Trying to get a Car Loan in Canada with no credit or bad credit can be a tiresome task. Especially if you have never had credit in Canada. Many people go to car dealerships thinking the finance managers can get them approved for a car loan regardless of their credit history?
The truth is many if not most car dealer finance managers have little to no experience in consumer credit. Many Finance Managers or Business managers are ex car salesman or have taken a Business Managers course for a few weeks and then learn by trial and error.
Most times they just submit your credit information to all financial institutions and hope for some form of credit approval. Many times they don’t even analyze your credit profile prior to submitting your information to the financial institution.
Then when all the financial institutions have declined your credit application they inform you that they were unable to obtain a car loan for you?
This also applies to many car dealers or so called financial brokers who advertise No Credit, No Problem Car loans. Once again you’re dealing with someone who has limited experience in consumer credit and once again they will submit your information to the credit lenders they think will possibly approve your application and hope for the best!
What they don’t tell you is when they submit your information to all the financial institutions each institution does an individual credit enquiry on your credit bureau! This can create problems for you in the future if you didn’t get approved for a car loan as now you have a list of financial institutions that have checked your credit information and loans.
As you have been turned down by one car dealer or financial Broker you think ok I will just keep trying until I get someone to approve me!
Again every time you apply for credit a financial institution will make an enquiry on your credit file. Within days you might have 5-10 financial institution enquire on your credit bureau. This now creates a negative for you as when once again apply for credit a financial institution will again check your file and see all these Banks who have checked your file and none of them have approved you for credit?
As a credit lender they will assess that the other Banks wouldn’t give you credit for what ever reason so why should they?
Auto Source Financial approaches your credit from a lenders point of view assessing your credit file prior to allowing any financial lender to check your credit. With 25 years of Consumer lending experience our financial advisors have they knowledge of how to approve for a New Car loan. We will help you understand the credit reporting system in Canada and teach you step by step on how to get or fix your credit in Canada.
Yes Auto Source Financial can get you the credit you’re seeking and get you driving a new car within days of your application. We will assist you on obtaining a credit card with an established bank in Canada and get you on the road to perfect credit.
ASF is dedicated to assuring you get credit in Canada, so if your new to Canada or have had credit problems in the past let ASF help you get the financing you need.