan?

Why House of Cars’ Credit Rebuilding Program Helps

Rebuilding your credit can feel overwhelming, especially if you’ve been declined before or told to “wait it out.” One of the most common questions drivers ask is whether financing a vehicle can actually help, and if so, how long it really takes to rebuild credit with a car loan.

The short answer: credit rebuilding is not instant, but it is achievable. When structured properly, a car loan can be one of the most effective tools for rebuilding credit and restoring financial confidence.

Let’s take an honest look at how rebuilding credit with a car loan works, realistic timelines to expect, and how programs like House of Cars’ Credit Rebuilding Program help drivers move forward without unnecessary stress or judgment.

Why a Car Loan Is Often Used to Rebuild Credit

Credit scores are built on patterns over time, not one-time decisions. Financing a vehicle creates a structured installment loan that reports monthly to the credit bureaus. When managed responsibly, that consistent payment history becomes a strong positive signal on your credit report.

A car loan helps rebuild credit because it:

• Adds an installment loan to your credit profile
• Builds consistent payment history, the most important credit factor
• Shows lenders you can manage long-term financial responsibility

Unlike credit cards, which can fluctuate month to month, an auto loan is predictable. Fixed payments, a defined term, and clear expectations make it one of the most straightforward ways to demonstrate reliability to future lenders.

How Long Does It Take to Rebuild Credit With a Car Loan?

Rebuilding credit happens in stages. While every situation is unique, most drivers see meaningful improvement within 6 to 24 months when payments are made on time and the loan is properly structured.

The First 3 Months: Establishing the Account

In the early months:

• Your loan begins reporting to credit bureaus
• You may not see immediate score changes
• Consistent, on-time payments matter more than anything

This phase is about building the foundation. Even if your score doesn’t move right away, you’re creating positive momentum behind the scenes.

Around 6 Months: Early Credit Improvement

At the six-month mark, many drivers begin to notice:

• Small but measurable credit score increases
• Improved payment history appearing on reports
• Fewer red flags for lenders

This is often when rebuilding starts to feel real. You may still have work to do, but you’re no longer starting from zero.

12 Months: Stronger Credit Stability

After a full year of on-time payments:

• Your credit profile looks more consistent
• Lenders view you as lower risk
• Better financing options may become available

For many buyers, this is the turning point where past challenges carry less weight than current behavior.

18–24 Months: Long-Term Credit Recovery

Between 18 and 24 months:

• Credit score gains are often more substantial
• Refinancing opportunities may open up
• Approval for additional credit becomes easier

What Impacts How Fast Your Credit Improves?

While timelines provide a general guide, several factors influence how quickly you rebuild credit with a car loan.

Your Starting Credit Situation

Drivers with no credit history often see faster early improvements, while those rebuilding after missed payments, collections, or bankruptcy may take longer. Both paths are valid—the key is consistency.

Payment History (The Most Important Factor)

Payment history has the greatest impact on your credit score. One late payment can slow progress, while consistent on-time payments accelerate improvement.

Helpful habits include:

• Setting up automatic payments
• Choosing a loan with comfortable monthly payments
• Avoiding missed or delayed payments

Loan Structure and Affordability

A loan that fits your budget is essential. Stretching beyond what you can manage increases the risk of missed payments, which can hurt your credit instead of helping it.

This is where working with an experienced dealership matters.

Other Debts and Credit Activity

Existing high balances, unpaid collections, or frequent new credit applications can slow progress. However, a well-managed auto loan can still help offset older negative marks over time.

Can a Car Loan Hurt Your Credit Instead?

Yes, if it’s not handled responsibly. A car loan can negatively impact your credit if:

• Payments are missed or late
• The loan is unaffordable
• Too much debt is taken on at once

Why a Credit Rebuilding Program Makes a Difference

Not all car loans are designed with long-term credit improvement in mind. A true credit rebuilding strategy focuses on sustainability, not just getting approved.

House of Cars’ Credit Rebuilding Program is built for drivers who want to move forward responsibly. Instead of one-size-fits-all financing, the program focuses on:

Choosing a Vehicle That Fits Your Budget

Rebuilding credit starts with a vehicle that makes sense financially. At House of Cars, the focus is on helping you choose a car with payments you can comfortably manage. When your loan fits your budget, it’s easier to stay on track. That consistency is what helps your credit improve over time.

Working With Lenders That Support Credit Rebuilding

Not all lenders understand credit rebuilding, and that can impact your results. House of Cars works with lenders who specialize in helping drivers rebuild credit, not just approve loans. These lenders look at your current situation, not just your past. That approach creates better long-term outcomes.

Keeping Monthly Payments Manageable

Affordable, predictable payments are key when rebuilding credit. A manageable payment structure helps reduce financial stress and lowers the risk of missed payments. When payments are easy to maintain, staying consistent becomes realistic. And consistency is what credit bureaus value most.

Focusing on Long-Term Credit Improvement

Rebuilding credit is about steady progress. House of Cars’ Credit Rebuilding Program is designed to help you build a positive payment history over time. This long-term approach strengthens your credit profile and creates more opportunities in the future. The goal is lasting improvement, not temporary results.

Rebuilding Credit Is More Common Than You Think

Many drivers rebuilding credit feel like they’re alone, but they’re not. People rebuild credit every day due to:

• Job loss or financial hardship
• Divorce or separation
• Medical expenses
• Being new to Canada
• Self-employment income changes
• Previous loan defaults or bankruptcy

How to Get the Most Out of a Car Loan for Credit Rebuilding

If your goal is to rebuild credit with a car loan, these best practices make a meaningful difference:

• Make every payment on time
• Avoid overextending your budget
• Limit new credit applications early on
• Monitor your credit report periodically
• Stay patient—progress compounds

Is Rebuilding Credit With a Car Loan Worth It?

For many drivers, yes. A properly structured car loan offers:

• Reliable transportation
• A clear way to rebuild credit
• Improved financial opportunities in the future

When handled responsibly, it becomes more than just a vehicle; it also becomes a tool for rebuilding stability and confidence.

Real Progress Takes Time

Rebuilding credit doesn’t happen overnight, but it does happen. With consistent payments and the right financing structure, most drivers see noticeable improvement within 6 to 24 months.

With the right plan and consistent payments, real progress is possible. And when you’re ready to take that next step, House of Cars’ Credit Rebuilding Program is designed to help you move forward with confidence.

Apply for financing today or visit House of Cars Olympic Park to explore your options, ask questions, and start rebuilding your credit, one smart step at a time.

House of Cars Olympic Park – Used Vehicles & Auto Financing

House of Cars is an Alberta-based dealership network focused on helping drivers get approved for vehicle financing—regardless of credit history. With multiple locations and over 1,000+ vehicles in stock, House of Cars simplifies the car-buying process through transparent pricing, personalized financing solutions, and credit rebuilding programs designed to support long-term financial success.

Location:

Olympic Park

8525 Bowfort Rd NW, Calgary, AB T3B 2V2, Canada

Phone:
(587) 356-1144

Serving Communities Across Alberta:
Calgary • Airdrie • Cochrane • Edmonton • Lethbridge • Medicine Hat

Calgary Locations:
52nd Street • Barlow Trail • Chinook • Deerfoot Meadows • Macleod Trail • McKnight • Olympic Park

What Does “No Haggle Pricing” Actually Mean When Buying a Car?

A Simpler, More Transparent Way to Buy a Car With House of Cars

Shopping for a car can be stressful. Between negotiating prices, comparing deals, and worrying about hidden fees, many buyers feel overwhelmed. That’s where a no-haggle car dealership like House of Cars changes the game.

No haggle pricing is a commitment to transparency, fairness, and simplicity. But what does it really mean, and how does it benefit you as an Alberta driver? In this guide, we’ll break down the concept, explain why it matters, and show how it works in practice at House of Cars.

What Is No Haggle Pricing?

No haggle pricing means the price you see is the price you pay. There’s no back-and-forth, no confusing negotiations, and no last-minute surprises.

At a no-haggle car dealership, every vehicle has a clear, upfront price designed to be competitive, fair, and reflective of market value. This approach ensures that buyers know exactly what to expect and can focus on choosing the right vehicle for their needs, rather than stressing over negotiation.

At House of Cars, no haggle pricing is part of our customer-first philosophy. Each vehicle goes through:

• Market research to ensure the price is competitive for Alberta buyers
• Inspection and certification so you know exactly what you’re paying for
• Transparent documentation with all fees disclosed upfront

Why No Haggle Pricing Benefits Buyers

Many people assume negotiating will save money, but research shows that buyers often feel pressure, confusion, or even buyer’s remorse. No haggle pricing removes these issues by providing clarity, fairness, and predictability.

You Know Exactly What You’re Paying

When prices are set upfront, there’s no guessing or worrying about hidden fees. This clarity allows Alberta drivers to plan their budget accurately, whether buying a new or used car. You can focus on what matters most, like financing, features, and finding a car that fits your life.

Reduces Stress and Anxiety

Negotiating can be intimidating, especially for first-time buyers or anyone who has had a negative experience with high-pressure sales tactics. No haggle pricing eliminates that stress. You’re not competing with other buyers or feeling the pressure to accept terms you’re uncomfortable with.

Promotes Fairness for Everyone

No haggle pricing ensures that every customer pays the same fair price. Unlike traditional dealerships, where pricing can vary based on perceived negotiation skills, this approach levels the playing field. In Alberta, where transparency is valued, this builds long-term trust with the dealership and encourages repeat business.

How No Haggle Pricing Supports Transparency

Transparency is at the core of House of Cars’ philosophy. Every vehicle comes with a detailed CarProof report, mechanical inspection, and clearly listed features and fees.

When combined with no haggle pricing, this transparency helps buyers:

• Make informed decisions quickly
• Avoid overpaying or missing hidden costs
• Trust that the price is fair compared to market value

Common Misconceptions About No Haggle Pricing

Some buyers assume that no-haggle dealerships are more expensive. In reality, prices are often competitive or better than traditional dealerships when considering the added benefit of transparency and trust.

Myth: You Can Always Get a Better Deal by Negotiating

Negotiation can sometimes result in small savings, but it can also lead to:

• Overpaying due to emotional decisions
• Feeling pressured into unfavorable financing
• Wasting time in drawn-out discussions

No haggle pricing removes this risk, giving Alberta buyers confidence that the price is fair from the start.

Myth: No Haggle Means No Flexibility

At House of Cars, no haggle doesn’t mean “no options.” Buyers can still explore:

• Trade-in values
• Financing options, including credit rebuilding programs
• Optional warranties and protection plans

The difference is that all pricing is clear, upfront, and consistent, so there are no surprises.

How No Haggle Pricing Works With Financing

One of the biggest advantages of a no-haggle dealership is how it integrates with financing. At House of Cars, every vehicle’s price is set independently of your loan, so you know exactly what you’re borrowing.

Makes Financing Easier

Since the price is set, financing discussions are straightforward. You can focus on:

• Selecting a monthly payment that fits your budget
• Exploring credit rebuilding options if needed
• Understanding the full terms of your loan

Supports Credit Rebuilding Programs

For buyers with imperfect credit, negotiating can be stressful and even intimidating. No haggle pricing, combined with House of Cars’ Credit Rebuilding Program allows you to focus on consistent payments and long-term improvement, rather than worrying about haggling for a better price.

Why No Haggle Pricing Works Well in Alberta

Alberta drivers face unique conditions that affect car-buying decisions:

• Used vehicles are often in high demand due to seasonal driving conditions
• Harsh winters and highway commuting affect vehicle maintenance and resale value
• Competitive markets in Calgary, Edmonton, and other surrounding cities make pricing transparency valuable

No haggle pricing ensures that everyone gets a fair deal, no matter which city you’re in, while simplifying the buying process for local drivers.

What to Look for in a No Haggle Car Dealership

Not every dealership that claims to be “no haggle” truly lives up to it. Here’s what to look for:

• Clear, upfront pricing on every vehicle
• Transparent fees with no hidden charges
• Independent inspections and CarProof reports
• Financing options that work with your budget and credit situation
• Professional, knowledgeable staff who focus on helping, not pressuring

How to Make the Most of No Haggle Pricing

Even at a no haggle dealership, you can take steps to ensure you’re making the best purchase:

• Research market value for the car you want
• Know your budget and financing options
• Check vehicle history reports and inspections
• Ask about trade-in value and warranties
• Take your time—you don’t need to rush into a decision

Conclusion

No haggle pricing is a commitment to honesty, fairness, and transparency. At House of Cars, every vehicle is priced competitively for Alberta buyers, with full inspections, CarProof reports, and clear financing options.

By eliminating negotiation stress, you can focus on finding the right car for your life and budget. Whether you’re buying new or used, looking to rebuild credit, or just want a transparent and fair experience, a no-haggle car dealership like House of Cars makes the process simple and stress-free.

Visit House of Cars Olympic Park today, explore our inventory, or apply for financing online. Our team is here for you, ready to help you drive away in a car that fits your needs and your budget.

House of Cars Olympic Park – No Haggle Car Dealership

House of Cars is an Alberta-based dealership network focused on helping drivers get approved for vehicle financing, regardless of credit history. With multiple locations and over 1000+ vehicles in stock, House of Cars simplifies the car-buying process through transparent pricing, personalized financing solutions, and credit rebuilding programs.

Location:
Olympic Park
8525 Bowfort Rd NW, Calgary, AB T3B 2V2, Canada

Phone:
(587) 356-1144

Serving Communities Across Alberta:
Calgary • Airdrie • Cochrane • Edmonton • Lethbridge • Medicine Hat

Ready to buy a car without the stress of negotiation? Visit House of Cars today and experience no-haggle pricing done right.

What is a Good Finance Rate for a Car in Canada?

Finding a good car finance rate in Alberta and across Canada requires navigating a landscape of rising interest rates. As of now, the Bank of Canada has set the policy interest rate at about 5%. This benchmark rate influences the rates offered by banks and other lenders for car loans.

Additionally, interest rates can vary based on several factors including your credit score, the loan term, and the type of vehicle you’re financing or whether you have negative or positive equity. At House of Cars, we’re here to help you understand how this all works.

Here’s a breakdown to help you understand what a good finance rate is when buying a car:

1. Prime Rate Influence: The prime rate, which is closely linked to the Bank of Canada’s rate, is currently around 5.25% in July, 2024. 
2. Credit Score: If your credit score is excellent (above 750), you can score car loan rates as low as 5.5% to 6%. For good credit (700-749), expect rates around 6.5% to 7.5%. But if your credit is fair or poor (below 700), rates can climb above 8%, sometimes even hitting double digits.

*Rates mentioned are not guaranteed and are examples based on statistics from the time this article was written only. Please consult with a finance professional for more accurate rates.

1. Loan Term: The length of your car loan affects your interest rate. Shorter terms, like 36-48 months, usually offer lower rates but come with higher monthly payments compared to longer terms, like 60-72 months. It's a trade-off between saving on interest and managing monthly costs.
2. Vehicle Type and Age: New cars typically qualify for lower interest rates compared to older cars. This is because new vehicles have a more predictable depreciation rate and are considered lower risk by lenders.

With inflation and interest rates in flux, locking in a great car loan rate can be tough but doable. As of mid-2024, the Bank of Canada notes that core inflation is easing up, which could mean rates might stabilize or even drop soon. So, while it's tricky, there’s still a shot at securing a good deal on your car loan!

Where to get the best interest rates on used cars in Alberta

At House of Cars, we have a strong network of lenders, offering you competitive financing options. Whether you're having trouble finding a good rate elsewhere or just want to know your options, we can help. 

Visit us online or at any of our dealership locations in Alberta to speak with our finance experts. We can help you secure a car loan that fits your budget.

Lease Vs Finance: What’s Best In Alberta?

Deciding whether to lease or finance a car in Alberta can be as tricky as choosing the right toppings for your poutine.

Leasing a car vs financing a car have their perks and pitfalls, and what works for one person might not be the best for another. At House of Cars, we talk about the two options so you can choose the best option for you.

Leasing Pros & Cons

Leasing a car is like renting an apartment. You pay a monthly fee to use the car, but you don't actually own it. At the end of the lease term, you have to return the vehicle or opt to buy it at a predetermined price.

Here’s why leasing might be a good fit:

Lower Monthly Payments

Leasing generally comes with lower monthly payments compared to financing. This can be appealing if you're working with a tight budget but still want to drive a new car. For example, a compact car like the Toyota Corolla might cost significantly less per month to lease than to finance, making it an attractive option if cash flow is a concern.

Driving the Latest Models

Leasing allows you to drive a new car every few years. This means you can always have the latest technology and safety features without the hassle of trading in or selling your old car. For those who love staying current with automotive advancements, leasing offers the flexibility to upgrade more frequently without the hassle of having to sell first, then buy.

Maintenance and Warranty

Since most leases last between 2 to 4 years, the car is usually under the manufacturer’s warranty. This means fewer out-of-pocket expenses for maintenance and repairs, giving you peace of mind while you’re on the road.

The Downsides of Leasing

Mileage Limits

Leases often come with mileage limits, usually around 20,000 to 24,000 kilometres per year. If you exceed this limit, you could face hefty charges. For Albertans who love taking long road trips to the Rockies or frequent drives between cities like Calgary and Edmonton, this can be a significant drawback. However, an option, if within your financial means, could be leasing a car and financing a second car to have for those long trips. 

No Ownership Equity

At the end of the lease, you don’t own the car. You either return it or buy it out, often at a higher cost than if you’d financed it from the start. So, if you like the idea of owning your vehicle outright, leasing might not be for you.

NO Modifications

Most lease agreements prohibit modifications, including changes to the car's interior, exterior, or mechanical parts. The vehicle must be returned in its original condition, excluding normal wear and tear. If you make changes, you might be charged to restore the car to its original state. Additionally, modifications can void the warranty, leading to extra repair costs.

It’s best to contact your leasing company first. They may allow certain reversible modifications, like adding a new stereo system, as long as these changes can be undone without damaging the vehicle. Always get written permission to avoid any disputes later on.

Here’s why financing might better:

When you finance a car, you're essentially taking out a loan to buy it. Over time, you make payments that cover both the principal loan amount and the interest. Once the loan is paid off, the car is yours to keep.

Ownership

One of the biggest perks of financing is ownership. Once you’ve paid off the loan, the car is yours. This means you can drive it for as long as you want, sell it, or trade it in without any restrictions.

No Mileage Limits

Unlike leasing, financing doesn’t come with mileage limits. This is particularly beneficial if you drive a lot or plan on taking long trips. It’s your car, so you can drive it as much as you want without worrying about penalties.

Customisation

Financing gives you the freedom to customise your car however you like. Whether you want to add a new sound system, get custom rims, or slap on some decals or a roof rack, the choice is yours.

The Downsides of Financing

Higher Monthly Payments

Financing typically comes with higher monthly payments compared to leasing. This is because you're paying off the entire cost of the car, plus interest. If you're on a tight budget, this could be a significant drawback.

Depreciation

Cars depreciate, meaning they lose value over time. This is especially noticeable in the first few years. So, if you plan to sell the car shortly after paying it off, you might not recoup your investment.

What’s the Best Choice?

The choice between leasing and financing ultimately depends on your financial situation, driving habits, and personal preferences. If you like driving the latest models and want lower monthly payments, leasing might be the way to go. But if you prefer owning your vehicle and having no restrictions, financing is likely the better option.

Choose House of Cars for Financing

At House of Cars, we offer financing options to suit your needs. With our massive network of banks and lenders, we can secure you a loan with competitive rates for 1000+ used cars. Plus, we provide an easy online financing application that won’t impact your credit score to get a pre-approval, helping you estimate your rate quickly and easily.

Check out our inventory and let us help you find the perfect car with the best financing or leasing plan for you!

House of Cars is excited to announce Home Delivery!

House of Cars is very excited to announce the launch of our new Home Delivery service. Complete your application online from the comfort of home, sitting at work, or anywhere you'd like. Our safe and secure process gets you financed and driving a new car in no time. Whether you're in Hinton, Edmonton, Red Deer, or Calgary, we will deliver any car, truck or SUV from our inventory directly to you.

1. Submit an inquiry using the Online Delivery option with our easy chat feature or sending an email to delivery@houseofcars.com

2. Our zero pressure Online team will reach out to you with preliminary information, help explore what you want to be driving next, and send you an application link

3. If you need financing submit your application, submit your documents, and get your car funded. If you're paying cash it's even easier!

4. Pay your deposit, get your trade in value, and schedule a delivery time

5. We do a final inspection on your new vehicle and deliver it to you anywhere in Alberta

Regardless of your credit, regardless of your budget, and regardless of your schedule, House of Cars is happy to find you a new vehicle you can be happy with.

As we all know, trends come and go, but one automotive segment that continues to thrive is the SUV. SUVs have become increasingly popular among car buyers due to their versatility, spaciousness, and off-road capabilities. While new SUVs are a hot commodity these days, there is an undeniable surge in the demand for used SUVs as well. House of Cars carries hundreds of pre-owned SUVs at its 15 Alberta used car dealerships, and we're ready to help you find the perfect one! First, let's explore why SUVs are so popular in Alberta!

Affordability:
One of the main reasons people choose used SUVs is because they are affordable. Buying a new SUV can be quite expensive, especially for popular models, or those equipped with advanced features. On the other hand, purchasing a used SUV allows buyers to get a vehicle that might have previously been out of their budget. Used SUVs experience less depreciation compared to new ones, making them a better long-term investment.

High-Quality Pre-Owned Options:
As the SUV market has been growing steadily over the years and more high-quality pre-owned options are available. Most modern SUVs come equipped with heated seats, heated steering wheel, moon roof, sunroof, ventilated seats, phone charging stations, entertainment canters and much more! Auto manufacturers have been producing durable and reliable SUVs, which means even used models tend to hold up well over time. Many pre-owned SUVs also come with extended warranties or certified pre-owned programs, providing buyers with additional peace of mind regarding their purchase.

Technology and Features:
SUVs manufactured in recent years come equipped with advanced technology and features that cater to safety, convenience, and entertainment. When purchasing a pre-owned SUV, buyers can still access these modern amenities at a fraction of the cost of a new vehicle. Features such as touchscreen infotainment systems, driver assistance technologies, and advanced safety features are commonly found in later-model used SUVs.

Proven Performance:
SUVs are designed to handle various terrains and weather conditions, making them highly versatile for daily commuting and adventurous road trips alike. When considering a used SUV, buyers can research the vehicle's history and performance records to ensure it meets their requirements. A lot of modern SUVs are at the top of the vehicle reliability charts; particularly Toyota, Lexus and Honda. House of Cars offers a free CARFAX Report with every vehicle for additional peace of mind. With extensive user reviews and data available online, making an informed decision has become easier than ever before.

Spaciousness and Practicality:
Families and individuals alike often opt for SUVs due to their spacious interiors and superior cargo space. This practicality makes them ideal for families with children, pet owners, outdoor enthusiasts, or anyone needing extra space for their activities or hobbies. As the demand for multi-purpose vehicles increases, used SUVs become a more attractive option for budget-conscious buyers.

Reduced Insurance Costs:
Insurance premiums are generally lower for used vehicles compared to new ones. SUVs are also usually cheaper to insure than cars. As used SUVs have a lower overall value, insurance companies typically charge lower premiums. This cost-saving benefit further enhances the appeal of buying a pre-owned SUV.

The popularity of used SUVs continues to rise as car buyers recognize the numerous advantages these vehicles offer. From affordability and advanced technology to spaciousness and proven performance, there are compelling reasons for choosing a pre-owned SUV over a brand-new one. Additionally, as the market for used SUVs grows, buyers have access to a wide range of models, making it easier to find the perfect vehicle to fit their needs and budget.

As you embark on the journey of purchasing an SUV, consider exploring the pre-owned market; you might just find the SUV of your dreams without breaking the bank. House of Cars offers unparalleled selection and ensures each vehicle passes a rigorous mechanical inspection. We also include a complementary CARFAX vehicle history report with every vehicle.

Start Your SUV Search Now:

The Importance of Good Credit When Buying a Used Car | House of Cars in Alberta

When it comes to purchasing a used car, having good credit can make all the difference in the world. House of Cars offers a wide selection of pre-owned vehicles, at competitive prices, at our 15 used car dealerships across Alberta. However, understanding why good credit matters in the used car buying process is crucial for prospective buyers. Let's explore the main reasons why having good credit is essential when buying a used car at House of Cars dealerships, or any car dealership, in Alberta.

Access to Better Loan Terms:
Having good credit opens door to longer loan terms and better interest rates. Lenders & banks are more likely to offer lower interest rates to individuals with a solid credit history, resulting in more affordable monthly payments. This means you can enjoy owning a reliable used car without the weight of high-interest costs that usually accompany less favorable credit situations. With lower interest rates, you can focus on paying off the car loan quicker and potentially save money in the long run.

Wider Vehicle Selection:
House of Cars boasts an extensive inventory of over 1,000 quality used vehicles, ranging from economical compacts to luxurious SUVs and exotics. However, to have access to the entire selection, it's important to have good credit. A strong credit score assures dealerships that you are a responsible borrower, increasing the likelihood of being approved for financing on a broader larger list of vehicles. This way, you won't be limited to just a few options and can choose the car that best fits your needs and preferences.

Faster Loan Approval Process:
Buying a used car is an exciting process, but it can quickly become frustrating if the loan approval process is delayed due to credit issues. A good credit score expedites the loan approval process, reducing the waiting time significantly. With good credit, House of Cars' finance team can process your application more efficiently, allowing you to drive off in your dream car sooner.

Stronger Negotiating Power:
When you have good credit, you hold an advantage when it comes to negotiating the terms of your car purchase. Lenders and dealers may be more willing to work with you to find a suitable financing solution. With a stronger negotiating power, you can potentially secure even better deals and incentives on the used car, truck or SUV you desire.

Building Better Financial Opportunities:
Buying a used car at House of Cars and responsibly managing your car loan payments can further strengthen your credit history. Timely payments and financial responsibility demonstrate to future lenders that you are a trustworthy borrower. As a result, you will gain access to better financial opportunities down the road, such as lower interest rates on mortgages or credit cards.

In the end, having good credit when purchasing a used car at used car dealerships in Alberta is hugely advantageous. It not only grants access to better loan terms and a wider vehicle selection but also expedites the loan approval process and enhances your negotiating power. Additionally, with good credit, you can build a strong financial foundation for the future. So, if you're planning to buy a used car, take the time to improve your credit score and reap the numerous benefits that come with it. Happy car shopping!

What's Next?:

House Of Cars works with more than 20+ different lenders to provide automotive financing to our customers. We work hard to ensure your vehicle buying experience is as hassle-free as possible by providing you with unparalleled service with competitive finance rates.

With our exclusive credit rebuilding program, we can create a finance package that’s within your budget and tailored to your needs. When you purchase a vehicle from House of Cars, our team of finance experts will sit down with you and review your credit situation and will provide recommendations to help improve your credit and lower your payments over time. They'll send you home with a personalized plan, showing you exactly what you can do to get your credit score improving as early as your next credit card payment. We want to see you succeed, which is why we take the time to go over your personalized plan with you.

We often see our customers returning after a year or two to trade in their vehicle. When they come back, their credit situation is often a whole lot better and we can get them into an even better vehicle with a lower payment.

Our renowned Credit Rebuilding Program has been used by thousands of customers across Alberta. So once you’ve found the right financing option and started paying back what you owe in manageable installments, not only will you have easy access to the car that you want, but you’ll be building up and improving your credit score for the future!

As a result, we’re widely considered to be the very best place to buy a car with bad credit in all of Alberta. Visit one of our 12 Alberta stores or get in touch by phone or email today to learn more.

The best way to rebuild credit is to get yourself an installment loan. Some effective ways are through financing a vehicle or paying off a credit card. The key is to make your payments on time (this goes for phone and utility bills, as well). By being responsible with an installment loan on a vehicle, the credit bureau will keep track of your efforts and it will prove to the banks that you are trustworthy for future loans. Keep in mind, it takes both time and patience. Make a point to pay your bills on time, and you’ll quickly re-establish your credit.

Apply for financing here!

Did you know that House of Cars offers an automotive broker program to give more customers access to our inventory of over 1,000 vehicles?

We regularly work with customers from Calgary, Edmonton, Fort McMurray, Grand Prairie, Southern British Columbia, Saskatchewan, and other areas, to source vehicles and offer low monthly payments to them.

A lot of our out-of-town customers are looking for a specific vehicle, which we can help them locate, bring it in and then deliver to their driveway. That's right; it doesn't matter if you live 1,000km away, we'll deliver!

How does our broker program work? If you reach out to House of Cars, inquiring on a vehicle in our inventory, or a specific vehicle you're looking for, we'll get to work finding it for you. We'll send you photos, walkaround videos and more, via text or email, then we'll send you over all the documentation for your review and signatures. Once the documents are signed, we'll work with the customer on financing options, deposits and payment. We'll then inspect, detail and deliver the vehicle to your door and will collect final signatures from you upon delivery. It's as simple as that!

Did we mention that we can source any vehicle for you? It doesn't matter if we don't have it on out lot! We have 12 other dealerships we can pull inventory from and a network of auctions and wholesalers we can source inventory from, all across Canada. We can find you exactly what you're looking for, guaranteed!

Get started by browsing our inventory here, or reach out to our team to start searching for a vehicle now!

There has been a lot of discussion surrounding Canada's new luxury tax, which was implemented on September 1, 2022. We get a lot of questions from people asking if any of our inventory is affected by the luxury tax. In short, no.

All vehicles priced under $100,000 CAD are not subject to Canada's luxury tax. This makes up about 98% of our inventory.

We do, however, have a selection of inventory priced over $100,000 CAD, so what about those? Will those be subject to the luxury tax?

According to the Government of Canada, all new vehicles priced over $100,000 CAD are subject to a 20% tax for any amount the sale price exceeds $100,000. But that's only if the vehicle is built after 2018 AND has never been registered in Canada.

What that means is: If a brand new vehicle has never been sold before, it has also never been registered at a Canadian registry. If a car is pre-owned, it has therefore previously been registered in Canada. This means all of our inventory is NOT subject to the luxury tax! Weather you're looking for a Honda or a Lamborghini, when you shop at House of Cars, you don't need to be concerned about the luxury tax.

The only scenario where a car in our inventory would be subject to this tax would be if it was imported from another country, like the United States, and has a list price of $100,000 CAD or more.

Browse our entire inventory here.

How does financing a car work? When it comes to making large purchases like a home or a car, most people don’t have large sums of cash in their savings accounts just waiting around. But if you do in fact have thousands of dollars tucked away somewhere, then there is a clear benefit in putting it towards your car purchase. But there's also benefits to keeping that money in your pocket.

The main benefit of a cash purchase is that you get to avoid paying interest.

If you have the money ready to purchase a vehicle, it might seem like a no-brainer to pay outright and avoid the interest charges, but it’s not always the best option.

The biggest advantage of financing a vehicle purchase versus paying cash is that you can buy the car now without paying a single dollar upfront. 

So what does financing a car mean? Simply put, financing a car means borrowing money from a bank to pay for your vehicle purchase and paying the bank back in manageable installments. House of Cars can offer zero money down payment options*, which are quite popular simply because a lot of people either don’t have the money to put down or have a better use for their savings. Intrigued? Read on!

For the average car buyer, a car loan opens up more vehicle options. When you’re able to borrow the money and pay it back over a manageable period of time, it gives you the opportunity to buy a car you may not have been able to afford if they were paying cash. That Honda you were looking at paying cash for could become a Mercedes-Benz!

But even if you have the savings to pay for that nicer car in cash, financing can be the better decision for multiple reasons:

1. Rather than spending your cash on a car, you can use that cash to invest in other opportunities that will see the money grow, like investing in real estate or investing in stocks, mutual funds or EFTs. The money you make from your investments very well might cover the cost of your monthly car payments, or at least a portion of them! To be rich is to afford a nice car. To be wealthy is to be able to use the same money to invest and afford that same car using the proceeds of their investments.
2. Rather than put all your free cash into a car purchase, it’s important to have enough savings to pay for an emergency expense such as a home or car repair.
3. Buying a car with zero down payment can also free up your income for other debt obligations with higher interest, like high mortgage payments, lines of credit or credit card debt.
4. Did you know that we can often find our customers an interest rate that's cheaper than the interest rate of a line of credit?*

Being smart with your money certainly has its advantages! Keeping your money in your pocket and leveraging it to make more money is the smarter decision than putting it all towards a vehicle, which will lose value over time.

If you decide to pursue financing, it’s best to choose a monthly payment that is manageable for your budget. We can offer auto financing options for every budget. Check out our car loan calculator for a rough idea of what your monthly instalment could look like.

If you’re not sure what amount you can get approved for, you can get pre-approved before you even start the financing process. House of Cars can help you get pre-approved and connect you to dozens of $0 down lenders. Apply with us for free in just a few minutes!

*On Approved Credit

Contrary to popular belief, selling a used car is a rather accessible procedure. Anybody can pull it off successfully. Albeit, some prior personal experience can indeed tip the scales towards your favor. But realistically speaking, everybody has to start somewhere.

And that might happen to be your case right now.

First and foremost, if this is your first time buying a car, do not worry. It’s normal to be overwhelmed by the sheer amount of technicalities you’ll soon be dealing with. But you only need to understand them properly to overcome them. In due time, you’ll be an expert yourself.

So, in order to ease that transition, here we present you with some key terms that you’ll often see. After a quick study, you’ll see how the bigger picture will be easier to understand.

A glossary of car loan terminology

As expected, applying for a loan will involve signing on a lot of documents.

While it might be tedious, therein lies a great benefit for you. Since those documents will have to be written in a universal language (legally speaking), you’ll see that some terms are repeated time and time again. Regardless of who your loan provider is.

That alone will facilitate the learning process, since there isn’t a need to memorize an encyclopedia’s worth of knowledge.

Worst-case scenario, you’ll get minimalistic variants now and then. But believe us, the context will make it clear enough for you to correlate it to the terms you do know. Without further ado, let’s begin.

• Title

Literally speaking, the legal document which states the current owner of the vehicle. For all intents and purposes, it is issued by the DMV.

• Principal

By principal, any lender would be referring to the amount of money being borrowed. Keep in mind, this would be the given amount before adding any interest costs, potential penalties, among other costs. In a way, you could say it’s the “original and unaltered” amount.

• Interest rate

The amount of money you’re to be charged with for your loan. Think of it as the fee for the given services added on top of the amount you initially borrowed. It tends to be shown as a percentage.

• Annual percentage rate (APR)

To start with, you should know that interest rates and annual percentage rates are two different things.

Throughout your loan, you might get to see some instances of additional interest fees or even discounts. When compared to the interest rate, the APR is a percentage that has already accounted for that. The interest rate itself hasn’t.

Think of it as the “truest” form of interest rate. One that will tell you how much you’re to be charged every year, but in significantly more detail.

• Term

The amount of time you're given to pay back your loan in full.

• Total cost

As the name suggests, this is the final amount you’ll have to pay back by the end of the term. It has already considered all possible alterations to your payments and has summed it all together to your principal.

The total cost tends to remain the same over the years and is dealt with in your local currency.

• Upfront costs

Lots of lenders will require you to pay a few months in advance before validating your loan. These required fees are known as upfront costs.

• Down payment

Similarly, some borrowers may agree to pay a part of the amount right at the beginning of their term. If their lender agrees to it, this will allow for the monthly payments to decrease.

The payment itself is what’s known as the down payment.

• Prepayment penalties

While the idea of paying back your loan earlier than planned might sound appealing, it shouldn’t ever be your first course of action. Paying back your loan earlier would limit the amount of interest you have to pay. As in, your provider would not be getting their total share of the deal.

For those reasons, lenders tend to assign penalties in the form of additional fees. This way, they’ll recover a fair amount of what they lost. Knowing what’s at stake, you should take the time to understand whether this might apply to you.

• Default

The general term is used to describe any instance of a borrower violating the terms and conditions of their contract. For the most part, it tends to be used for those who have missed out on a monthly payment. If not several.

Put your knowledge to the test at House of Cars Calgary!

Look at you! By now, you should already be an expert in asking for a car loan. Now comes the time to transfer that knowledge into practice.

For those reasons and more, House of Cars Calgary is there for you! Not only do we provide the very best selection of pre-owned cars for sale in Calgary, Alberta. But also the best services when it comes to car financing.

At House of Cars, we believe that everybody deserves to drive out of the lot with the car that speaks to them the most. And not even bad credit should get in the way of that.

Contact us today to learn more!

Understanding Bad Credit Scores And How You Can Still Finance A Used Car

If you recently received a bad credit score or are starting to build your credit history and want to know more about it, this blog post is for you!

One of the biggest myths in the used vehicle industry is that only people with good credit history can be approved for used vehicle loans.

When talking about bad credit scores, some people think that they will never be able to acquire financing.

Buying a car can be seen as exciting or a chore, depending on your liking for cars and your view of them. If you’re a first time buyer, however, it’s likely to be a challenge due to your unfamiliarity with the process. Nevertheless, your first car will give you freedom and independence that you don’t have if you’re relying on others or on public transport, so look forward to a good outcome.

Like anything that’s worth doing, planning and preparation are essential to get the best result. So here are a few tips to point you in the right direction.

Decide What You Want

Although you might fancy a sleek and sporty model, that probably isn’t practical, especially for your first car. Instead, assess what you want it for — how often you’ll use it, how many miles you’ll do, who and what you’ll carry in it.

You want something that’s reliable and practical with all the features you need. Don’t pay extra for features you’ll hardly ever use and can do without but don’t omit features you’ll regret not having. Above all, don’t buy a car you can’t afford to insure, maintain or repair because premiums will be high for a novice driver.

If it’s your first car, you’re unlikely to be buying new. The cost may just be too much and new cars lose a lot of their value as soon as they leave the showroom. A better option is a relatively modern used car that will have all the up-to-date features and still have plenty of useful life in it.

Decide What You Can Afford

Buying your first car can be an expensive business so make sure you don’t take on costs you can’t meet. Before you even start looking at cars, create a budget so you know what you can afford to spend.

Since this will be your first car, you won’t have one to part-exchange and so will need cash for a deposit. You’ll need to determine what you have to spare without leaving you short when something unexpected comes up.

It’s unlikely you’ll be able to pay cash for the car so finance may be the only option. If you’re young and haven’t built up much of a credit history, getting a loan might not be easy but will be more likely if you have a parent as a guarantor.

If you can get a loan, budget carefully to see what you can afford to repay monthly. Take account of all your living expenses, including food, accommodation, utilities, insurance and entertainment. And don’t forget you’ll have extra costs when you get the car — fuel, insurance and repairs as well as the loan repayment.

Do Your Research

Once you’ve decided on the type of car you want, investigate it thoroughly. There’s plenty of information available online so there’s no excuse for not knowing lots about the car before you buy it.

Read all you can to see descriptions, specifications, features and options. Look at reviews, both professional and independent, so you can find other people’s views of the car. And make sure you know the recommended price of a car with the age and condition you’re after.

Inspect and Test

No matter how much research you do online, that’s no substitute for actually seeing and trying out the car. Look at the condition of the bodywork to check for scratches, bumps and rust. Also check the interior since that will tell you how well the car’s been looked after. The engine and mechanics will be more of a challenge, especially as a first time buyer, so take along with you an adult who knows about cars.

The test drive is particularly important since it will tell you if the car really is the one for you. Make sure the driving position is comfortable and adjust the seat and steering wheel until they’re right. Check the position of the controls, how the car feels to drive, all round visibility and how everything feels. Although you can adapt to many things in a car, it’s better if they’re right to start with.

The Negotiation

This can be the most nerve-racking part of the purchase because you’re an amateur and the salesperson does it every day. However, if you’ve prepared thoroughly, you can approach it with confidence.

The salesperson will be aiming to get as high a price as possible while you’ll want to keep the cost low. In effect, you’ll probably end up somewhere in between.

Although the salesperson may talk about the cost in terms of dollars per month, you want to know the total price including and excluding finance costs. And if you have already negotiated a loan, you will be in a stronger position and able to use that or the showroom’s deal if better.

Try to keep it simple by first negotiating a price and then talking about finance. And don’t be pushed into buying unnecessary extras that will add to the cost without providing much benefit. If you do things properly, you’ll end up with the car you want at a price you can afford.

We all need to borrow money at some time, whether it’s for a major expense such as a house purchase or a new car, or something more modest. When you apply for a loan, your credit score is assessed every time to see if you’re suitable.

If your credit score isn’t great, the amount you can borrow may be reduced and the interest you’re charged may be greater. If it’s really bad, you may not get a loan at all and the same applies if you want a credit card. It’s really important, therefore, that your credit score is as good as it can be, so we’ll give you a few tips on how to improve it.

The credit score you have can improve reasonably quickly if you go about it the right way. However, it’s not something you’re going to achieve overnight — around a year is realistic to get it in really good shape, although you can make some improvements much quicker than that.

Obtain and Check Your Credit Score

If you’ve never seen your credit report, you’ll have no idea what your credit score is and so won’t know how potential lenders view you. The two biggest credit bureaus are Equifax Canada and TransUnion Canada, and you can get a free copy of your report through the mail from either of them by supplying some basic information. This may take a few weeks and you can get a copy online immediately, for a small fee, if you need it quicker.

Once you get your report, check it thoroughly for problems and to make sure it’s correct. If you do find any errors that reflect badly on you, get them corrected without delay. You can do this by contacting the credit bureau and explaining the situation although, if you want it done quicker, the creditor that caused the error may be a better option.

If you see any old outstanding bills on your report, get them paid without delay. No matter if they’re only for a small amount, they’ll still damage your credit score, so make sure they’re paid and removed from the report. The overall aim is to tidy the credit report and remove anything that’s damaging.

The credit score shown on the report is the one that all lenders look at and, the higher it is, the better your prospects of getting a loan or credit card at a good rate of interest. Your aim is to get this score as high as possible.

Establish a Good Credit History

Anyone who’s never borrowed money or had a credit card will have no credit history. That means a lender won’t have a score to look at when deciding whether to lend money. In this situation, you need to create a good credit history without delay.

The best way to do this is to borrow money, have some sort of debt or have a credit card and make sure all payments are made on time. Late and outstanding payments must be avoided as these damage your credit score (around 35% of your score is based on your credit history).

If you’re in a position where you can’t get a credit card or loan, a secured credit card might be the answer. To obtain one, you’ll need to make an initial deposit but can then use it like a normal credit card. The more you use credit, the more of a credit history you’ll build up and potential lenders will be better able to see how you perform. So make sure you perform well by always paying on time.

Stay Within Your Limits

The aim is never to go overdrawn on your bank account, never to have overdue payments and to stay within your credit card limit. To do that, it’s best to budget your income and spending, so you know your future prospects, and then make sure you don’t overspend.

As regards keeping within your credit card limit, the lower the better is recommended. As a general rule, never go above 70% of your credit limit, so you always have something in hand. Keeping it to about 30-35% of your limit is even better because it shows you’re financially responsible and will help your credit score.

Limit Your Credit Applications

Credit enquiries account for around 10% of your credit score. So, each time you apply for credit or check credit availability and rates, this will count against you and lower your credit score. It’s best, therefore, to limit your credit enquiries.

Having said that, since these enquiries account for a relatively small proportion of your overall score, they’re not the most important item of concern. It’s better to look around and get a good loan interest rate rather than accepting the first offer because you’re worried about your score.

Ensuring Your Credit Score Remains Good

Once you’ve improved your credit score, make sure you keep it at a high level. It’s all about being sensible, living within your means and paying attention to detail.

When you know your score and understand how it’s affected, that’s a lot simpler. And having a good credit score will mean that loans and credit cards are easier to obtain and more affordable.

If you have a lot of questions or concerns about your credit score, or are unsure how to obtain one, contact us at House of Cars or simply drop by. We'll be happy to pull your credit report for free and go over it in detail with you as well as help you put together a long term plan for credit score improvment.

STOCK#: 3354-3
VIN#: 1C4PJMBS3FW735773
KM: 69,745 PRICE: 27, 800
??Call: (403) 457-2244
?Location: House of Cars Macleod Trail: 3909 Macleod Trail South

Justin Liscomb with House of Cars Macleod - 3909 Macleod Trail South with a 2015 Jeep Cherokee Trailhawk.

It has 70000 km on it she's only listed for 27, 800 I'll show you guys some features that the lower trim levels don't have on it to come stock.

• The first thing you see here are the 17 inch black chrome wheels that comes stock on the Trailhawk, as well as all this under body here has multiple multiple added protection for off roading.
• Now if you come around the back here you're gonna see that this is actually a rear differential towing package system, so that comes stock on the Trailhawk as well, very good.
• Inside the vehicle. The first thing you're going to notice on the Trailhawk is that the seats are embroidered with Trailhawk, as well as they have the prep rated seats.
• Now, if you look at the mode here, it comes with standard modes like snow, sport, sand and mud. Rock mode is actually just stock on the trail hawk and that's so you can get a 32 degree angle when you're climbing those Hills.

3909 Macleod Trail South. This is the Trailhawk. Who's going to come and take a test drive?

Let's face it, life happens and sometimes it affects our credit.

Now you are in need of a new car and dreading the whole loan process.

Believe it or not, there are many options for people with less than perfect credit. You simply need to know where to look for lenders who offer subprime auto loans.

If you're searching for a car loan, but don't think you will qualify for financing, you are not alone.

Continue reading to see what may be available to car buyers who have bad credit.

What are Subprime Auto Loans?

Financial institutions recognize there is a portion of the population who has had setbacks. Whether it is a downturn in the economy, loss of employment, illness or divorce, people are unable to repay debt that ultimately affects their credit score.

Lenders have come up with ways to assist those with poor credit. It is called subprime loans.

These loans come with higher interest rates and the car becomes collateral to ensure repayment of the loan. Despite these terms, it is a good way to rebuild your credit.

Who Is Eligible For a Subprime Loan?

In the banking industry, there are three levels of loans for people with bad credit. The bracket you fall within is based on your credit score.

Before beginning your car search, retrieve your credit report from all reporting agencies; i.e. Equifax and TransUnion. If you don't want to pay for your report, they do offer one free report each year.

If you are looking for an auto loan, dealerships like House of Cars share your credit information with you and walk you through it to help you consolidate your credit.

How to Contact the Credit Bureaus

• Equifax - www.equifax.com. P.O. Box 740241. Atlanta, GA 30374-0241. 1-800-685-1111.
• TransUnion - www.transunion.com. P.O. Box 1000. Chester, PA 19022. 1-800-916-8800.

Prime Loan Categories

Nonprime loans are for borrowers with less than perfect credit but are seen as a better candidate to extend credit to. A person with a score of 600 or higher is more likely to secure a non-prime auto loan.

Subprime auto loans are for those who fall in the mid-range of the credit score chart. This would place the borrower below 600, but not within the last category.

Deep subprime loans are for borrowers who have the lowest credit scores. These scores are typically below 400. However, they could encompass those whose scores are little higher.

Different lenders will have their own credit score ranges. It is important to seek one who will be favorable to your specific circumstances.

Research Possible Lenders

All lenders are not created equal. Do your research and make sure you choose a lender that reports your payment history to the credit bureaus listed above.

Check with the better business bureau and look for online reviews of each company you contact before accepting an offer.

A lot of subprime auto loans are initiated at "buy here pay here" dealerships. Read the fine print before signing any contract. Make sure there are no hidden clauses that could cause an undue burden.

These are real loans that must be repaid according to the terms of the contract.

Using a Subprime Loan to Rebuild Your Credit

The damage has been done to your credit, and the best thing to do is try to rebuild your credit score. To do this, you must be committed to paying your bills on time.

The longer you stay on track and keep up with payments, the faster your credit score will climb. Some simple ways to do this is by not biting off more than you can chew.

When most people head to the car lot they have hopes and dreams of buying a brand-new car. For a person with damaged credit, this could be a huge mistake.

Consider scaling down your expectations and going with a less expensive used car. Keep in mind that your interest rate will be higher due to your credit history. Purchasing a less expensive car will help lower your monthly payment.

A less expensive used car can also play a role in your car insurance. Your credit score will determine the rate you pay.

A Down Payment May be Required

Some lenders may require a down payment for your car purchase. This could be 10 percent of the sticker price, or more.

The down payment will have little effect on the interest rate that you receive. However, it will lower the amount of the loan.

If you're able to save for a bigger down payment, it may be worth the sacrifice.

Don't Lose Your Investment

Rebuilding your credit is a process. You didn't ruin it in a day, so you won't be able to rebuild it overnight.

Taking out subprime auto loans is a second chance opportunity that comes with demands that a regular car loan does not. Because you are a high-risk consumer, the dealer has to take extra precautions to secure their asset if you're unable to repay the loan.

It's possible that your vehicle will be equipped with either a GPS tracking device or what is called a starter interrupter. Your vehicle could also be equipped with both.

Build a Relationship with Your Lender

Subprime lenders are familiar with your circumstances. They're in the business of helping people who have a history of financial hardship.

Be honest with your lender if you are facing a temporary financial setback. They may be able to work with you and offer options for you to keep your vehicle.

Working with your lender is better than having your car repossessed at your job or while out with family or friends.

Was this Information Useful?

Financial decisions give us a lot to think about. Being without a car can cause additional hardships. Entering into a bad loan will only make matters worse.

We hope that the information provided will help you choose an option best suited for your needs.

If you're seeking extra information on subprime auto loans, House of Cars is here to help. Our specialty is getting people with blemished credit back on the road.

For more information contact us today.

How to Determine Fair Used Car Rates

If you're looking into buying a used car, it's not always easy to know if you're getting a good deal.

Each car has its own history. The last thing you want is a jalopy that's been in five wrecks. Then there's getting fair used car rates. You have to be smart, but the whole process can be confusing.

Don't worry, we can help.

Let's take a look at how to get the right used car for you at the right price.

Finding the Right Car At Fair Used Car Rates

When trying to find the right car, do some research before you make a decision.

Look at used cars online. Check out local dealers too. If you have a particular type of car in mind, read reviews about the make and model before making a decision.

Larger dealers often have more of a selection, making it easier to find the right car.

With dealers such as House of Cars having their inventory online, you can search for used vehicles and compare.

Taking a Test Drive

Never buy a vehicle without first taking a test drive. Listen for little noises or rattles that sound abnormal.

Check to see if the car shifts easily. Make sure the air conditioning and heating work well. A grinding noise might indicate a worn compressor.

Drive with the radio off and on. Check to see if the speakers work too. As you drive, test the vehicle on the city streets and the highway, and make sure the brakes work well.

Don't overlook the seatbelts, power seats, and power windows. Check the lights, headlights, brake lights, and blinkers.

Look at the engine and check all the fluids. Look at the tires and test the air pressure. Don't just rely on the seller's knowledge.

You don't want to miss something that will cost you more money down the road.

Sometimes buying from an owner can bring mechanical headaches down the road. Play it safe by going with a dealer that mechanically inspecs their vehicles before reselling and offer warranty options.

Checking for Flooding

Thousands of cars are flooded each year due to storms, something to keep in mind if you're buying a new car.

These flooded cars could end up anywhere. At first glance, you may not see the signs of flood damage, unless you know what to look for.

Search for visible water lines inside the car, on the engine, and on the wheel wells. If you're not sure, have a mechanic inspect the car on a lift.

Look for new carpeting or upholstery. People don't normally re-carpet a car unless it has been damaged.

If you smell a musty or moldy scent, it indicates water has been in the car. Look for rusted metal under the seats. A wet air filter indicates water damage as well.

Play it safe by asking for the vehicles CarProof. Dealers such as House of Cars offer free CarProof on all vehicles.

Used Car Financing

The financing of a used car depends on whether you buy from a dealer or a private individual. In most cases, a bank won't finance a car if it's older than 5 years.

You will pay approximately 2% more when financing a used car than when financing a new car. An excellent credit score will help you get the best interest rate possible.

If your credit is poor, you may want to take steps to improve it before getting a car, but there are options. House of Cars accepts good and bad credit as well as offers credit rebuilding programs so you can buy the vehicle of your dreams down the road.

Finalizing A Deal

Once you have your final price, and you feel confident about the sellers' used car rates, you're ready to seal the deal.

If you are buying from an individual and are paying cash and there are problems later, you may not be able to get your money back. Instead, pay with check or credit card. You want to have a paper record of the transaction in case potential issues crop up.

If you buy from an individual, problems can arise if the owner still owes money on the vehicle. In this case, you must have a written agreement granting you the title once the car has been paid off.

Extended Warranty

Whenever you buy a used car that is not covered by a manufacturer's warranty, you are responsible for all repairs. If you want to save money, consider buying from a dealer and opting in for extended warranty for your used vehicle.

Make sure you understand exactly what the extended warranty will and will not cover.

Again, doing your homework pays off.

Get the Best Deal

You want to make sure you are getting the vehicle you really want at fair used car rates.

If you are in the process of looking for a quality used car, truck, or SUV, or if you have questions, we'd love to help. Check out our inventory and contact us today.

Finding the perfect used car is a big task. You've spent hours searching online listings and test driving different makes and models until you finally find the one that fits your needs. Now the question is, how do you get the best used car loan rates for financing?

No matter how perfect the vehicle, it's important ask questions and shop around so you get the best loan rates.

Never agree to a bad financing agreement just because you've fallen in love with your car selection. There are cases where your interest rate may seem high, but this could be due to your credit. If you've ever been stuck in a high-interest car loan, you know how much it impacts your monthly budget. Be sure to ask questions about the reasons behind the high rate and assure it is something you can afford.

In this article, we'll take a close look at how you can pay as little as possible for your financing while still landing the car of your dreams.

Now, let's dive in.

Things to Consider Prior to Applying for Your Car Loan

There are a few important things you need to look at before applying for that new car loan.

First, you want to be very familiar with your personal credit report. Know what your credit scores are and understand what your overall credit situation is. Banks and private lenders may approve you with bad credit, but know that your interest rats will be higher.

Most importantly, know what you can afford each month within your budget. What will your monthly payments be?

Recent data from Experian shows that the average price of a used vehicle is at an all-time high of $19,329. The study also shows that the average credit score for buyers of used cars is 643. On average, these buyers land a car loan rate of 9.17%.

If you have excellent credit you may be able to secure a loan for as low as 2%, up to around 5-6%. On the opposite end of the credit spectrum, buyers with very poor credit scores should look to pay high rates.

Where do you fall in the credit spectrum? It's important to know this before you start applying for loans.

The good news is, after a few months or a year of having the vehicle, and as you rebuild your credit, some dealers such as House of Cars, may allow you to refinance for a lower rate.

What Do Lenders Look For When Setting Used Car Loan Rates?

Of course, your credit score is at the top of the list when it comes to approvals/denials and what interest rates are set. Dealers like House of Cars approve any type of credit history/score, but rates will depend on your current situation.

Beyond that, you can expect that lenders will look closely at:

• Your payment-to-income ratio
• Your personal debt to income ratio
• How much money you're putting down on the vehicle

Lenders want to make sure you can comfortably afford the monthly payment that'll be set on your loan.

A lender will also look at the loan to value of the vehicle.

If you're not familiar with the loan to value math, it's the amount of your loan divided by the value of the vehicle you're buying. The best way to lower your loan to value is by putting the most money down that you can. An online auto finance calculator can give you an estimate.

Shop Around First

Explore financing options on your own first before you head into the dealer. See what kind of financing you can get on your own, then find out if the dealer can meet or beat it.

When you're shopping around for the best used car loan rates, pick a reputable dealer before applying.

If you do a few applications today, then wait a few months and start applying again, it'll most likely count as multiple inquiries. This can affect your credit score.

Private Landing

Some prefer private lending vs bank loans for various reasons.

Private lending may offer more flexibility or approve when a bank disapproves. If you prefer private lending options, find a dealer that offers this, such as House of Cars.

Indirect Lending

The other type of used car financing is referred to as "indirect lending". This is where a car dealer has a network of lenders they work with. They use this network to arrange the best financing for your car.

One huge advantage to indirect lending is that dealers such as House of Cars have access to many more lenders that you probably don’t.

Because there is such a huge amount of indirect lenders the dealers work with every day, their rates are very competitive. Often this will result in very low interest rates for you and a lower monthly payment.

Negotiate the Price of the Car

You're looking for the best overall deal, right? That being the case, it's best to focus on the price of the used car. While at the dealership, don't negotiate your monthly payment but instead focus on the sale price of the car.

If they can give you a great deal, then take it. Meanwhile, you've also gotten the best possible price on the car.

Check For Certified Pre-Owned

When looking for the best used car loan rates, consider looking at certified pre-owned (CPO) cars.

CPO cars are late-model used cars that go through an inspection process that is very rigorous. They'll also typically include some sort of manufacturer warranty.

They are packaged with manufacturer incentives which help you secure the best interest rate on your car loan.

Currently, deals on CPO's boast low rates. On top of that, manufacturers often offer free maintenance or payment credits on CPO's that'll save you even more money in the long run.

The Best Used Car Loan Rates are at Your Fingertips

Remember, it's always best to do your own research when you're looking for the best used car loan rates on the market. However, keep an open mind when you're at the dealership.

Always know what payments you can afford.

If you haven't found that perfect vehicle yet, we've got an amazing used vehicle inventory you'll definitely want to check out.

Of course, we can help get you the best financing rates as well when you apply. Good luck with your search. We hope to serve you soon!

We all know the buzz surrounding new vehicles: the latest features, top performance, etc. What they leave out is that you have to pay top dollar for that top performance. So if you're thinking about leasing a new vehicle, here's why you should buy a used vehicle in Calgaryinstead.

• Affordability: While lease payments tend to be lower than new vehicle loan payments, they still don't match the affordability of buying a used vehicles.
• Restrictions: When you lease a new vehicle, the dealership and/or financial institution still owns it. So they're going to give you restrictions on how many kilometers you can drive every year, and you won't be allowed to accessories or make any changes to the vehicle. When you buy a used vehicle instead, you own it... so do whatever you want!
• Reselling and Trading: When you own a used vehicle, you're free to resell it or trade it in at any time. When you decide you're ready for a change before your lease is up, you'll either have to wait, or pay extra to get out of your lease early.

Sounds like buying a high quality used vehicle from House of Cars is the much better option. So start browsing our extensive used vehicle inventory. And when you're ready, use our online finance application to get the finance process rolling. In the meantime, come in for a test drive!