Canadians have a strong emotional connection with our cars, they are in a way, an extension of ourselves. So, when you apply for a Dundas car loan and the bank says no. You will naturally feel quite upset.
Our Dundas auto loans team are going to arm you with the knowledge needed to get a great car after car loan rejection.
Banks are notoriously inflexible
When the bank rejects your application, you may be under the impression that you cannot get a car after car loan rejection at all.
The financial services market in Canada has opened up in recent years and there are many different lenders out there who will give you a car loan.
You just need to find them and meet their loan underwriting requirements.
Speaking in general terms, the minimum credit score you need to get any sort of car loan in Dundas is above 620.
The vast majority of Canadians have a credit score over 620, so you should be fine. (Even if your score is under 620, there are still options available)
If you aren’t sure how to check your credit score, there are free services from Equifax and TransUnion, you can access.
Having a solid income source
Something that you need to have, if you want to get any type of car loan is a stable source of income. The pandemic has forced lenders to be more conservative, especially when it comes to income verification. If you are working a conventional job, your latest salary slip, will meet this requirement.
There is a growing number of Canadians, who have multiple jobs and if you fall into that category, the lenders will need to see your bank statements and income tax assessments. This requirement might seem like a hassle but it is necessary, so download the documents now.
Importance of having a budget
Something that you will need to do in order to find a suitable car after car loan rejection is create a budget to see how much money you have coming in. Subtract all of your current expenses and see what is left over.
This helps you determine how much per month you can allocate to a car loan. Most people don’t like “budgets” but having one in place will help you keep your finances in check.
Finding lenders that are willing to work with you
While the banks may not be willing to give you a Dundas car loan, there is a vast network of lenders that are eager to earn your business. You cannot find these lenders by going searching online, the only way you can access these loans is by enlisting the help of car dealership in your area.
The dealership already has a network of lenders that work with credit challenged drivers like you. These same dealerships will also be able to advise you on what steps you can take to boost your credit score.
Now that you know where to get these loans, you can book a test drive and find the car of your dreams. Just imagine how happy you are going to feel, behind the wheel of a new car!
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!
For any questions or concerns, please don’t hesitate to contact us here!