How do I know if I'll be approved for car a loan?
Not knowing whether or not you may qualify for credit, often-times is enough to stop people from trying altogether. Canadians with poorer credit, or no credit at all, typically have a harder time receiving approval for car loans. But should they? At Scherer Chevrolet Buick GMC, we specialize in helping all types of credit customers find affordable vehicles, at affordable rates.
When you're in the market to make a large purchase, like a car, or home, your credit score typically is the deciding factor on whether or not you get approved. If you have a poor credit score now, don’t worry, you can improve it quickly. And in the meantime, you can still get approved for a car loan with bad or poor credit.
Does checking my credit rating have a negative impact on my score?
Checking your own credit score or report is called a “soft” inquiry. Soft inquiries don’t affect your credit. And by regularly checking your credit scores and monitoring your credit history, you’re actively maintaining your financial health and ensuring that your credit rating remains in good standing.