Rebuilding Your Credit Score | Bad Credit Car Loans in London, Ontario | Finch NissanJun 10th, 2021
Day in and day out, our Special Financing experts deal London ON residents with challenged credit who are looking for help with the process of rebuilding their credit.
If you have credit issues, we want you to know that you are not alone. There are many others in the same boat. Moreover, there are many reasons why people get into these credit-challenged situations. The past is the past. It’s time to stop dwelling on how you got into this situation and start moving forward. We want to help you forge ahead, help you secure a bad credit car loan and set you off on the path to rebuilding your credit and becoming a true Credit Superstar!
Rebuilding your credit is possible, and it’s a simpler process than you might think. Let the Special Financing and Bad Credit Car Loan Experts in London, Ontario here at Finch Nissan help you along the way!
Step 1. Access Your Credit Report
To start on the road to rebuilt credit, we need to get a look at your credit report by pulling the credit bureau. The two credit bureaus in Canada are Equifax and Transunion. Once we do this, we can check for any errors that may be negatively affecting your credit and potentially help you get those errors resolved. Even if there are no errors, pulling your credit report gives us the big picture when it comes to your personal credit situations and allows us to tailor a plan to help you become a Credit Superstar!
Step 2. Pay Down Your Debt, or Restructure If Necessary
If you are currently in a financial situation where you are able to pay down your debt while still being able to cover all of your other monthly financial commitments, that puts you in an excellent position moving forward! If not, Bankruptcy or a Consumer Proposal are viable options that, while providing a temporary setback, can ultimately help you on the road to becoming a Credit Superstar.
Step 3. Rebuild Your Credit Through Vehicle Ownership
Once you’ve developed a sustainable strategy for dealing with your debt, we can get to work on the process of rebuilding your credit. Procuring a Car Loan and making consistent payments is a great a way to show creditors that you are a responsible and reliable borrower which will cause your credit score to rise over time. There’s a good chance that you need a vehicle to assist you with your day-to-day life, so vehicle ownership can truly provide two key benefits on the road to becoming a Credit Superstar.
Step 4. Get a Credit Card and Use It Strategically
Much like making on-time car loan payments, creditors are going to want to see you develop a pattern of responsible credit card usage. So if you don’t have a credit card, its going to be important for you to get one and to use it strategically. We all make consistent weekly or monthly purchases like groceries, gas or our Internet bill. Start using your credit card to pay for these regular, every day purchases and then paying it off immediately. This is a great way to develop the good habit of responsible credit card usage, a key trait for any Credit Superstar.
Step 5. Build Good Habits and Never Look Back
Once you’ve built the built the habit of making all of your payments on time, you’re well on your way to rebuilding your credit. You’ll find that the whole process gets easier every day and you’ll be consistently validated as your personal debt shrink and your credit score rise. Don’t look back; you’ll be a Credit Superstar in no time!
Finch Nissan’s Special Financing & Bad Credit Car Loan Experts are here to help you Rebuild Your Credit
The Special Financing team here at Finch Nissan is an incredible resource in terms of rebuilding your credit and procuring a Car Loan in London, Ontario.