The Equifax Canada and Trans Union are the official entities which maintain the credit ratings of the individuals who have taken loans in the past in Canada. They rank debtors up to 890. They also have a grading system: A to E. If you have a rating score of 890, you have the best credit score. If you are below 650, your rating will not help you in obtaining any more loans from Main Stream Lenders. Similarly, if you have a grade of D or below, the odds are again Major Banks may decline you.
No matter what you credit score is with Equifax or Trans Union, you can apply for a loan with Auto Source Financial. It does not matter if you have a good or a bad credit. It does not matter if you do not have any credit rating at all. It also does not matter if you have nothing to place as collateral. Even you can apply for the loan if you are living on a Pension or Disability
To be eligible for the car loans with Auto Source, you should meet the following criteria:
1. You should be a Resident of Canada, Foreign Student or Worker in Canada
2. You should be above 19 years of age
3. You should have a valid driving license or Verifiable ID
4. You should have a minimum income of $1,750.00 Per Month
5. You should have an active checking account.
If you satisfy the above criteria, you can apply for a loan. You may apply for full or partial finance of your car. It is always better to do some research on the models of cars available so that you can go for the cheap and best car with low maintenance costs. Also, if possible, go for a used car as the loan amount will be lower in this case, thereby making the payments of your instalments easier. Once your credit score improves (it will, as you will pay these instalments on time), you can refinance with Auto Source Financial after 10-12 Months and Lower your Interest rate and Trade up to a New Vehicle