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How to buy an EV with weak credit in Port Credit

How to buy an EV with weak credit in Port Credit

Do you want to help the environment and save money on gas at the same time? Of course, you do, and purchasing an EV would solve those problems for you, but there is a barrier, your weak credit.

Our Port Credit auto loans team are going to discuss some of the things you can do to help improve your credit score so you can qualify for an EV loan and start living your best life.

Accessing your credit profile

Start by accessing your credit profile by signing up with TransUnion and Equifax; these are the only two credit reporting agencies in Canada. There is no cost to sign up for these services unless you want to pay for their premium solutions, but the free versions are fine.

After you have access to your credit report, look for any potential errors. Errors can happen, and if there are mistakes inside your credit report, your score will suffer.

However, you can have the errors removed by contacting the credit reporting agency and going through their official dispute process.

Now that we have eliminated any potential mistakes inside your credit report, it is time to take a closer look under the hood.

  • Do you have any accounts that are past due? Remember, we are on your side 😊 If there are accounts past due, even if the amount is only a few dollars, your credit score will drop significantly. Your payment history influences credit scores, so missing even one payment can be devastating.
  • Are you carrying too much debt? You could have a perfect repayment history, but if you are carrying a lot of debt in relation to your available credit, your credit score will be down.

Fortunately, you can turn things around and boost your credit score by following some basic suggestions.

  • Don’t waste money on credit repair or credit-building programs being sold online. Credit building has no shortcuts; anyone who tells you otherwise is just trying to make a fast buck off you.
  • Reduce the total amount of debt you are carrying to around 30% of your total available credit. Once you reach that threshold, your credit score is going to start rising.
  • Sign up for pre-authorized payments, so you never miss another payment in the future.
  • Subscribe to free credit monitoring services like Credit Karma and pay attention to any new inquiries or trade lines opened under your name.

These best practices are going to help you turn your credit score around in a matter of months, but you want a new EV today, we get it.

Where to get an EV when your credit is weak

You’ve done all of the heavy lifting, and your credit score will bounce back soon, but you want to get an EV ASAP so you can start saving money on gas.

Reach out to your local car dealership; the dealership will help identify the lenders who are going to give you a chance and help you realize your dream of owning an EV.

You should contact the dealership today, though; with interest rates climbing in Canada, you could find yourself paying more interest than necessary if you wait too long.

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

Categories: Electric Vehicles