01 March 2024
Lenders need to know your ability to pay back the money you borrow on time. Your creditworthiness is what decides whether you are approved for the loan you need.
Your past financial history, in turn, determines whether you are credit-worthy in the eyes of a lender. Should you not have taken any loans or applied for a credit check before, lenders probably don’t know you. You have a ‘no score’ – which means that you first need to establish credit.
Now, building up your credit takes time. Making it take a hit is a lot easier. If you forget a monthly loan payment, your financial institution can report you to the credit bureau. That can affect your credit score significantly.
Don’t worry, though. Our automobile loan experts can help you rebuild credit and help you qualify for the best car loans.
Your creditworthiness can determine your loan eligibility, and any other offers. If your credit score is low, you need to know why it’s been hit.
Did you miss any payments or default on loans? Have any of your accounts been sent to collections? Did you file for bankruptcy?
Equifax and TransUnion, the two major credit reporting agencies in Canada, have credit scores that range between 300-900 points.
If you’ve a credit score above 660, you may find it easier to get approved for a loan. A credit score above 750 or 800 earns you better deals and discounts for car loans.
If you have a low credit score, you can increase it by repaying your future loans on time and clearing any interests. You can also apply for credit cards to build your credit history. Maintain a low credit utilization ratio, so your credit doesn’t take a hit. Paying off your debts on time is the key. Once you develop healthy financial habits, you’ll probably see an increase in a few months.
When it comes to approving car loans, you also have to meet minimum income requirements to be eligible for a loan. If you have a credit score below 660, you will be limited on loan offerings.
Don’t worry. Know how much you can afford with your current income and credit score. We can help you find the best offers on the market.
Why spend hours driving around dealerships and banks trying to find the best rate, when we can do all that for you right now!
Our auto financing agents will help you know everything important. Know the down payments you need to make, special lending offers, prime financing and interest rates, and much more. Navigate through the loan smartly and rebuild your credit.
Want to get a used car loan? Sometimes, they are more difficult to get approved for than a new car loan. Don’t worry - we can help. Our unique lending process will help you get a car loan, even with little income.
Our auto loan experts will analyse all your needs and financing terms before suggesting the correct vehicle and financing suited for you.
Purchasing a car from a reliable vendor just became easier.
