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How to buy a car when money is tight

Guide to Save Money when you Buy a Car in Flamborough

Posted by on Mar 01, 2022 - Archived under Uncategorized

Are you in the market for a new car and have bad credit, or were you recently declined for a car loan? We can appreciate how lonely you can feel; no one likes rejection, especially when you are buying something that is essential, like a car. That’s why we’re going to try and help you save money when you buy a car in Flamborough.

 

We are going to show you some of the best strategies to use when trying to buy a car with bad credit; by the time you finish reading this, you will feel empowered to move on with your life.

 

So what is your credit score?

 

Your credit score could be anywhere from 300 to 900, depending on which credit reporting agency you are using (TransUnion and Equifax are the two main firms in Canada)

 

It is quite possible your credit score is low with one agency and high with another.

 

You can only protect yourself from being the victim of an inaccurate credit report by accessing your report from both of these agencies. In addition, you can download apps like Credit Karma that will let you track your credit score.

 

A significant number of Canadians have bad credit due to errors inside their credit report; this could be honest errors or victims of identity theft.

 

In either case, the law requires the credit reporting agencies to correct these mistakes; however, the onus is on you to report these errors in writing.

 

How to deal with your credit challenges

 

If you are tempted to pay for credit repair services, hoping it will solve your problems, you should reconsider. While these services may be useful, it would be wiser to develop better financial habits.

 

Are you current with your current debts? The primary reason credit scores are low is not making your payments on time. Even missing a single payment, no matter how small, will send your credit score spiralling.

 

Do you have many active credit accounts? Not having enough credit accounts can put downward pressure on your credit score. It would help if you had a mix of instalment and revolving credit products for optimum scoring.

 

There are other variables that will impact your score; however, those two are the primary influencers of your credit score and having a good credit score will surely help you save money when you buy a car in Flamborough.

 

Benefits of having a good income

 

If you have a good income, then you still have an array of options that are available to you. Lenders are eager to issue loans to responsible borrowers, and even though you have credit issues, you can get a loan if your income is stable.

 

The only way you can access lenders who would be willing to offer you a bad credit car loan is with the help of a dealership.

 

The dealership will already know which of their lenders is going to give you a good deal.

 

You should also speak with the in-house credit expert at the dealership; they will be able to advise you on how to fix your credit so you can qualify for a good credit car loan in the future.

 

This advice can save you thousands of dollars in borrowing costs over the duration of a loan, so be sure to follow it.

 

You can get a bad credit car loan, so the only question is, when are you going to visit the local dealership and enjoy a test drive?

 

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!

 

Click here to get approved for your next car loan online today! we have a team of credit specialists ready to help you with buying a car with poor credit score, and will work with you no matter your credit score. 

 

For any questions or concerns, please don’t hesitate to contact us here! 

 

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