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How to Buy a Car with Bad Credit in Paris Ontario

How to Buy a Car with Bad Credit in Paris Ontario

If you want to buy a car with bad credit in Paris Ontario, you have to pay close attention to our suggestions, or you could end up unable to purchase a car at all!

 

But rest assured by the time you reach the end of this conversation, you will be in a position of confidence, as our Paris auto loans team explains.

 

Taking a closer look at your credit report

 

How bad is your credit? Credit scores change constantly, so you should take a quick look at your credit report by going to both TransUnion and Equifax right now.

 

Credit scores in Canada range from 300-to 850. If your credit score is over 680, then you are considered to have excellent credit.

 

Identifying the cause of your bad credit

 

While looking over your credit report, you should look for errors inside your credit report that could bring down your score.

 

One of the most common errors is accounts that are paid but not removed from your credit report.

 

If you have active accounts that have been paid in full, you need to notify the credit reporting bureau and have those items removed.

 

These could negatively impact your credit score.

 

Should you have any unpaid debts that are past due or in collections, you must address them right away.

 

These negative items can stay in your credit report for the next seven years, so they will not go away on its own.

 

While still keeping all of your other obligations current, you need to start bringing the accounts in collections up to date; the longer they stay in collections, the more it weighs down your credit score.

 

It will take some time before your credit score begins to improve, so you need to follow these tips and begin working on the score right now.

 

Making sure you have enough income to service the debt

 

You have worked on the causes of your credit issues; it is time to begin reviewing your income to see whether you have room in your budget to repay the loan.

 

The median car payment in Canada is above $500, and that was before the Covid-19 pandemic; inflation has driven up the prices of everything.

 

Along with the car payment, you also need to look at the costs to maintain the vehicle and insurance, which can be quite high.

 

If you do not have enough room to cover these added costs, you will need to look for ways to reduce your expenses and boost your income.

 

How to get a car loan with bad credit in Paris

 

You will not be able to get a competitive car loan or any car loan for that matter with bad credit. Your best and frankly only option is to work with a local dealership.

 

The dealership will have a network of lenders who specialize in offering car loans to borrowers with bad credit.

 

You will need to move fast; the prices of new and used cars are rising daily, so you need to move fast or risk being priced out of the market entirely.

 

We’d love to help you buy a car with bad credit in Paris Ontario. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Brantford dealership. 

 

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    Categories: Car Loan

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