Coming into the car dealership with damaged credit doesn’t have to be scary. Don’t be embarrassed if you’ve had credit problems in the past. We’ll work with you to find bad credit car loans that can get you in a vehicle quickly. If you research ahead of time, you’ll feel confident about the process, every step of the way. Once you’ve decided that you’re ready to start shopping for a vehicle, be sure to check your credit score, consider a co-signer and learn about loan terms.
Check Your Credit
Before you go to the dealership, take some time to understand your credit report. In Canada, there are two companies that provide credit information, TransUnion Canada and Equifax Canada. You have a right to request a free report by mail from each organization. Your credit can be rated based on the following information: amount of account history, payment history, amount of debt and recent credit inquiries. Be sure to carefully look through all the information and identify any mistakes that may be lowering your score even more. If you have the right credit information, applying for bad credit car loans doesn’t have to be confusing.
Consider a Co-signer
One way to help strengthen your loan application may be to team up with a co-signer who can apply with you on the loan. If you go this route, you should be very selective about the person who you choose to co-sign. Your co-signer should have a strong credit history, so that your application can be stronger. Make sure this person is someone you trust because they may be notified if you fail to make payments.
Pay Attention to the Loan Terms
Those who are seeking bad credit car loans should also learn about the types of loans available and pay close attention to the terms of any financing offered. Focus on the total amount that you might pay instead of the monthly payment.
Now that you know some helpful tips for getting started with a loan, come by today to start your application and get one step closer into the right vehicle for you.