Bad Credit Car Loans and Auto Financing Sudbury, Ontario
Sudbury loans for bad credit car financing in Ontario
When it comes to getting a car loan, credit and car loans are intertwined in a way that makes them somewhat codependent. In order to get a great car loan, you'll need to have great credit. However, in order to have great credit, it's wise to have a history of car loans that you have successfully managed or repaid.
Here are a few ways that we want our customers to be aware of when it comes to car loans and credit working together:
How credit is built-Credit is determined by five different factors: payment history, types of credit, amounts owed, new credit, and length of credit history. These five factors all account for varying percentages of a credit score.
However, payment history accounts for 35 percent of a credit score the largest percentage. Payment history means the track record that an individual has developed based on loans that he or she has taken out and then repaid.
In order to develop a track record of repaying loans, it is important to actually take a loan out in the first place. Many people begin to build their credit by taking out small loans, such as a car loan, and then committing to repaying it. When repaying the loan, customers are able to develop positive credit histories. So if you are in need of a car loan in the Sudbury area you have to the right place. Please fill out our secure online credit application and a Loan Doctor credit specialist will contact you promptly.