Understanding Your Credit Score

Your credit score doesn’t normally come with your free credit report but you can get it through Transunion for $7.95. The score ranges from 501 to 990 and the equaling grade ranges from A to F. Below is a list of the scores and grades that match up.

• A. 900-990
• B. 800-900
• C. 700-800
• D. 600-700
• F. 501-600

Understanding Your Credit Report

Starting on page 1, you will see your personal information, account information and adverse accounts. After that you will see satisfactory accounts and account review inquiries. Creditors typically will report changes to your account monthly. The Adverse accounts are the accounts in which you have a rating that is non-satisfactory. Where it says pay status for your adverse account, it will show if you are making payments or if it has been charged off. Under each adverse account it will also show month by month status starting from when you first opened the account. Below is a list of what every remark means for each month.

• N/R: Unreported
• X: Unknown
• OK: Current
• 30,60,90,120: 30,60,90,120 days late
• COL: Collection
• VS: Voluntary Surrender
• RPO: Repossession
• C/O: Charge Off
• FC: Foreclosure

As for the section about account review inquires, it will show every company that has requested to see your credit report for whatever reason including seeking out car loans, and also the date on which it was requested. A lot of times what you will see here will be credit card companies that you have applied for, jobs that you applied for and credit card companies that you have an adverse account with.

Qualifying for Auto Loans

Some people believe that they will not be able to qualify for new auto loans due to bad credit. It is not impossible for people who have bad credit to secure auto financing to purchase a new car through OntarioCarsOnCredit.com. You should only be aware that the terms of your auto loan may differ from a traditional loan if you have bad credit. Our dealership will be able to get you a loan that you are comfortable with though.

Working with Our Experts

Our auto loan experts are also here to help you learn about the pre-approval process. We can explain what it means to get pre-approved for auto loans in your area. Basically, this means that you will be able to obtain an auto loan despite your adverse credit history. You will be able to work with our loan experts to learn about the top dealership in your area that can provide auto financing for your situation. You will be able to qualify for auto loans that can enable you to move forward with your life and get the transportation that you need.

Getting an auto loan does not have to seem like an impossible process. You do not have to kill yourself to come up with the funds needed to buy a new car. You can deal with any adverse credit that you have to progress and buy the transportation that you need in your life.

Know Your Credit Score Fast

On your credit report, you will be able to view your credit score. TransUnion, Experian or Equifax are the three major credit bureaus that can offer you a copy of your credit report. You should note the number of your credit score and any factors that may have impacted your score on your report. Your report will list whether you have any adverse accounts or any delinquent credit card payments. If you have failed to make payments on a credit card, then this will be listed on your credit history.

Manage Your Credit Card Debt

By knowing your credit score, you may be more empowered to be proactive in dealing with credit card debt. You can know the total balances on each of your credit cards. You may also see how the interest rate of a credit card has impacted the total balance that you owe. The sooner you decide to pay off your credit cards, the sooner you will be able to enjoy an improved credit score.

Take some time to check your credit score online and understand your credit report. It is important to be aware of the status of your credit score before you begin applying for mortgages or other types of car loans. If you improve your credit score, then a lender may be more willing to provide you with an auto loan that has great terms. You may also be able to qualify for a loan without having to use a cosigner or collateral for the loan.

Getting Your Annual Report

If obtaining a copy of your free annual credit report sounds like something you would like to do in the near future, then there are just a few basic steps that you will need to follow. These include:

1. Deciding which bureau to order your report from
2. Requesting a copy of your report online or over the phone
3. Providing necessary verification of your identity

Your credit score from all three bureaus should be essentially the same, so it will be up to you to decide which specific one you will want to order your report from. The ones to consider are Equifax, Transunion, and Experian. To request your copy, you can do this online or over the phone using the bureau’s toll-free number. From there, you will be asked to verify your identity by providing some personal information.

Receiving Your Report

Depending on whether you wish to receive the report via the mail or electronically, your wait time to actually obtain the copy can vary. Some bureaus will allow you to view your report electronically but will charge you a $1 fee for doing so, so be sure to keep this in mind as you determine which option will be best for you. Furthermore, you may also want to do some reading up on the actual process of reading your credit report properly.

Even though you should definitely know that there are auto financing options for people who have negative entries on their credit reports, such as dealer financing instead of bank car financing, you might still want to see what you can do about the negative entries that have made their way onto your report.

How Long Do Things Stay On Your Credit Report?

Although you might wish that negative entries would fall off of your credit report more quickly, it can actually take quite a while for them to do so. Your average entries will usually fall off of your credit reports naturally in about seven years, so if you have older entries from five or more years ago, you should be happy to know that they will be coming off soon. These old entries also stop affecting your score as much as they get older and older and closer to falling off completely.

Some entries do stay on your report longer, however. For example, court judgments, tax liens and bankruptcies usually stay on your report for as long as ten years or more.

What Can You Do About Negative Credit Report Entries?

Wait for negative things to fall off and use things like dealer financing for cars to get what you need in the meantime.

Contact your creditors to see if they will delete the negative entries on your report in exchange for you paying some or all of what you owe.

Contact an agency that specializes in helping people repair their credit.

These are a few options that you can consider if you have negative things on your credit report that you need to get rid of. Once you start working on these things, you can start to watch your credit score shoot up, which can make it a lot easier for you to qualify for credit cards and financing and even to get jobs, rentals and more.

Tips for Reading a Credit Report

When you initially receive your report, there are a few different things that you should do right off the bat before you go to a car lot for a loan. This includes, in no particular order:

• Finding out your actual credit score from that particular bureau
• Looking for any errors or discrepancies
• Looking for any accounts you did not open yourself

Being aware of your credit score is probably the entire reason that you ordered your credit report in the first place. This score should range between 500 to 850, with 850 being the best score and 500 being the lowest. Anything over 620 is considered to be an average score in Canada, while anything over 690 is considered to be good.

Aside from knowing your score, which can influence what kinds of auto loans financing terms you can get approved for, you should also look for any errors or accounts you did not open when you receive your credit report. If you notice an error, write to the bureau and send in appropriate documentation to have it fixed.

On the other hand, if you notice an account on your report that you did not open, you may have become a victim of identity theft.

Steps to Take

If it turns out that you have become a victim of identity theft, you will want to place a fraud alert on your social security number, file a dispute, and also obtain a police report. From there, you will be able to have the account closed and removed from your record.

Once you receive the copy of your credit report in the mail, you should look on one of the first pages to find the three-digit number of your credit score. This number can range anywhere from under 500 to above 720. From there, you should also flip through the remaining detailed pages of your credit report to ensure that everything is accurate; be especially careful to check all of your accounts listed to ensure that none of these have been opened without your knowledge.

What Does the Score Mean?

Of course, that number that reflects your credit score does not do you much good if you are not aware of what it actually means. These numbers, after all, play a role in your financial future. For example, if you try to apply for a car loan, a bank may require a credit check in order to find out your credit score and determine your worthiness for a loan. Furthermore, your score can affect your interest rate.

In general, a score between 620 to 679 is considered to be average. Anything under 620 is viewed as poor and can lead to difficulty when it comes to getting a loan. Scores between 680 and 720 are considered to be good credit scores, while anything above that is seen as excellent.

Improve Your Score

If you are unhappy with your credit score, now is as good a time as ever to explore ways of improving it. You can do this by using your credit cards wisely, cutting back on spending, and making timely payments on your debts owed.

I Want To Buy My First Car Without A Lot Of Hassle

Buying a car can be a nerve wracking experience if you have bad credit or don’t have a long credit history. The good news is that there are a lot of options available to you for car loan financing to ensure that you get the vehicle that you need. For example, some dealers will give you a minimum amount for your trade regardless of how much it is actually worth.

I Want To Buy My First Car With Private Financing

While Ontario Cars On Credit will do everything possible to get you financed, there are things that you can do to improve your chances of getting approved through our dealership. For instance, you can:

1. Get a Down Payment from Family
2. Save up for a Minor Down Payment
3. Ask Your Employer For Assistance With A Down Payment

All three of these options provide you the better chance that you need at a lower interest rate. You also know how much you can afford before you go to the dealer when you apply with us. This helps you narrow down your selections before you get to the lot.

It is important to know how you can get financed for a car loan before you go shopping. We make it easy for you to learn what to do when you go to buy your first car, by making the process as simple as possible for you.

How to Acquire Easy Financing for Cars

Even though it might not seem like it, it actually is entirely possible to make financing a car easier. To do so, however, you will need to go with a financing option that is simple to get approved for. Fortunately, these options do exist in the form of dealer financing.

Dealer financing is just what it sounds like: It’s when your financing is handled by the dealership and not a bank. Since dealerships want to sell cars, they are usually more likely to help people to get them and are usually a lot easier to work with when it comes to getting approved for financing.

Making It Even Easier

Dealer financing through Ontario Cars On Credit is already super easy to get, but there are a few things that you can do if you want to make the process that much easier:

Call ahead of time to schedule an appointment so you can make sure the dealership will be open and that someone will be there to talk to you about financing.

Find out what you have to bring along to the dealership to get your financing approved; many places will want paycheck stubs so that they can see that you have a steady job and bring in enough money to make your new car payment, for example.

Take the time to fill out your application for financing online; doing so will help ensure that you don’t miss any important steps or fields and can actually expedite the process in the long run.

By following these few easy tips, you can help make the process of getting approved for your easy dealer financing that much quicker and easier.

On Your Own

Applying for an automobile loan on your own might leave you feeling a little nervous. After talking to your parents and other adults in your life, you discover that most lenders will only work with you when you turn 18. You might also find that some lenders look down on you because of your age and lack of credit history, making it even harder to buy a car. Before applying for auto loans, make sure that you check the following documents and bring those documents with you.

• Your drivers license
• Your employer’s contact information
• A copy of your most recent paycheck

Bringing along a copy of your most recent paycheck and information about your employer shows that you’re a responsible teenager. If you don’t currently have a job, you need to show that you make income in some way. You might mow lawns around the neighborhood, babysit for your neighbors’ children or have your own paper route. Show the lender a copy of your bank statement to show that you have money to pay for a car loan.

With a Cosigner

On top of filling out an application here at OntarioCarsOnCredit.com obtaining a car loan is easier when you work with a cosigner. Ask one of your parents or guardians to cosign a vehicle loan with you. Your cosigner agrees to take over your loan payments if you default on your car loan. Make sure that the person you ask has a good credit score. If your cosigner has a poor credit score, you might find yourself facing a high interest rate on that loan. Getting a loan as a teenager is harder than getting a loan as an adult, but you can still secure a loan for your first car with a little help.