Canada Motor Car Toronto, Used Car Financing

Understanding Your Credit

Toronto Area Financing Advice


Credit has become one of the most important things in our day to day life. Our credit report is in a way like a financial report card. All the finance companies we deal with on a daily basis such as the credit card companies, banks, lenders and store credit cards all report to the credit bureau on a monthly basis.

Here are a few of the things that will help better your credit. Be on time with your payments. Never miss a payment- even if you only pay the minimum amount that is ok. The important thing is to pay it. Try to pay credit cards in full as often as possible. Keep your accounts open, even if you are no longer using that particular credit card. Longevity is an important factor when it comes to good credit. The longer an account is open, the better your score will be. Having said that, it is all these factors put together that play a role in having a good credit score. Information on your credit report can stay on there for up to ten years. Unfortunately, not all of us have the best credit. There are two major credit bureau companies that operate in Canada, Equifax and Trans Union. They score your credit according to their formulas to develop what is known as a Beacon Score. Beacon Scores usually range from 400 to 850; 400 being lowest score and 850 being the highest score. These credit ratings or Beacon Scores estimate the ability and willingness of a person to repay a debt or loan.

Repairing credit will take time and patience on your part. Having no credit is almost as bad as having bad credit. Most lenders do not approve people that have no credit history. This is because they do not want to take the risk. The good news is that you do not have bad credit. You just have to develop your credit.

Bad credit takes more time and effort to repair. The first step in repairing your credit is to get a credit report on yourself. Once you obtain your credit report make sure the information on the report is in fact correct, such as your personal information, your payment history and the list of all your creditors.


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Welcome to Canada Motor Car Toronto!

Whether you are looking for a bad credit car loan or just a great used car in the Toronto region, Canada Motor Car has the experience and the selection to help you. We currently have three convenient locations to help you find the perfect vehicle: Toronto, Ottawa and our newest location, Cambridge!

We have helped thousands of people in the Toronto region who had bad credit obtain auto financing for their new and used cars. Canada Motor Car's Toronto auto loan specialists are here to help you apply for an auto loan, regardless of your current credit situation. We have on-site auto finance managers ready to help get your car loan pre-approved! With so many people applying with us for their car loans, we have become recognized as one of Canada's fastest growing dealer groups!

Feel free to browse our used car inventory, for Toronto used cars, to find the vehicle of your dreams. You can search our new and used car inventory online and receive free no obligation price quotes. We also accept trade-ins. In fact, we love trade-in vehicles! Tell us about your current car and we will make you an offer! We have onsite experiences auto appraisers.

If you want some valuable background information before making any decisions, be sure to check out the informative articles regarding credit, vehicles and general car maintenance and tips. That information has been taken from our many years in the auto industry. If you still have questions look over the frequently asked questions to see if they're already covered.

Contact the Canada Motor Car Toronto location at 866-622-2475 today! You may also request information online or stop by at 2944 Eglinton Avenue East, Scarborough, Ontario, during regular business hours. Canada Motor Car Toronto is here to help you with all your auto needs.

Canada Motor Car Toronto proudly serves the following communities: Toronto, Scarborough, Pickering, Ajax, Whitby, Oshawa, Courtice, Bowmanville, Markham, Richmond Hill, North York, Stouffville, Aurora, King, Bolton, Caledon, Brampton, Newmarket, Vaughan, Mississauga, Etobicoke, Port Hope, Cobourg, Trenton, Belleville and the Greater Toronto Area.

Feel free to visit our blog, our directory resources of auto links for all things automotive or our list of partner sites.

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