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How to get a Niagara Falls car loan with a 600 credit score

How to get a Niagara Falls car loan with a 600 credit score

If you are reading this, you have either applied for a car loan in Niagara Falls and got rejected or you are feeling anxious about buying a car knowing your credit score is not very high.

You are in the right spot. We are going to discuss ways to improve your credit score so you can save money on all forms of credit. More importantly, we will cover how you can buy a car with less than perfect credit.

Not all lenders are created equal

We know how frustrating it can be to go through the process of applying for a car loan in Niagara Falls, only to find out it was rejected.

The reality is, you never stood a fair chance and it is because of your credit score.

When you fill out a credit application, the data is collected and goes through a sophisticated algorithm that looks at a host of variables inside your credit report.

This software then makes an instant decision based on your credit score and you either get an automatic rejection or approval.

If your credit score is under 680, then it would likely be auto rejected without having any type of human review. The average credit score in Canada is 650, so most of us are either at or slightly above that level.

Boosting your credit score without gimmicks

There are gimmicks being touted online that promise a dramatic credit score increase for a nominal sum.

These are just gimmicks, if you want to raise your credit score, you can do it safely because there are no “secrets”. The only way to improve your credit score is to give yourself some time and follow best practices.

Sign up for free credit reports and scoring with EquiFax and TransUnion and look at your report. Are there any suspicious accounts on the reports? Identity theft is a real thing and you could be the victim of it.

If there are no errors in your report, it is time to roll up your sleeves and start making some changes.

Are you only making the minimum payments on your balances? While paying your bills on time is vital when trying to have a good credit score, if you are only paying the minimum, it will take years to pay down the debt.

One of the biggest variables that impact your credit score is your total credit utilization. If you are carrying too much debt, it will have a negative impact on your credit score. The only way that you can avoid this by paying down the debts quickly.

How to buy a car today with subprime credit

We promised we would tell you how to get a car today, even if you have subprime credit. You cannot do this on your own, you will need help.

Look for a car dealership in your area that offers 2nd chance credit. These dealerships will know which lenders are willing to work with borrowers that have subprime credit.

Even if you were rejected by other lenders, these dealerships can get you approved and in a car today but you need to reach out to them.

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

Categories: Car Loan

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