Thousands of Canadians have found themselves in a difficult situation through no fault of their own. Whether it’s a lost job due to Covid-19, redundancy due to downsizing or a failed venture due to something else, there are many reasons why people find themselves with poor credit.
Need a car to get to work? Want to use a car loan to help rebuild your credit? We can help!
Bad credit car loans
Bad credit doesn’t carry the stigma it once did but it can make finding a good deal on a car loan something of a challenge. That’s where we can help.
If you have a less than perfect credit score, we have a few practical tips that will help. Alongside working with our expert team of car loan experts, addressing any of the following will increase your chances of being accepted for a car loan.
Identify Problem Areas in your Credit Report
It may be obvious what caused the situation you find yourself in but that isn’t always the case. Either way, getting hold of a copy of your credit report will show you exactly where you are and why.
Take a good hard look at your credit report. Make sure everything is accurate, all your personal details are correct and your contact details are up to date. Once you know where you are with your credit report, you can begin on the road to improvement.
Use Pre-Authorized Debits to Pay Wherever Possible
Life is busy and getting busier. Even the most organized household has to balance work, school and family and it’s all too easy to overlook certain things. Most types of debt will require Pre-Authorized Debits (PADs) but if you have any outstanding debt that doesn’t, set it up right away.
Having all payments go out automatically, on time will help you manage your financial affairs much more efficiently.
Pay Everyone on Time
Building a record of paying debt on time is the fastest way to rebuild credit. Give it six to twelve months of servicing all your debt on time, every time and you will soon see your credit score climb.
Use PADs where possible and use calendar alerts for reminders. The longer you can pay on time, the faster your credit score will recover.
Consider a Consolidation Loan
Have multiple outgoings each month? Having trouble keeping track of everything? Paying a wide range of lenders at once?
In certain situations, using a new loan to pay everyone else off can work in your favour. It means a single payment, a single debt and a much more manageable way to service lenders.
Work with Experts in Bad Credit Car Loans
If you need a car loan while you’re rebuilding, we can help. We work with people from all backgrounds, in all kinds of situations. We don’t judge. We do our best to find you a competitive bad credit car loan so you get the car you need at a price that’s right.
Contact Dixie Auto Loans to see what we can do for you!