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Lease a Car With No Credit Check

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approval-todayOften the salesmen at any auto dealership agency would ask you as to how would you fin`ance your new automobile. The query at times is confusing as auto finance would sometimes also mean that the dealership itself would provide you with the loan or would give you the automobile on lease.

Even though auto finance are available with the bank and you can get a loan easily but still there are a number of people who opt for getting finance from the dealer itself. Getting finance from the dealer would simply mean that you walk into the place sign the credit application finish a few formalities and then move out with the vehicle. However bearing in mind that the amount has to be paid. This is a good option as you can get your vehicle either on weekends or on days when the banks and the credit unions are closed.

However, getting finance from the dealer is easier to say than doing it practically. Before you decide on taking the finance from the dealer remember that you would have to pay more as compared to an auto loan taken from a bank. The amount would depend a lot on your credit rating. If you have an excellent credit score then you can get the finance at comparative rates as the bank offers, besides you can also be eligible for some of the special programs offered by the dealer which would lower your costs. But in case you have a bad credit rating or no credit then you would be charged a higher interest rate.

So when the salesperson asks you how are you going to finance your automobile you can give him any of the three answers:

You would buy the automobile

You would take the automobile on lease

You would pay cash for the automobile.

Now let us have a detailed look at all these three financing options.

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Credit Repair Canada

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Credit Reports & the Myths surrounding your Credit Score

Auto Source Financial auto loan services have put together the five top myths on the subject of what you should and shouldn’t do to improve your credit score. We’ll try to explain the truth about credit in Canada.

1. Checking your credit score will decrease your credit score

This phrase is false. Checking your own credit report and credit score is known as a “soft inquiry” and doesn’t  hurt your credit score. Only multiple “hard inquiries” in a few days from a lender or several lenders can reduce your credit score – but only a few points. Worried about harming your credit core while searching for an auto loan? Be sure to do the research and apply do not apply too many times in a short period of time. The credit experts working with our company evaluate your credit report to ensure you only rebuild and improve your credit.

2. Closing old credit accounts will increase your credit score

Many people recommend closing an old or inactive account to improve your credit score. In most circumstances, the opposite happens. When you cancel an old credit account, your credit history appears shorter and may actually lower your credit score. If you are looking to reduce your available credit level, inquire to have your credit limits reduced or to close any newer accounts you may have. Closing old accounts can help if you are seeking a mortgage loan.

3. Once you pay off a negative record, it is removed from your credit report

Any type of negative credit record such as a collection or bankruptcy stay on your credit report for 7 years after they are filed. Your credit report will have the debt showing as paid but will not be removed from the report. Paying off your debts will improve your credit score, but the major improvement will come once the negative record expires.

4. Cosigning for an auto loan doesn’t make you responsible for the loan

Once you, cosign on any type of financing or become an authorized user on a person’s credit card, you have entered into a legal agreement expressing legal responsibility for the account. Anything on the account – good or bad – will appear on both parties credit report. If you cosign for a relative or friend’s car loan and they don’t make the payments, it will reflect on your credit score. The only way to stop the double reporting is to refinance the auto loan or look to have the creditor officially take your name off the account.

5. Paying off a debt will add points to your credit score

Your credit score takes into account hundreds of factors and values and is calculated using a complex process. It is very difficult to predict how many points you may gain by changing only one factor. A person with a high credit score may have a significant drop by having just one late payment. On the other hand a person has a lower credit score will not have much of a drop at all. The only proven way to improve your credit score is to pay your bills on time, reduce your debts and remove any negative factors or false items from your credit report. The two most important factors on your credit score are Good financial behavior and good credit history.

Apply Now and start improving your credit today.

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Bad Credit car Loans

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You can see more and more ads of bad credit auto loans these days. Money market is bombard with different borrowing options for the potential borrowers after looking for auto loans. You can buy a car or truck not matter what your credit may look like. Depending on the severity of your bad credit, down payment for auto loans can range from 20% to 60%, and likewise the legal limits, you will pay off the interest rates that range from 5% to 25%.

Basically, bad credit auto loans are special provisions for individuals having adverse credit scores. Now borrowers like CCJs, IVAs, defaults, arrears, etc. can make application for bad credit auto loans without any hassle. They will not be discriminated on financial basis.

To make bad credit auto loans a feasible asset, these loans have been formatted into secured as well as unsecured forms. Secured loans are collateral-backed money provisions. For that purpose, you will have to arrange an acceptable asset as a security for the loan. Based on the placed asset, the amount of loan is granted. Whereas, you are unable to manage the collateral affair, unsecured loans are here to counteract against the secured options then. Availing fund in bad credit situation through unsecured form of funding happens to be a bit hard, yet a possible option for potential borrowers. You can obtain money without any sort of pledging-placing. So, you do not have to worry much about the feasibility of bad credit auto loans. Despite your bad credit situation, these loans are there to meet your devouring demands.

Only the flipside of bad credit auto loans is their inflated price and the heavy interest rates charged on them. This leaves the borrowers in a position to ultimately default on the auto loans. It further ruins their credit scores.

But, yes, you can shop around for a suitable deal also. With the cut throat competition amongst lenders, you can cull out the best possible one easily. You can even compare different lending options and negotiate the deal.

So, even in your adverse credit situation, you can take out loans to buy the auto of your choice.

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No Credit Leasing Canada

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How to get a new car lease when the consumer has a less-than-perfect credit history, a low credit score, has a high debt-to-income ratio or No Credit at all!

The problem typically reveals itself when a consumer attempts to lease a car and the dealer pulls his credit information from Equifax or Trans Union, which is a numerical representation of the consumer’s entire credit history, and finds the score is too low for the best lease rates?

This kind of consumer is considered a “non-prime” borrower. Recent problems in the lending industry have made it more difficult now for non-prime borrowers to find loans and car leases.

Non-prime leasers may not be able to take advantage of special promotional lease deals offered by car makers. These deals have special low lease rates and are typically advertised as only being available to “well qualified” customers. To be “well qualified” means having a good credit score, a steady income, and no excessive debt.

People with no credit, bad credit will usually have an easier time leasing than buying.

The reason is that leasing is considered by Banks to be a higher risk than buying with a loan due to the fact that a down payment is often not required and that the outstanding amount owed on a lease nearly always exceeds the worth of the vehicle for most of the lease term, which is a result of low monthly payments.

If the leaser (“lessee”) defaults or misses payments, a lease company stands a greater chance of losing money if the car must be repossessed.

High debt loads can also be a problem. If a credit applicant’s outstanding debts are relatively high when compared to their income, lease companies may not be willing to let that person add more debt, which increases the probability that they will have problems paying in the future. Even with a good credit score, excessive debt can be a problem getting a lease.

To lease a car with a bad credit or no credit score may require that the customer pay a higher interest rate (lease money factor), make a larger down payment (cap cost reduction), or pay an up-front refundable security deposit — or all of the above.

Leasing customers who find themselves in trouble making payments should work with the lease company to get payment relief. The earlier you contact them, the better your chances of getting help.

Do anything to keep making payments and prevent repossession. Even voluntary lease repossession can seriously damage your credit rating for up to six years.

Lease credit requirements can vary between different dealers, banks and finance companies. Therefore, it pays to shop around for the best deals when you have poor or less-than-perfect credit.

In the current economy, it is more difficult to get approved for leases and loans with American car companies — Ford, General Motors, and Chrysler — than with foreign car makers, such as Toyota, Nissan, and Honda, Suzuki who still have plenty of cash to lend.

Auto Source Financial works with you directly to obtain a No credit, Bad Credit Lease in Canada. We have special lenders who over look past credit issues and lend on your ability to service the payment. This means it’s not about your past issues but more about your ability to make the payments.

For more information about Car Leasing for New Immigrants or Foreign Students in Canada visit Auto Source specializes in all make leasing and Car, Truck and SUV loans for people with No Credit, Bad Credit too!

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