Understanding your credit score and how it works can help you get closer to getting the car of your dreams. In Canada, banks and other financial institutions decide whether or not to lend out money based on credit scores. Having a high credit score gives you access to larger loans and lines of credit, while a low score can leave you with high interest fees and little to no lending power. When it comes to car ownership, the better your score, the more likely you’ll be able to qualify for the ride you want.
Knowing your credit is a crucial part of getting a car loan -- but finding out your score the wrong way can actually lower it! At Lloydminster Nissan, we think everyone should be able to access their credit without repercussions and, thankfully, a few companies have made it very easy to do. We recommend using an app like Credit Karma and Borrowell to safely check where you’re at without taking a hit for being informed.
When you visit a dealership and apply for financing, a few different pieces of information -- including your credit score and history -- are needed to determine whether you will qualify and how much a financial institution is willing to lend out to you. The process generally follows these steps:
Applying for a car loan might feel overwhelming -- especially if it’s your first vehicle! But our experts are here to help you through every step of the process and teach you important tips along the way. We’ll only submit a credit check once at the end of your application so you stay protected throughout the process. Speak with one of our advisors today to learn more or get started by completing your application online now.