What Exactly Is A Credit Score?

You might notice that some people look a little uncomfortable whenever the subject of their credit score comes up either intentionally or purely by accident. What kind of score could be so bad as to make someone look as if they’d rather tell you their social security number than tell you their credit score? Just what is a credit score?


A credit score is a three-digit number that is created through a mathematical formula that utilizes information from your personal credit report. Credit scores can be used to determine what type of risk you’ll be in the event that a lender decides to let you borrow money or a car dealership decides to approve you for car financing in Hamilton. While there are several credit scoring models currently being used, one of the most popular is the FICO credit score. Your FICO score can range anywhere from 300 to 850, with higher numbers being a good indication that you’ve got a good handle on your credit.


There are five essential factors that are used to make up your credit score, including your payment history, amounts owed, types of credit used, new credit and the length of time that you’ve had credit. Each factor counts for a certain percent of your credit score. If you’re wondering how much of an impact a change to each essential factor has on your credit score, the simple answer is that it depends. The reason for this is that there are several formulas used to calculate your credit score. The information that you have in your credit report is used to determine which formula will be utilized. For example, if you’ve just started building your credit you’ll be included in the category with individuals with “young” credit histories.


Even if you don’t care what your credit score is, having a good one will make it much easier on you financially since you more than likely won’t be loaded up with debt and can live your life the way you want to rather than the way you have to.

If you are looking for a car loan in Kitchener, and are a first time buyer, have bad credit, or no credit, Loan Doctor can get you approved. Contact us today

3 Reasons to Buy Used Trucks

No matter what kind of truck you’re looking for or what your budget is, chances are good that you will get a better value and long-term reliability from your truck if you purchase it from a dealer. While there are many reasons to purchase yourused truckfrom a dealer, we’ve come up with the top 3 that will save you time, money, and, in some cases, your health.

1.       Certified pre-owned truck warranty. When you buy a used truck from a dealer, most dealers will be able to give you a certified pre-owned truck warranty. Some warranties will come directly from the vehicle manufacturer. Other warranties will come from the dealer. Many buyers will be eligible to receive both.

A certified pre-owned truck warranty is one that comes directly from the manufacturer and can only be offered by an authorized dealer. The reason that dealers can offer certified pre-owned warranties on some used trucks is that they have had authorized mechanics inspect the car based on the manufacturer’s check-list. If the car passes all of the points on the check-list, then the manufacturer deems that the car is worthy of the certified warranty. Private used truck sellers cannot offer this valuable feature.

2.       Used truck financing. Most dealers, including ours, offer competitive used truck financing that helps buyers find the right truck for their needs and their budget. By obtaining car financing in Hamilton through a dealer, you’ll be able to work closely with a dealer to find the right truck for you – regardless of your budget. Your dealer can provide you with personalized options that private sellers and banks cannot.

3.       Inventory and accessory options. In addition to being able to browse through a wide selection of used trucks, when you buy from a dealer, the dealer will also be able to help you get the exact truck that suits all of your needs – including financial needs, as we already mentioned.

Plus, when you work with a dealer, you’ll be able to purchase accessories that are specific to your truck model, such as winter tires to help you stay in control on slick Canadian winter roads, custom-fitting gun racks, or flat bed covers. Your dealer will make sure that you have the accessories that suit your specific model and type, eliminating the hassle of having to find accessories on your own.

If you’re thinking about buying a used truck, be sure to contact us today  for more information about our used truck inventory and financing options that may suit your budget and lifestyle! Remember the Loan Doctor in Southern Ontario can get you approved regardless of past credit issues. Apply Now!