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Which bank has the best car financing in Glen Abbey?

Which bank has the best car financing in Glen Abbey?

In Canada, the chartered banks used to have a majority share of the auto loan market, but deregulation changed things, and these banks no longer have the best deals in town.

Our Glen Abbey auto loans team are going to cover what steps you should take when trying to secure the best car loan in Canada.

How to qualify for a car loan in Glen Abbey

The first thing that you need to look at is your credit score; car loan providers throughout Canada fall into one of two categories, they either cater to prime or subprime borrowers.

Generally speaking, if your credit score is under 600, you are considered a subprime borrower.

If your score is above that level, then you are considered prime and anything over 720, and you are going to benefit from the lowest interest rates available in Canada.

There are two credit reporting agencies in Canada, TransUnion and Equifax; you must sign up for free access with each of them.

Some lenders only use Equifax, some TransUnion, and others both. By signing up with both services, your bases are covered.

Tackling your credit problems head-on

If your credit score is low, you should take proactive steps to deal with them right away. The root cause of your low credit score will not go away by itself.

Since you already have access to your credit report, look for items that may be weighing down your score.

These items can include missed payments, accounts that have gone into collections, or if you are carrying too much debt, which is just some of the reasons your credit score could be on the low side.

When you have worked out the cause of your low score, this is an ideal time to start dealing with those issues. It may take a few weeks or months for your score to climb, but it will improve, which can help you save money in the future.

Is your income sufficient to qualify for a car loan?

The next thing you need aside from credit is sufficient income to cover your current financial obligations plus the new car loan.

Lenders are now more cautious, so they will ask to see your bank account statements and income tax returns when making a decision on whether to approve a car loan.

If you don’t already have those documents prepared, now would be the time to get them.

Where to find the best car loans in Glen Abbey

After you have worked out the documents and credit score requirements, it is time for the proverbial rubber to meet the road.

To access the best car loans in Canada, you must go through a dealership in your community.

The local dealerships have access to wholesale lending rates that are not available to the general public.

Another benefit of working with a local dealership is their in-house credit experts; these professionals can show you how to improve your credit score quickly and safely.

Now that you know where to get the best car loans in Glen Abbey, the ball is in your court; you should head over to your local dealership now.

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

Categories: Car Loan

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