London City EasyWheels
A Division of London City Chrysler
P:

F:
1.800.668.1100
1345 Driver Lane
London Ontario
N5V 0B4

Credit Tips to Improve & Maintain Your Credit

Please know that bad credit does not necessarily mean you can’t own a vehicle

In our society we are besieged with all kinds of advertising promising us to be approved for credit.  What is not evident, as it is often in the “small print” is those three little letters "OAC" which means "on approved credit". In many cases most lenders won’t approve you if you have a poor credit history.

If you have someone promising you the moon be wary. The expression "if it sounds too good to be true ... it probably is". For example: Getting a low interest rate without a down payment and having bad credit is not a formula for success.

However all is not doom and gloom there are many reputable lenders in the marketplace. We are one of those lenders that take your whole situation into account. Perhaps you had some bad luck in that you lost your job for a time and were late in making some payments. Perhaps health issues in your family cost you your savings. Things like this can and do happen and they can happen to good people.

What can you expect from us? Our team of financial experts are committed to treating you as a valued individual, and we understand that each situation is unique. What do we need from you ? We need straight up honesty from you in helping us understand your financial situation.  In some cases having a small down payment will assist in getting you the loan you need at a rate you can handle.

At Easy Wheels we want to get you back on the road to good credit.  Call us at cell 519-280-6424 or 1-800-668-2489 for a confidential interview and let us show you what we can do for you.


Check your credit report from time to time

A great credit score is vital to getting the best interest rate. For example: on auto loans and mortgages. But how do you know what your credit rating is?

Virtually every adult in Canada has a credit history recorded. How? You may have applied for a credit card, a loan or line of credit or some other form of borrowing, all of this is on record.

Here in Canada you have the choice of two primary agencies that keep track of credit histories. The companies that track credit are TransUnion http://www.transunion.ca/ and the other is Equifax. http://www.consumer.equifax.ca/home/en_ca

When visiting their websites you will pay a minor fee to get your report immediately or you can write to them and get a free copy. You must have and provide valid identification and you will receive your report back in two or three weeks.

It is important that you check your report carefully and if you do find an error, that you report it to the credit reporting company as soon as possible.

Be extremely wary of any company that says they can fix your credit. All they can do is address inaccuracies, and you can do that yourself. No one can fix your actual credit history but you.
At Easy Wheels we have access to these reports and more and can help you determine your credit rating once we know this information we can help you on the road to good credit.


Make a bad-credit auto loan work for you

The Easy Wheels team is pleased to be of assistance to you to specifically qualify for a “bad-credit” vehicle loan. In most cases you can expect to own your automobile within a few days of the approval.

Generally with this kind of loan you will offer to the loan company some form of collateral that has some equity associated with it. In some cases it may be a home or another vehicle. As long as you keep up your payments on time as agreed you will safeguard your credit and your collateral.

If you do not have any collateral you may still be able to get the loan to purchase a vehicle. In this case the lender is taking more risk and as such you will need to show proof of your income and that you can afford to make the monthly payments. What often happens when risk is an issue is that you will be asked to pay a higher interest rate and a lien will be placed on the vehicle.

In either case your vehicle loan will assist you in improving your credit score, as long as you keep making your promised payments. The next time you are looking for a vehicle you will be likely be able to receive a better interest rate and easier payments from the lenders.


Understanding the realities of vehicle costs

Part of the reality in life is knowing that it’s hard to save money, especially for a high dollar item like a vehicle. This is where buying a vehicle on credit can make sense.

Used responsibly credit purchases can help improve your quality of life. The key is being responsible and be sure that you can afford the payments. At Easy Wheels we can assist you in making good choices and help cater a payment plan that you can manage.

It pays to be realistic in knowing what you can afford. While a brand new vehicle is possible more likely a quality used vehicle may be a better fit financially.

It’s important to consider all the aspects of what is important in buying a vehicle. While a sports car would be nice or a fully loaded vehicle with tons of options might entice it may not be realistic. Having a vehicle that can meet at least the minimal requirements of your needs and budget will long term be more financially responsible.

Take stock of all costs involved in owning a vehicle (not just the loan) as you will also need to pay for insurance, fuel and upkeep. Our Easy Wheels team will help you take into account your financial obligations and costs to put you in vehicle with payments that will help you back on the road to good credit.


Perhaps the time has come to consider refinancing your vehicle loan?

If you already have financed your vehicle at a high rate and have been making your payments you may now qualify to refinance at a lower rate. That is if you have been faithfully keeping up your monthly payments on your vehicle. Your credit score will likely  have improved, especially if you have also made payments on any credit cards or your mortgage.

Why pay higher interest rates if you do not have to. Even if you’ve been through a bankruptcy or repossession, you may still qualify for better terms. So if you have owned your current vehicle for a time and would like a review of your credit situation give us a call at 519-280-6424 and we can let you know the new finance rate that you can acquire if you refinance.


Steps you should take to get the money you need

If you have made the decision to buy a vehicle because of need or desire be sure to get the information together that will help you succeed.  Depending on your situation you will need bank balance information, T4 Slips and a letter of employment. The team at Easy Wheels will work hard for you, to help you acquire the type of loan and payment plan that will meet your individual circumstances. Please know that even if you have bad credit there are loan options that we can suggest and put into place for you. So give us a call at London City Easy Wheels today and put yourself on the road to good credit, our number is 519-280-6424.


Re-establishing your credit through a vehicle purchase is one the best ways to help remove the impact of past mistakes

By making your monthly regular payments on your vehicle you are well on the way to a restoring and improving your good credit rating. So if you keep up your vehicle payments on a regular basis you will quickly improve your credit rating and build the trust relationship of the lenders that are looking for stable buyers. The better your credit rating the better the interest rates you will be able to get for your next purchase. One of the easiest ways to secure a loan is by having a co-signer. You can often leverage to your benefit the good credit rating of a spouse or parent to help get your loan approved.

At Easy Wheels  we look at more than numbers on a screen to help determine your best options for financing. We value each person that comes to us and wishes to improve their specific situation. We look forward to working with you and for you to get a finance plan that fits your budget and lifestyle.