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How to influence a bad credit auto loan

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How to influence a bad credit auto loan

 

Bad credit car loans are designed to help people of all kinds get the car they want with the
credit they need. It doesn't matter why you need a subprime auto loan, just
that you can afford one. The rest is mere details.

There are
three major factors that can affect your credit score. As well as influencing
how easy or difficult it is to secure credit, your credit score will also
influence how much interest you pay on any bad credit auto loan you take out.
This is because those with less than ideal scores are regarded as more of a
risk, even if you're not.

The three
factors are:

Late or missed payments

Even if a
payment was late or missed entirely through no fault of your own, it will hit
that credit score. A track record of paying debts on time is the first thing
any lender will look at when considering subprime auto loans or any lending. After
all, they are going to want their money back on time!

Past bankruptcy or debt agreements

Previous
bankruptcy or voluntary debt management agreements used to be quite rare. Given
how the financial landscape has changed over the past eight years or so, they
are no longer quite so rare. Any bankruptcy or voluntary debt management
agreement undertaken in recent history will also affect your credit score.

High income to debt ratio

Another
significant indicator of financial health is the ratio between the money coming
in to the money owed. The bigger the difference between the two, the higher the
score. The fewer debts owed, the higher the score as well as the higher the
income, the higher the score.

While a
lower than average credit score can limit options when looking to borrow, there
are still plenty of reputable lenders out there who are happy to work with you.
Many appreciate that we often find ourselves in difficulty through no fault of
our own, or that some are still trying to rebuild lives after a life changing
moment.

Car Nation
Canada works with Carloan4You, an established, trustworthy bad credit auto
loan specialist. They treat customers fairly and will approve an auto loan
wherever possible. So if you're in need of a new car, there's even more reason
to visit us.

Not only
does Car Nation Canada deliver exceptional new and used cars at fantastic
prices. We can also help anyone is almost any financial situation. Visit your
nearest dealership today to grab a great deal!

Categories: Finance

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