About lender
Bryden Financing & Auto Sales is a lending company that provides loans for buying a vehicle. It is a family-owned company founded in 2003 in Nova Scotia. However, they provide their services only around Nova Scotia and Atlantic Canada. This company is a dealership and provides used vehicles like cars, SUVs, and trucks. Bryden Financing & Auto Sales deals with customers who have bad credit, whose debt was sold to a collection agency, who filed for bankruptcy, or those who don’t have a credit history. The company doesn’t have a fixed interest rate, which varies according to different factors. The most significant amount to be borrowed from this company is $100,000, and the interest rates start from 4.99%. The loan period varies between 1 and 8 years.
Also, Bryden Financing & Auto Sales sells used cars, provides loans, and buys used vehicles. If the customer wants to sell their vehicle, they can fill out the application form on the company’s website and text down all the necessary information about the car, such as year, make, model, trim, and mileage. In addition, an e-mail address must be indicated for the company to be able to connect with the client.
Features
One of the most significant features is that the company is an all-in-one company that is a dealership and lender. Bryden Financing & Auto Sales offers lending services for people who need a loan for a vehicle. Besides, the company may be considered a dealer as they sell used cars, and more importantly, they buy pre-owned vehicles.
To apply for a loan to buy a car, the customer must fill out the application form directly on the company’s website.
Also, the company offers adjustable interest rates starting from 4,99% and even allows the clients to trade in their used vehicles to reduce the desired price.
Moreover, they even deal with drivers with bad credit, low income, or debt problems - that is why Bryden Financing & Auto Sales has a high approval rate: 97%.
According to the loan calculator on the company’s website, the maximum amount to be borrowed is $100,000 and the loan period varies between 1 and 8 years.
Pros and cons
Nevertheless, Bryden Financing & Auto Sales has some pros and cons.
Pros
The company not only provides loans but also can be considered as a dealer as they sell pre-owned vehicles;
Besides selling, the company can buy a used car for cash if the customer wants to sell their vehicle;
Bryden Financing & Auto Sales provides trade-in services;
Even drivers who have bad credit, low income, or debt problems can apply;
The company can connect the customer with dealerships or lenders as they have a lot of partners;
The interest rates start from 4,99%;
The customer can choose the repayment period;
Down payment is not obligatory.
Cons
The company’s website doesn’t contain enough vital information such as loan conditions and the minimum amount which can be borrowed;
If a customer is not able to pay their loan on time, the company will charge a fee that can harm the client’s credit;
Bad credit and low income can lead to a higher interest rate;
The company operates only in Nova Scotia and Atlantic Canada.
As we see, Bryden Financing & Auto Sales has some advantages. They provide vehicle loans but also sell and buy used cars for cash. Moreover, they deal with drivers with bad credit and low income, which is why they have a high approval rate of 97%. The company has many banking and dealership partners to offer the best solution for the customer.
However, there are some disadvantages. For example, the company’s website doesn’t contain sufficient information such as loan conditions, necessary documents, or the lowest amount to be borrowed.
Loan conditions
The higher your income and credit score are, the better will be the loan conditions. However, the primary conditions are the following: the client must be older than 18 years old and be a permanent resident of Atlantic Canada (namely Nova Scotia) and find a cosigner to amplify the chances. Besides, a customer usually needs to provide some documents such as the driver’s license and/or other government photo identification, the most recent bank statements, the job title and employment status, a recent utility bill, or other proof of their permanent address and the pre-authorized debit form or VOID cheque. What’s more, the customer needs to provide information about the desired vehicle.
The interest rates vary between 4,99% and 50%, and the maximum borrowable amount is $100,000.
Methods of loan funding
Unfortunately, there is no information about methods of loan funding in the open sources. Moreover, it depends on the agreement with the company.
