Canada Motor Car Toronto, Used Car Financing

What You Need to Know About Credit

Toronto Area Financing Advice

Banks, credit card companies, retail stores who offer credit, car leases, car loans, student loans- they all report to the credit bureau. If you have ever had any dealings with any of the aforementioned institutions, then you can be sure that you have a credit report.

A credit report is your financial report card. It is reported to monthly by all of the institutions from which you have borrowed money or have credit with. This is their way of protecting themselves, of not only keeping track of your payment history with them but with other companies as well. This can work in your favor because as your credit matures, more and more companies will be willing to lend you money, to trust you based solely on your payment history. However, if by chance you happened to miss a few payments, defaulted on a student loan, or filed for bankruptcy, then the opposite is in store for you. Higher interest rates, limited amounts financed and other restrictions may be placed on your loan depending on the severity of your bad credit.

Check your credit report at least once a year. You may think your credit history is perfect because you have never been late or missed any of your loan payments. What you may not know is that your credit card company may have mistakenly reported that you were late paying last month’s bill. This happens quite frequently and it is important to catch these mistakes before it’s too late.

It is not unusual for your credit report to be used as a determining factor in your insurance quote. Potential employers have also started taking a closer look at your credit bureau. Today, you credit history is used as a measuring tool more than simply applying for a loan. Landlords are also interested in seeing a prospective tenant's credit history to judge whether you are reliable and will pay the rent.

Your credit report contains information about your past and present personal and financial situation. Credit cards that never been formally cancelled will appear on your credit history as an open line of credit. This is not a bad thing, as long as the balance is at zero, because having a card open for a few years is great for your credit. Credit-related court judgments against you in a lawsuit such as bankruptcy, will be recorded in your credit report and follow you on your credit history for many years to come. If you have any unpaid debts they will appear in your credit report. If you are applying for a loan, these debts will be entered into the credit formula as debt and affect your credit rating. A bad credit rating may prevent you from getting the best offer in terms of rate and amount.

There are two major credit companies operating in canada, Equifax and TransUnion. When you check your credit, make sure you look at both as they do not communicate with each other and they could be totally off from the truth. If you find errors, you can write to the agencies explaining the error, and they have 30 days to correct it. You will want to check your report again after you have sent the corrections to be sure the changes were made.

Your credit is your responsibility. It is you who must ensure that your credit report is displaying your correct credit history.


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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