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You may think that having a bad credit score will prevent you from getting a car loan, but at Capital GMC Buick, that’s not the case. We’ve helped drivers from throughout the Edmonton area secure the financing they need to get behind the wheel of the car, truck, or SUV they want, no matter what their credit rating may be. Find out how to buy a car with a bad credit score in this guide from the finance experts at our dealership in Edmonton.
There are some things you can do ahead of time to improve your chances of being approved for a bad credit car loan in the Edmonton area. The following steps will increase the likeliness that you can get the financing you need.
Lenders tend to shy away from anyone who has a less than ideal credit history due to the risk involved. Having a qualified cosigner is one way to gain the trust of a lender and help ensure that you are approved for a car loan. A qualified cosigner is someone with a good credit rating who guarantees that the loan will be repaid should you default.
Choosing to have a cosigner is a serious responsibility for you as the borrower. You need to understand that your cosigner will be on the hook if you find that you cannot make your payments. That’s why it is of the utmost importance that you know your budget and manage your loan in a responsible manner.
Another thing that you can do is work on improving your credit rating. Here are some easy ways to boost a credit score:
Since taking out a car loan with bad credit likely means that you’ll be paying higher interest rates, you may wish to refinance at some point. By keeping up with your payments your credit score will improve and you’ll be eligible for a lower interest rate on your loan. The finance specialists at Capital GMC Buick near Leduc will be happy to explain the refinancing process and help you decide if it is a good option for you.