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What Canadians need to know about bad credit car loans in Beamsville

What Canadians need to know about bad credit car loans in Beamsville

The Internet is a great place to do research, but there is no one ensuring the information that is being posted online is legit.

One area where there is a massive amount of misinformation is in the world of automobile financing.

That’s why our Beamsville car loans team are going to take a closer look behind the curtain and give you the details you need to make the most of your car buying opportunity.

Who defines what is good and bad credit?

When you go to the doctor, they may tell you that you have high blood sugar; this is based on established medical practices of what is considered “normal,” but with credit, it is not so easy to define.

The issue with credit scoring is there are no standardized models; the credit score that you have with TransUnion can be substantially from what Equifax reports or vice versa.

This lack of scoring consistency is one of the main causes of anxiety for prospective car buyers.

How often do you check your credit score?

Your credit score is important; it opens or closes doors depending on how you manage it.

If you have bad credit, it could make it hard to get certain jobs, or if you want to rent an apartment, your odds of getting approved are low even if you have a good income.

As a guideline, the median credit score in Canada is around 650, but that can change; so long as you are somewhere in that vicinity, you should be fine.

When you have worked out your credit score and realized it is not as dire as you thought, you have to start crunching the numbers in your budget to figure out what you can afford.

Having a decent credit score is great, but you still need to have enough cash to repay the car loan.

With interest rates on the rise, and inflation taking a big bite out of your budget, you might consider going for an all-electric vehicle and saying goodbye to being gouged at the gas station forever.

Where to get the best deal on a car loan when you have credit challenges

You are reading this right now online, yes, this actual sentence, and may think that the Internet is the best place to find a good deal on a car loan, especially when you have some credit issues.

Going through a local car dealership in your area is the best place for a great car loan, no matter your credit profile.

The local dealership works on car deals all of the time, so they know how to structure your car loan, so you are getting a great deal.

These dealerships also know all of the lenders in Canada, so you never have to worry about whether you are getting a decent deal or not; the answer is a “yes,” you are getting a great deal.

Don’t just take our word for it, though; head on over to your local car dealership today and begin exploring your options.

Contact Unique Chrysler for help, advice and competitive Beamsville car finance and leasing.

Categories: Auto Loan

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