388 King George Rd, Brantford, ON, N3T 5L8
My Garage

Credit repair tips to follow when shopping for car loans in Campbellville

Credit repair tips to follow when shopping for car loans in Campbellville

If your credit is damaged and you need to buy a car, we will show you how to buy a car today and repair your credit so you always have the best financing options going forward.

Stay away from online credit repair programs

It sounds like a contradiction; we are giving you advice on how to repair your credit but telling you not to buy credit repair services online.

These repair services, for the most part, do not repair your credit; they use loopholes and gimmicks to try and boost your credit score.

This boost is short-lived and could actually do more damage to your score, plus the money you spent for the service.

The surest way to raise your credit score is to follow best practices, paying your bills on time and reducing the total debt you carry.

Before you can repair your credit, you need to establish a baseline by signing up for free access to your Equifax and TransUnion credit reports.

When you have access to your credit report, you can start looking them over for any obvious mistakes.

Mistakes happen more often than you would expect, and they could negatively affect your credit score.

You can have these mistakes removed from your credit report, but you need to contact the credit reporting agency and go through the dispute process.

After the item has been disputed, the errors can be corrected, and your score will begin to improve.

The importance of paying down your debts

Now that you have access to your credit report, you should look for additional cash in your budget to pay down your debts.

Start with your smallest debts first and work on those until they are paid off. This is called a debt snowball and will help you regain a stronger financial footing going forward.

By lowering your debts, it will give you more room in your budget that can go towards your new car payment.

Where to get approved for a car loan when you have credit challenges

You will see websites that advertise “everyone approved,” but that is just clickbait.

If you want to get approved for a car loan with bad credit, your only viable option is to work with a local car dealership, one that has experience helping others just like you get approved for a car loan.

The dealership will look over the particulars of your application and identify the lenders in Campbellville that will give you a good deal.

You will be required to pay a higher interest rate because of the greater perceived risk but you can still borrow.

The dealership will show you how to improve your credit score, so in as little as 6-12 months from now, your credit score will be very high, and you will qualify for the best financing terms, but you need to contact the dealership today and get things started.

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

Categories: Car Loan

Tags: ,