A Car Loan is one
of the Very Best ways to Restore Credit or Build Credit in Canada!
After
a home purchase, a car loan is
usually the second largest debt that
a person takes on in life. If you
have bad credit and get an auto
loan, then with each payment you
make the credit agencies are
notified you are on time and have
made payment. With each payment you
increase your Beacon score or credit
score. The higher your beacon score,
the better your credit is. This
usually translates into lower
interest rates with all kinds of
credit becoming available to you.
We only deal with credible banks,
lenders and leasing companies that
report to the consumer credit
agencies such as Equifax and Trans
Union.
Other ways to help Restore Credit in
Canada (or rebuild) a Good Credit
History
Creating a good credit history for
the first time, or rebuilding after
a credit challenge can be
accomplished by some or all of the
following steps:
-
Pay down your largest credit
card balances so that there is a
large difference between your
balance and the card limit
-
Don't close credit card accounts
you don't use. The open credit
limits on those cards help your
credit score.
-
Open a few new credit card
accounts, but not all at the
same time. Use them
occasionally, pay off the
balance each month.
-
Open a department store and a
gas card account. Use them but
keep balances at zero or very
low.
-
For people with seriously
damaged credit, get a secured
credit card. This is where you
pay them $1,000 and they give
you a credit card with a $500
limit.
-
Get a small personal loan from a
local bank or credit union.
Interest rates may be high but
if you pay it off relatively
quickly, total finance charges
will not be significant.
-
Pay all bills on time. Don't be
late and don't miss payments. A
single late payment can be very
damaging.
-
Repair credit report errors and
mistakes
Our credit restoring program will
approve you for an auto loan and
help you get a vehicle. After you have
made 10 - 12 months payments towards
your car loan, you will have
completed the first step to
increasing your credit score and
improving your credit.
At this time we encourage you to
re-apply for an auto loan and we can
usually get you approved at a very
low interest rate so you can enjoy
the rewards for your efforts of
making all your payments on time.
