2020/08/24 | Used cars
Rebuild your credit
ven though you don’t have a perfect credit history, Style Auto can fix your credit score when you rent or buy a vehicle with anin-house financing option. Crazy idea, you say? Not that much!
A good personal credit is very important, whether you have to get approved for a mortgage or to buy a car. Two companies take care of keeping your credit report up to date by collecting all the data sent by your creditors: Trans-Union and Equifax. And we are one of the few car dealers to work directly with Equifax. The cleaner your credit report, the easier it is for you to get funding.
Unfortunately, life is not always easy, and unforeseen events can occur at inappropriate times putting you in financial hardship. In short, financial stability is not always possible. Loss of employment, bankruptcy, accident… Various circumstances can negatively affect your credit report. Fortunately, your credit status is not set in stones. Indeed, it is still possible to improve your credit score even after bankruptcy. Of course, the process is time-consuming and requires a lot of self-discipline, but just like saving money, every little bit makes a difference!
The best way to fix your credit score is undoubtedly to repay your debts, although this situation is often easier said than done. That said, the negative data unfortunately remain in your report for six to seven years. However, several commitments can help you gradually rebuild your credit while allowing you to adopt healthy financial habits. We’re talking about paying all your bills, respecting the due dates, and so on. The purchase or rental of a vehicle is also a possibility.
In fact, a long credit history allows evaluators to see that you are a good payer, so it is also a great way to earn points. Therefore, with the purchase or rental of a vehicle, you show your commitment. Not only will you have a vehicle to commute, but by showing consistency in your payments, you will also improve your credit score. A win-win situation!
People with a bad credit rating usually prefer to use alternative means of financing to purchase or rent their car. Although effective, it is not necessarily the ideal solution if you want to improve your credit score. In fact, even those who have gone bankrupt are eligible for financing. A paid job or a co-signer, and you are golden. From there, even if you are not yet completely discharged from your bankruptcy, the proposed interest rates may still be reasonable. Thus, by being diligent in your payments, it is greatly possible to change the status of your credit report.
Basically, by renting or purchasing a new orused car with home financing, you are attempting to demonstrate that you are actually a good payer, and that you have good habits in terms of making purchases, payments, and repayments. Of course, you should bear in mind that luxury cars are for a next time, but it is still possible to get a car that matches your financial objectives and suits your commuting needs.
Take the time to properly evaluate each dealer and opt for the one that offers the best first, second or third chance credit. Style auto is one of them since its expertise will allow you to choose the right car for your needs while allowing you to improve your chances for a car loan approval, regardless of your financial situation.
Style auto supports each client in their financing process in order to rebuild their credit score. We aim to develop a business relationship with our customers; in other words, we seek to maintain a strong long-term relationship with them by always advising the most advantageous solution focusing on realistic goals.
Feel free to read more about car financing and credit at www.financementautolaval.com!
Well-known, reliable, and transparent,Style Auto allows you to witness the rising of your credit score.
We're here to give you a 2nd and even a 3rd chance!