About lender
Birchwood Сredit is a Canadian lender offering online auto financing in Winnipeg. The vehicle cost could be from $5,000 to $50,000; the loan duration varies from 1 to 8 years.
The company was established in Winnipeg, Manitoba, in 2010 to give everyone an equal opportunity to drive a safe and reliable vehicle. It specializes in helping Canadians with less than perfect credit purchase a vehicle. It's operating in the whole Manitoba area.
Features
You can apply for a loan for cars, trucks, and SUVs, used or new, provided by Birchwood dealerships in Winnipeg.
Birchwood Credit is in-house financing working without any partners like banks or other companies to lend their money. As a result, it assures more approvals, better repayment terms, and better rates.
It's an alternative option for people who don't qualify for the traditional lenders and want to get a loan quickly and easily. For example, you could be eligible for a car loan, even if you have previously been declined for auto financing in Winnipeg but are still employed and have a good track record of making repayments.
Birchwood Credit provides loans for Canadians with any financial rating: poor (under 500), average (around 650), good (above 660), or excellent (780 and up). Despite that, clients with average status have more lending opportunities, but still, there are options for borrowers with bad credit.
You can use a car loan calculator on the main page of the official website to consider your payments according to the vehicle cost, loan terms, and credit history.
Pros and cons
Look through this pros and cons review to decide whether Birchwood Credit is your best solution.
Pros
Evaluation is based on the whole financial situation, not just on the credit score
Flexible and affordable repayment terms ging from1 to 8 years
Loans for a new or used car purchase
Available with no or bad credit
In-house financing without banks and other partners
High approval rates
Cons
No specific info about fees, taxes, and interest rates on the website
Income of at least $1,500 and the proof is required
Conditions are worse with a poor credit
Available only for Birchwood dealerships' customers
Operating only in Manitoba
Birchwood Credit is a good option for borrowers with bad or no credit or who don't want to deal with banks.
There are advantages and disadvantages of Birchwood Credit services, but borrow responsibly: calculate your monthly payments and choose the suitable vehicle. If it's out of budget, many loans could lead to default and legal problems.
Loan conditions
According to the car cost, customers could borrow $5,000 — $50,000. The terms are 1 — 72 months.
You should specify the type and cost of the car you’re looking for in your application and select a vehicle from the company's inventory list: cars, trucks, vans, SUVs, used or new.
You could repay weekly, bi-weekly, or monthly.
The interest rate depends on your income, credit score, and loan size. The longer your payment plan, the smaller your monthly car payment, but note: the interest is accrued.
You may use a car loan calculator on the website. There are three values to set: the vehicle cost, the loan duration, and credit (poor — excellent). As a result, you will see the projected monthly payment. It includes the principal — the total cost of the vehicle, with taxes, loan administration fees, add-ons, and interest.
There is no specific information about the amount of charges and taxes on the official website.
