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Bad Credit Car Loans in Beamsville - A Guide

Bad Credit Car Loans in Beamsville - A Guide

Car prices are on the rise, so anyone who needs a car must be proactive, or they will end up not being able to buy a car at all. In addition, if you have bad credit, it drives up your borrowing costs and limits the types of cars you can buy.


Our goal is to show you how to navigate the car-buying marketplace and get a competitive bad credit car loans in Beamsville.


It all starts with your credit report


Start by getting a copy of your credit report from the big two credit reporting agencies in Canada (TransUnion and Equifax).


The median credit score in Ontario is around 650. If your score is above that, you would be in the “good” category, and anything below that would be bad or subprime.


There are many different reasons why your credit score is subpar; it could be a lack of credit products or not using them properly.


If your credit utilization rate is quite high, it will bring down your credit score even though you pay your bills on time. One way to mitigate this is by applying for additional credit products, so your “total available credit” is higher.


Look inside your credit report for mistakes; they do happen and could be why your credit score is low. You can have these errors removed from your credit report, but you need to go through the agency's dispute channel.


Turning the tide in your favor


While you work on rebuilding your credit score, you can turn the tide of things in your favor.


Do you have a substantial income? Prospective lenders are eager to do business with you, even if your credit is subprime. Your income is high and can be verified.


The average Canadian is one pay check away from serious financial hardship, so anyone could find themselves with bad credit.


Prospective lenders will ask you to show proof of income, which could be something as simple as your latest payslips.


If you are self-employed, then be prepared to show your income tax assessments and bank account statements for the last two years.


If you can provide these documents, your odds of getting approved for a car loan will improve dramatically.


Seeking out expert support


You are not alone; one of the most common complaints that we encounter is people saying how alone they feel when they have bad credit.


There are experts out there that can help you get a car loan approved; you just need to reach out.


These experts can be found at your local car dealership. They have credit experts who can look at your situation and let you know which type of car loan you would qualify for, even when other lenders have said “no.”


This same dealership can also give you advice on how to rebuild your credit so you can save money on future financing. The dealership has vehicles in their inventory that you can take out for a test drive today.


You can find bad credit car loans in Beamsville; now that you know how you should reach out to a local car dealership right away.


When you’re ready for a car lease or loan, get in touch with the Beamsville auto loan experts at Northway Ford for great deals on auto finance.

Categories: Car Loan

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