2017 Canadian Credit Repair Tips for Bad Credit: Using Your Car Loan to Improve Your Credit
Getting a car loan is a great way to improve your credit score. Surprised? Here’s more– it’s actually THE fastest way to do so. Continue reading to learn how to get back on track and have a great car in the process.
How Credit Helps
Just having credit will help you in several ways. First, because it means someone trusts you enough to give you credit and to let you have money believing that you are going to pay it back (something that doesn’t happen often when you have really bad credit). You’ll be able to work harder at trying to prove yourself and getting your score to a place where you can start buying the other things that you want and getting credit cards that you need. You can get started with a loan right here.
Second, having credit means that you have the ability to start making some changes to your routine and your method of paying off debt. It means that you have started making important changes and you’re definitely going to be glad that you tried them out when you see just what they can do for you and your credit score. It just takes a little bit of time and effort. Just make sure you start by knowing your credit, which you can do right here.
If you have really bad credit and you haven’t been able to get or keep a loan or credit card you may have even more problems because you may have a high debt ratio with no credit to counteract it. That means, getting additional credit will help you, but only as you start to pay down the amount due on time. If you’re not paying it down ,then you’re just going to have an even higher debt ratio with no additional credit balancing it out. So you want to be careful about it and make sure you use one of these loans to do it.
Start with the Right Mindset
Do not envy people who are offered better loan options. Focus on improving your credit first so you can receive better offers in the future. For instance, you can refinance your car later on once your credit improves.
Live Within Your Seams
Make sure that you’re getting only the credit that you can afford to pay off. You should be able to afford making minimum on time payments for each of your credit every month. Credit reporting companies look at these areas very closely.
Pay Off Your Loan ASAP
Pay as much as you can. If you can pay more of the loan at one time, rather than just the minimum, then by all means do so. This will help improve your credit score because it reduces your dept to credit ratio over time. The smaller your debt becomes, the better your score gets.
All in all, your best bet is going to be getting a great loan and then working on paying it off. It may seem like a lot of work but you’ll great rewards in the end.
Find the Right Company
Getting a car loan isn’t always easy when you have bad credit, but if you work with the right company, you can definitely get what you need. Believe it or not, there are lenders out there who are more than willing to help you loan a car that you can afford, despite your credit history. New Car Canada is one of them. We are an auto loan approval site that specializes in bad credit and no credit financing. We give them a chance to acquire a car loan and improve their credit scores in the process. We even have a program that allows them to settle their credit card debts while paying off their auto loan! We offer easy and fast approval to all applicants from anywhere in Canada. Our application takes only 30 seconds to complete and is 100% FREE, with no obligation to buy or purchase anything offered. You can discontinue anytime for FREE if you think that someone else can give you better loan options out there. Click the Apply Now button to know where you stand.
We provide free service in 8 provinces, Ontario, Nova Scotia, New Brunswick, PEI, New Foundland, Manitoba, Saskatchewan, and British Columbia. We service everyone from Toronto, Ottawa, London, Hamilton, Mississauga, North Bay, Thunder Bay, Sudbury, Sault Ste. Marie, Barrie, Oshawa, Brampton, Kitchener, St. Catharine’s, Niagara Falls, Belleville, Windsor, Bracebridge, Gravenhurst, Collingwood, Orillia, Peterborough, Nepean, Cornwall, Kingston, St. Johns, Saint. John, Moncton, Winnipeg, Brandon, Red Deer, Calgary, Edmonton, Saskatoon, Regina, Kamloops, Victoria, Surrey, Kelowna, Vernon, Prince George, Nanaimo, Fort McMurray, Banff, Moose Jaw, Prince Albert, Swift Current and the rest of Canada. Our dealer network is one of the largest in Canada and always provides free finance to own quotes.