Are you trying to buy a car with credit issues in Ontario? These tips are intended to make your life easier, but you will need to stick us to the end of the conversation and give the suggestions a shot.
The pandemic was only supposed to last two weeks to flatten the curve, but here we are two years later, and the mandates are only starting to be lifted.
The lockdowns have created unprecedented hardship in the economy and mental well-being of all Canadians.
If you experienced financial hardship and trying to get back on your feet financially, having credit issues can make things more challenging, especially when trying to buy a car.
The preliminary step is reviewing your credit report; there are many applications that will give you access.
Getting your credit back on track
After you have access to your credit report, you can start rebuilding your score. First, look over credit reports from Equifax and TransUnion, and note if there are any mistakes inside the report.
If there are mistakes, your credit score is going to suffer and will suffer for up to 6 years.
There is a proper way to address these mistakes; you would need to go through the official dispute channel listed on either TransUnion, Equifax, or both.
This dispute process does take some time to complete, so you should begin working on these items right away.
If the negative items in your credit report are legitimate, you still need to deal with them but not through the dispute process.
You need to bring those accounts up to date as quickly as your budget allows.
Bad credit drives up the costs of everything and can limit your career options since certain jobs require good credit, especially management-level positions.
Your credit score will start to improve once those issues have been addressed, but it will take some time.
Going over your budget
We have touched on working on your credit, but you should take a look at your budget to see if there are areas where you can realize savings.
Most people do not like to budget, but knowing how much money is coming in and going out will let you know if you can afford a new car.
The average car payment is $500 per month, and that is increasing dramatically due to inflation.
So, if you do not have room in your budget, then you need to boost earnings or reduce your debts.
Where to Buy a Car with Credit Issues in Ontario
When you need a car and can’t wait for your credit issues to resolve themselves, your best option is going through a car dealership in your area.
The dealership will be able to shop around and find a lender that is willing to give you a competitive offer based on your financial situation.
In addition, the dealership will show you how to boost your credit score, so the next car you buy will be at prime interest rates; you just need to make the first step and contact the dealership today.
Click here to get approved for your next car loan online today! we have a team of credit specialists ready to help you buy a car with credit issues in Ontario and will work with you no matter your credit score.
For any questions or concerns, please don’t hesitate to contact us here!