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Easy Way to get a Bad Credit Georgetown Car Loan

Easy Way to get a Bad Credit Georgetown Car Loan

The majority of Canadians that had bad credit during the pandemic saw their credit score increase. Since the country was in lockdown, most Canadians stayed home and saved their money and paid off debts.

 

But, if you have bad credit, we are going to show you how to get a car loan in Georgetown.

 

Taking control of your credit

 

Without credit, most of us would not be able to lead a normal life, so you need to keep tabs on your credit score.

 

Platforms like Credit Karma provide access to your credit score and report in real-time.

 

When you sign up for these free services, you should note what your current credit score is, don’t worry if it is low.

 

Generally speaking, anything over a 680 is considered good, but you can get a Georgetown car loan with a credit score of 500, but there are unique challenges you will need to overcome.

 

While you are looking over the credit report, you should look for any mistakes. If there are mistakes in the report, it will bring down your score and stay on your report for up to six years.

 

The law protects consumers against mistakes in credit reports, but you need to inform the credit reporting agency through their official dispute website.

 

It can take up to 30 days for the errors to come off your report, so it would be wise to begin the dispute process today.

 

If there are legitimate negative items on your report, you should deal with those items right away.

 

Try to bring any past due or accounts in collection up to date; the longer you leave these items unpaid, the greater the negative impact on your score.

 

Why you need a stable income

 

Having a stable income is key, especially if your credit is less than awesome. Lenders want to make sure you have enough income to repay your loan as promised.

 

The way you address this requirement is by providing copies of your latest payslips. If you are self-employed, the lender is going to ask for bank account statements for the last few months and your income tax assessments.

 

This is one of the hassles of being self-employed, but it is a common request, so you should get those documents ready now.

 

Where to find the best bad credit car loan  in Georgetown

 

The best place you can find a bad credit car loan is with the help of a local car dealership. Local dealerships will have access to lenders from throughout the country and will know which lender is most likely to approve a bad credit car loan.

 

In addition, these dealerships have credit experts who will be able to give you tips on how to boost your credit score.

 

Along with helping you get approved for a car loan and repair the credit score, you will be able to drive a new car home today.

 

With bad credit, you will not be able to qualify for a new car loan, but you will be able to secure a loan for a good quality used car.

 

Now that you know what to do when looking for a bad credit car loan in Canada, you should head over to your dealership today and go for test drives.

 

We’d love to help you find the perfect car loan. Simply fill in the form below and we’ll get back to you ASAP or see our selection of used cars at our Burlington dealership. 

 

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    Categories: Auto Loan

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