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How to get an EV car loan with bad credit in Canada

How to get an EV car loan with bad credit in Canada

There aren't many options available to Canadians with bad credit who need to buy an electric car (apart from winning the 6/49 or having a rich uncle).

We'll assist you in maximizing the ones you do have so you may succeed.

First and first, you should be aware that while the Internet is a fantastic resource for information, you won't locate the money you require there.

In a moment, we'll show you where to look for that.

Understanding the cause of your poor credit is crucial

Discovering the root cause of your poor credit is necessary before you can address the issue.

Get your credit report and join up for a credit monitoring service like Koho as the first step.

Take some time to review each account and note any errors now that you have live access to your credit report. Your credit score will drop if there are errors.

Contacting your credit reporting company, whether it is TransUnion or Equifax, and using their official method to dispute your credit report is the simplest approach to correct errors on your credit report.

It can take up to 30 days after the letter is delivered for the errors to be corrected on your credit report.

How to raise your credit score and keep it up

It's time to concentrate on what you can do to improve your credit score now that the errors that were lowering it have been fixed.

You must always pay your obligations on time going forward, regardless of how much it strains your budget.

Your credit score will suffer for months if you don't make a bill payment on time. You should make every effort to maintain your word.

Reducing your credit card and other lines of credit debt is a good idea. Your credit score will suffer if you use more than 30% of your available credit.

Your credit score will start to rise if you take these easy steps, but you still need to take additional action.

Leveraging your hard-earned money

If you are attempting to repair your credit and have a high salary, you may be able to obtain an electric car loan despite having bad credit.

You must ensure that your salary can cover all of your present expenses in addition to the suggested auto loan in order to demonstrate that it is sufficient.

A 40% portion of your overall income is the key number.

Where to apply for an electric car loan if your credit is poor

The best way to obtain an electric car loan if your credit is less than ideal is from a nearby dealership. In all of Canada, these neighbourhood dealerships have the broadest network of lenders.

Even if other lenders have rejected you, they can still work with the lenders to get you accepted.

If you're determined to get a new vehicle, contact your neighbourhood dealership right away to get the process started. Your best call of the day will be this one.

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Categories: EV motoring