Ontario Car Loan Tips – Improving Your Credit
Making the right decision means being informed.
Being informed about credit is important, because you want to have all the facts before making an important decision regarding a car loan. Some important things to consider are:
- Do you have a budget?
- Do you have a down payment?
- Do you have a trade-in?
- Do you have a steady income?
- What is your credit history?
There are several factors which can help point you in the right direction when deciding on your next bad credit car loan. Lenders will look at all of the information (stated above), and create a risk assessment for you, so they can decide how much money they are willing to lend you for your used car.
Starting out as a used car shopper means discovering what you want to buy, and what you can afford to buy. Vehicles come in all shapes and sizes, with various features. Creating a budget helps you narrow the search for a car and will keep you from overspending. Mark Wilson’s Better Used Cars stocks an assortment of over vehicles of all types, making it easier for you to find the right vehicle. After you have found the vehicle you’re interested in, simply contact us or fill out our online pre-approval car loan application and we’ll start doing the work for you!
We also have expert staff who can guide you through these important decisions if you are unsure and would like to explore your options.
Having a down payment for a bad credit car loan isn’t always necessary, but it can help to lower your payments and/or finance term. It all goes back to that risk assessment mentioned earlier.
To see if you qualify with or without a down payment, you can get pre-approved by clicking here and filling out our quick and easy financing application
Trading in your old car for a new one can help to lower your payments, and act as a down payment toward the purchase of your next used car. As mentioned, bad credit car loan lenders create a risk assessment, and part of that risk assessment takes into consideration how much money you are putting down on your car loan. There are many added benefits to trading in your old car, other than the cash value that you will be given. Trading in your car ensures a 100% smooth transaction – you drop off your old car the same day you pick up your new one.
Having a steady income helps in making the finance process easier and faster. Steady Income factors into the risk assessment, shows lenders that you are responsible enough to have income constantly flowing into your account, and that helps reduce the risk of you not paying back the car loan. Lenders see any sort of steady income as a positive towards credit rebuilding, regardless of the industry, or even the wage.