A vehicle is one of the biggest purchases you’ll likely ever make, but it doesn’t have to be as daunting as it sounds. Financing is the most affordable way to one day own a vehicle, and it’s also one of the most effective ways to rebuild your credit. It’s true: financing offers eventual ownership, affordability and the ability to slowly but surely rebuild and build up your credit. And as a beautiful little bonus, you also gain the trust of the lending institution you’re financing through, opening up opportunities to finance through them in the future. Let us explain rebuilding your credit by financing a vehicle!
Think of it as an Opportunity to Rebuild
Yes, you will need to think about your credit situation, and we recommend touching base with your bank to get their opinion on things. And if it turns out that your credit is indeed suffering, then that’s okay, because there are a variety of financing opportunities available to you, and financing a vehicle itself is an excellent opportunity for rebuilding. The reason for this is that as you make regular payments on time toward the cost of your vehicle, the bank notices you’re keeping up. Slowly but surely you gain credibility with the bank and your credit rating slowly improves too. It’s all about making your payments on time and then your credit improves naturally, and so too does the trust between you and the lender.
A shift in mentality is all you need to get started. Vehicle ownership isn’t a burden–it frees you to go where you want when you want. And financing will also one day free you from bad credit. There’s a lot to look forward to, so make that your focus.
Where to begin rebuilding your credit
Starting with your bank or credit union is a great idea because they’ll give you a lot of insight into what your credit situation currently is and what areas there are for improvement. No one knows your financial situation better than they do, so start there. Here’s the thing, though – they’ll likely make you an offer for financing through them, and this isn’t necessarily the best offer you’ll qualify for. Shopping around is a great idea here, trying to secure as good a deal as you can get. So after your bank or credit union makes you an offer, bring that offer into Go Auto Outlet; we’ll ask for a bit of your credit information, consider the offer you’ve received, and then talk to our friends at Go Finance to see what they can find for you.
Sometimes customers with poor credit have to settle for a subprime financing deal which generally means higher financing rates. This isn’t necessarily a bad thing so long as you can afford it, which your bank or a Go Auto Outlet Finance Expert will be able to tell you.
Where you’ll be headed
Once you’ve established what your credit situation is like and started to get a sense for what offers are out there, then you’ll be ready to sit down with one of our Finance Experts here at Go Auto Outlet.
We work directly with Go Finance to secure our customers with the best deals we can find. The greatest thing about working with Go Finance is that they’ve been in the business for many, many years now, shopping around for the best possible rates on vehicle financing. Go Finance talks to all the major lending institutions in Canada, trying to find the best rates for their particular customer’s needs. They’ll find the best possible deal for you, hands down.
And once we’ve got a plan for you, you’ll be set with rebuilding your credit…
Where you’ll find yourself
Your personal Finance Expert at Go Auto Outlet will be here for you throughout your ownership experience. We’ll help you come up with the perfect financing plan to accommodate your financial needs, and we’ll be here for any financial advice you could possibly need.
Making your vehicle payments on time ensures you’ll keep building both trust with the lender and your credit. And as your credit improves, so too does the likelihood you’ll be approved for other loans in the future–like one for a mortgage! You’ll restore your credit rating to something you an be proud of, and from there onward, the sky is the limit…
To learn more about financing and rebuilding your credit, get in touch with us here at Go Auto Outlet. One of our Finance Experts would love to chat with you about your vehicle ownership and financial needs, so you’re more than welcome to talk with one about that. Or should you be interested in getting started along the path toward vehicle ownership, you can apply for credit today and get approved as soon as tomorrow. We’ll get in touch with you within 24 hours!