Get Car Finance by Understanding Your Credit History

 

When it comes to finding cheap car finance in Ottawa, you have plenty of options. Unless, that is, you have a less than perfect credit history. As a result of the recession a tremendous number of people have suffered at the hands of credit cards, store cards, loans, overdrafts and credit agreements, and this has resulted in more poor credit histories than ever before.

A credit history is a detailed account of how you have managed in keeping up with repayments on previous or current financial commitments, from your sofa to your overdraft, from your store card to your mortgage. If you make a payment a little late, this will be automatically recorded on your credit history, as will any missed paymentsAll of this negative information can quickly begin to pile up, and many entries on credit histories remain on file for up to six years after the debt has been cleared.

When looking for car loans in Kanata it is important to be aware of the fact that although you can’t escape your credit history, you actually do not have a credit score. There is no such thing as a credit score on file for you. What tends to be referred to as a credit score is the assessment which a car finance firm or other credit firm makes based on the data in your credit history.

Vehicle finance firms, banks, credit card companies and car loan companies will all have different means of rating your credit history, with some being more thorough than others, more harsh than others or more lenient. This is why sometimes you can apply for cheap car finance with one car loan company, and be declined, yet you are still able to get cars on finance from elsewhere.

It’s also important to be aware of the fact that you don’t even have one single credit history. In Canada there are two main credit agencies, and although some credit companies will register your accounts with all three, this is rare, and you generally find your financial data is only registered with one or two of the agencies. This means that any finance firm which carries out a credit check is only actually checking one of the three potential credit histories, and each of these histories may differ slightly in terms of the negative information held.

Because of this fact, coupled with the different ways in which finance firms and car loan companies rate a credit history, you can often find that shopping around results in you being more successful in getting approved for cars on finance. However, a word of warning. Because although based on this information it sounds tempting to simply go out and apply for car finance with every car dealer and finance company you can find, this is likely to work against you, and actually lower your credit rating. This is because whenever you approach a car finance company for a car loan in Ottawa they will carry out a credit check, and this check will be recorded on your credit history. Only the fact that a credit check was carried out is recorded – the result of the application isn’t known.

But if car loan companies see that you have made a dozen applications for car finance in the last week they’re almost certainly going to turn you down. They’ll do this because they won’t know how many of those applications were successful, and how many you’ve taken up. Potentially you could be seriously over committing yourself, and so they’ll decline you.

Used Car Maintenance and Cleaning

 

Maintenance is an essential part of owning a used car. Usually, once you take ownership of a car from a reputable used car dealer in Toronto, you will be continuing a routine of good maintenance already set in place by the dealer to maximize the car’s value. Now the purpose of maintenance will shift from keeping the car in a condition to sell to keeping the car running and safe for you to drive.

Used cars in Scarborough naturally require more frequent maintenance than new cars and, even with little experience under the hood, most used car owners are able to regularly complete the tasks outlined in this article.

Checking the tires regularly helps ensure the best handling and fuel consumption. You should check the pressure of your tires a few times a month with a tester that can either be purchased from most automotive accessory stores or found at some gas stations. It is recommended to purchase your own tire tester for use at home as, once you have driven to the gas station, the air in your tires will have warmed up, leading to an inaccurate reading.

The ideal tire pressure for your car can be found either in the owner’s manual or printed inside the used car in Scarborough.

An often overlooked maintenance task, particularly in areas with infrequent rainfall, is checking the windshield wipers. Windshield wipers that are cracked or have become bowed in a way that limits their contact with the glass should be replaced straight away. Vacuuming the inside of your car is a quick way to get most dirt out before you take to the interior with a damp cloth.

Remove all the mats and seat covers that can be easily removed and vacuum them outside the car. The floors will be easier to vacuum without the mats in your way. With the vacuuming complete, use a cloth damp with water to wipe the dashboard, door panels and any other areas that require cleaning.

To stay safe, and to avoid run-ins with the law, be sure to check your lights are working regularly. You should check your head lights, brake lights, tail lights and signal lights before you begin driving. If you do not have access to a second person to stand outside the car and tell you if your brake lights are working, just move your car close to your garage door or other moderately reflective surface and watch for the reflection of your lights.

While you can do many tasks yourself, a regular maintenance check-up and tune-up should be sought from a professional mechanic. In most tune-ups, mechanics will ensure the proper operation of your brakes, battery, air filter, fan belts, wheel bearings and shock absorbers. Spark plugs may also be replaced and your tires may be rotated and aligned.