Bad Credit Car Loans in Port Dover are Just a Block Away!

Bad Credit Car Loans in Port Dover are Just a Block Away!

Posted on April 12, 2022

Ontarians who have bad credit and need a car loan should follow our suggestions or run the risk of not being able to get a loan at all, as our Port Dover auto loans team explains.

The first thing that you need to do is figure out why your credit is bad; this can usually be worked out by doing a little credit recon work.

Taking a deep dive into your credit report

Sign up with Credit Karma and Equifax free credit reporting today. You need to view both your TransUnion and Equifax credit reports to find out whether there are any mistakes.

Unfortunately, mistakes do happen often, and they will bring your credit score down into bad territory, which is considered anything below 600.

The Government of Canada requires the credit reporting agencies to remove any legitimate disputed items, but you need to go through the actual dispute process and have the errors removed.

It can take 30 to 60 days for those errors to come off your report, so you need to look for mistakes right away.

Even if there are no errors inside your credit report, any unpaid or delinquent debts are going to stay on the report for up to 7 years.

You could find yourself in a situation where one agency reports the negative accounts and the other does not; in either case, you should pay off any unpaid collections so your credit score and start improving.

It will take some time before your credit score begins to improve; while waiting for that to happen, you can begin cleaning up your finances.

Budgeting for your new vehicle

While you are working on improving your credit score, you should take this opportunity to revise your budget.

Inflation has been tracking over 5.1% per month, and it looks like this trend will continue well into 2022.

Therefore, you should increase the amount of cash allocated to food, housing, and energy.

Gas prices have gone over $2 per litre, and with what is happening in Europe, these high fuel prices may be here to stay.

With gas prices so high, consumers are seriously considering migrating over to all-electric vehicles, but the costs of these vehicles are beyond most consumers' budgets.

Where to find the most competitive bad credit car loans in Port Dover

You have followed our advice and worked on your budget and credit but need a new car soon.

There are options available, but you need to make the first move and contact your local dealership.

The dealership can shop around their network of lenders and find out who will give you a bad credit car loan.

These loans come with a high-interest rate, so you need to have enough room in your budget to repay that loan plus all of your other obligations.

If you work with the in-house credit experts at the dealership, you should be able to qualify for a prime interest rate car loan in no time at all, but as mentioned, you need to take the first step.

We’d love to help you find options for bad credit car loans in Port Dover. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Burlington dealership. 

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