If you are like many of our customers, your credit has room for improvement. When we work with customers with bad credit, the first thing we want to remind them is that they can get a car loan in Oakville through us without a problem. In fact, many of our customers are surprised to learn that the car loans they can get though us can actually save them money and improve their credit in the long run.
Here are a few things that you’ll need to do and know about when it comes to getting a no credit or bad credit car loan in Mississauga through us:
Learn about credit
If you are not already well-versed in the ins and outs of the credit system, it may be worth your while to take some time to learn more about it. A credit score is based on a wide variety of factors, including the length of you credit history, payment history, types of credit you use, amount you owe, and your new credit. All of these factors make up a different percentage of your credit history. However, your payment history takes up the largest portion of your credit score – 35 percent. Therefore, lenders will pay extra attention to your credit history when determining what kind of loan to give you.
A car loan can help
Because lenders are interested in your credit history, they are looking for an indication that you will be a reliable borrower. If you have a bad credit history, it may be because you have made some bad borrowing choices in the past. For example, you may have had to declare bankruptcy. However, by taking out a car loan that you can repay, you will be rebuilding this portion of your credit score and will be able to show future lenders that you are financial reliable and likely to repay the loan they give you!
Complete the credit application
The credit application is the first thing we look at when determining what your loan options will be. Therefore, you’ll need to complete the credit application in order to get started with your car loan in Vaughan. Our credit application is available online or you can come visit us in person to complete the loan application on-site. We will review it right away to get started with the loan process today.
We look forward to helping all of our customers get the best car loans for their needs. Contact us today to learn more about the loan options available to you – regardless of your credit situation!