How A Car Loan Can Rebuild Your Credit

There are many different factors that affect your credit score. A beacon credit score is a three digit number between 300 and 900. The closer your score is to 900, the better your credit rating. Your credit score is a simple way of telling lenders whether or not they should extend credit to you. If you score is very low, you are considered a higher risk and many lenders will refuse to extend you credit. Rebuilding your credit may seem daunting, especially if no one will extend you a loan. Fortunately, there is a fast and easy way to begin the process of improving your credit score. If your credit score is less than desirable, consider rebuilding your credit with a car loan in Okanagan.

 

One of the biggest factors that determines your credit score is payment history. If you are prone to missing payments or making late payments it will hurt your score. If you want to show lenders that you are serious about turning your financial situation around, all you need to do is get a simple car loan in Kamloops and make all of your payments on time. The more payments you make on time, the more your credit score will improve. Lenders are also interested in any new credit accounts that you have opened, which makes now the perfect time to secure a new car loan.

 

We specialize in granting car loans in Revelstoke to people with bad credit. We want to get you into a nice car and help you improve your credit along the way. At Loan Doctor we will work with you to find a monthly rate that is affordable. The last thing you want to do is take on a loan that you cannot afford, but do not worry about that. We work hard to ensure that your loan is manageable. As you make your payments on time and your credit improves, we can even work with you to lower your interest rate! Call us today to begin your application process.

5 Tips On Getting A Good Car Loan Interest Rate

  1. Know your credit score. Your credit score determines what kinds of terms you can secure on a loan. The better your credit, the better the terms. You can order your credit history report online or by phoning, mailing, or Emailing TransUnion Canada or Equifax Canada. Knowing your credit history and credit score can help you to know what quality of loans and interest rates you qualify for. This is vital for getting a good  interest rate on your car loan in Kamloops.
  2. Research and know what kind of vehicle you’re looking for. Are you looking for a load-hauling work truck or a commuter car with good mileage? Figure out what you need and do the online research to find out which makes and models that fit your needs rate most highly among professionals and consumers. Learn about durability and resale value. Knowing what your desired vehicle is worth can help you to realize which car loans in Okanagan work for you. Knowing about how a car is rated in terms of durability and resale can let you know whether you’d rather go in for a used car in Okanagan (cheaper, but usually coming with a higher interest rates) or a new model (pricier, but usually coming with a lower interest rate).
  3. Shop around for your loan. Sometimes dealers will offer better loan terms, and sometimes banks or credit unions will offer better loan terms. Let a dealer know that you are shopping around and have other offers to consider and they may offer you a competitive interest rate with other rates you’ve looked at. Actually having a prequalified loan with a bank or credit union can help you to secure better terms with a dealer.
  4. Shop around for your loan in a two-week time period. Every time you apply for a loan it affects your credit score, which alters the interest rate you can get. However, if you file multiple loan applications in a two-week window they only count against you once, ensuring a better offered interest rate on all.
  5. Never drive your new vehicle off the lot before the financing terms are set in stone. If you leave before you’ve signed very tight paperwork under the aegis of “conditional” financing, you have effectively locked yourself into keeping a car where the dealer gets to change the loan terms at their discretion. This is not a good idea.

How much can I afford to borrow when purchasing my next vehicle?

A very common question among car buyers is, “How much can I afford to borrow?” There are a few simple steps anyone can follow to get a number in less than twenty minutes.  First, you need to come up with a basic household budget.  Write down how much you spend on essential items each month, including food, living space, utility bills, clothing, entertainment, etc.  Always round up if you are unsure of the actual cost or if the cost fluctuates.  Then, write down your net household income and subtract your expenses.  You should get a number of what you could spend on anything.  Subtract some more from that for savings and emergencies, and you will have the exact amount you can spend on a monthly car payment.

Then, conduct a simple web search to find out how much you can borrow while sticking to a monthly payment you can afford.  Type ‘how much can I afford to borrow in Canada’ into any major search engine and you will find numerous loan calculators from major banks, most of which are very easy to use.  Keep in mind that you will typically get an estimate, and it might be a little off.  For example, if you could afford a monthly payment of $400 and it was estimated that you can afford to borrow $29,500, it might be wise to borrow around $26,000.  Remember, the most important thing is that you have asked yourself ‘how much can I afford to borrow’ before you went car shopping.  There is little worse than being stuck with a vehicle that you cannot make payments for on time.  When you blindly take out a car loan in Kamloops, you risk basically throwing money away on late fees.  This can easily be avoided by thinking about your financial situation beforehand.  Remember, there are more important things than buying your dream car tomorrow, and always be ready to walk away from a loan that you cannot repay.

You can use our car loan calculator to figure out your payments. At Loan Doctor you can get a car loan in Okanagan, we can get you approved for your car financing regardless of past credit issues. Apply online today, and one of our credit specialists will call you!

4 Reasons To Buy From Us

 

We are extremely proud of the level of customer satisfaction that our customers have when they work with us to buy their used cars. Not only are we dedicated to ensuring that each of our customers gets the right cars for their needs and lifestyles, but we are also interested in ensuring that our customers get the best financial arrangements when they buy their used cars from us. If you’re in the market for a used car, we’d like to give you a few reasons why buying your used car from us can be a wise move:

Great financing

One of the top concerns amongst all of our customers is financing. Our customers are not only interested in getting the lowest possible price for their cars, but they are also interested in getting great car loans in Okanagan that they can easily afford to repay for years to come. We offer great financing opportunities, including special programs, trade-in programs, and even car loans in Kamloops that suit all budgets. Contact us for details or to learn more about the financing opportunities that may be right for you.

Huge selection

Finding the right used car often requires that customers look through dozens of different types of cars. We have a huge selection of used cars that our customers can look through in order to find the best options, features, and vehicles for their needs. Our customers can also test drive these cars to see how they handle before they buy!

Inspection

It is essential that every used car is inspected thoroughly to ensure that the used car is not only expected to run when the customer takes it off the lot, but we also want to make sure that the used cars we sell will run for years to come so that our customers can save money and know they have a reliable car. Ask us about what is covered by our inspection; you may be surprised by how exhaustive it is!

Warranty

Even though we are confident that every used car we sell will hold up for years to come, we still make sure that our customers have a warranty for the cars. This warranty helps to give our customers peace of mind that we will be available to service their cars if they need any assistance. Many items are covered by our warranty; ask us for details!

Contact Loan Doctor today to get started finding the right used car for your needs on our lot. We look forward to working with you!

Getting a Car Loan After Bankruptcy

If you are like many people that have had to file for bankruptcy, chances are good that you are concerned about getting an after bankruptcy car loan in Halifax. While it is true that filing for bankruptcy can hurt your credit and cause some financial difficulties, we want you to know that you will be able to get an after bankruptcy car loan from many sources, including Loan Doctor Nova Scotia.

The truth of the matter is that no one plans to file bankruptcy. However, it is not unusual for people to get themselves into difficult situations that require them to use all necessary resources, including the option of filing for bankruptcy. If you are like many people and have bad credit because of a bankruptcy filing, we want you to know that there are ways for you to recover. Here are the next steps you need to take in order to get an after bankruptcy car loan:

1.       Fill out a credit application. For your convenience, we have an easy credit application available online that you can fill out from the comfort of your home. Of course, you can always come to our dealership to learn more about our credit program or to fill out a credit application in person.

2.       Speak with a lender. After you have filled out your credit application, we wll review it and contact you. You can also contact us first for more information or to discuss your options. We will go over your credit applicationin detail and discuss available options, including different types of loans you may be able to get. We will also show you which cars on our lot may best suit your financial and lifestyle needs.

3.       Decide on a loan plan. Once we discuss your options with you, you’ll have more clarity about which loan plans may work best for you. For example, you may be able to choose between getting a high interest rate loan for a short period of time or getting a low interest rate loan for a long period of time. We’ll make sure you’re fully aware of all options before we move forward with your sale.

Contact us today  to learn more about how you can get an after bankruptcy car loan in Dartmouth today. We can get you approved for your car loan.