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Common credit myths busted for Cayuga car loan customers

Common credit myths busted for Cayuga car loan customers

Dealing with car finance exposes you to all kinds of people and all kinds of situations. It’s one of the highlights of this job and one of the reasons we all like it so much. As well as those questions that take you by surprise, there are also questions you hear all the time.

That’s what today’s post is all about. Common questions, or beliefs we see or hear regularly when dealing with Cayuga car loans.

Checking my credit report lowers my score

You would be amazed at how many times we hear this. It is simply not true. Confusion comes down to the two different types of query that can happen on a credit report, soft and hard.

A soft inquiry, like checking your credit report does not impact your credit score. A hard inquiry, like applying for credit, will impact your credit score.

I have no debt so I should be able to get a car loan in Cayuga

Not necessarily true. While you would think being good with money would give you a good credit score, those scores are made up primarily of how you use credit. If you don’t use credit, how are the credit bureaus to know how good you are with it?

To improve your credit score, you need to use credit. You need to show you pay regularly and can manage credit well.

I married someone good with money so my credit score should be excellent

Not true. This is another common misconception. Your credit score is your own. Marriage means you share most things but a credit score isn’t one of them.

Marrying someone good with money may increase your score through good habits and effectively managing finances but your scores are completely separate.

I have bad credit so I cannot get a car loan in Cayuga

Another common misconception. The world has changed a lot and the financial world has had to keep up. While having bad credit may limit borrowing and who you can borrow from, it does not stop you getting a Cayuga car loan or any type of finance.

You will have to work harder to prove you can afford the loan and that you have your finances under control but you still have options if you need a car.

I only started my job a month ago so won’t be able to get a car loan

This is true if you only look at mainstream lenders but isn’t true if you look further afield. Our Cayuga car loan team works with a number of lenders who are willing to offer car loans to new starters and people who have only been working for a few weeks.

We can even find you a loan if you have only been in your job for a day. There are hoops to jump through and you’ll need paperwork to prove everything but we have a few lenders who will lend in almost any circumstances.

If you need help or advice on anything to do with car loans in Cayuga, contact Car Nation Canada today, we can help!

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