How to Rebuild YOUR Credit with an Auto Loan
As Ontario’s largest auto loan company, we want to keep you informed and educated about credit. Watch out for ongoing updates!
Regardless of your current credit situation or concern in obtaining credit for an auto loan, there are always options available that you can take to get approved. So what exactly is it that you need to know? Follow these 5 quick auto loan tips below and you’ll be on your way to rebuilding your credit and also doing it in style with a new ride!
1. Why Consider an Auto Loan?
Did you know that working with the right auto loan company can actually help rebuild your credit within months to a year? That’s right; it can help put you back on track by improving your credit score and reducing interest rates on existing debt.
2. Don’t Hesitate to Call or Fill Out an Application
The saying of ‘it never hurts to ask’ is definitely true when it comes to applying for an auto loan. You might be hesitant to call or fill out an application, but without doing so you’ll never know the opportunities of what an auto loan can do for you personally and financially. However, it is important to know that you should only apply to one lender to avoid potentially lowering your credit score.
3. It’s Not About the Interest Rate, It’s About What You Get Out of An Auto Loan
Sometimes seeing a high interest rate can be scary. We’ve all been there before. But when it comes to an auto loan and improving your credit, there are important factors to consider outside of what you’re paying your auto loan for. So try to look at the big picture of re-establishing your credit for the future financial benefits and credits.
4. Choosing the Right Auto Loan Provider
This section is probably the most challenging of them all. With so many auto loan providers out there, how do you make the decision on who to work with to finance your next vehicle? Make sure that the company has been in business for several years, is reputable, and is a real auto loan company with their own vehicle inventory that they can sell you. Finding a company that is willing to work with you by putting the time and effort in, and navigating you through the approval process is a must have.
5. Additional Incentives
The final thing to look at when considering working with an auto loan provider is to ask about any additional incentives that come with the auto loan. For example, are they offering a 30 day vehicle exchange – where if you’re not satisfied with the vehicle for whatever reason then you can simply exchange it with no questions asked?
So there you have it. We hope that these 5 quick tips to getting an auto loan are helpful to you.
At Auto Loan Solutions we value our customers and take pride in our 99% application approval rating. At the end of the day, it’s all about you, our customer, and working together to rebuild credit and giving you the vehicle you’ve always wanted. It all starts by giving us a call at 866-931-7534 or filling out an online application form to the top right of the page.