Why Is Having a Good Credit Score Important for A Car Loan?
While it might not seem important at first glance, having a good credit score is one of the most important things you can do to improve your experience when buying a car. If you have a bad credit score, you’ll be subject to higher interest rates and predatory lenders — making the process significantly more painful and expensive. But with a good credit score, you can qualify for some of the best interest rates out there — typically with affordable payments and a low-interest rate.
What Is a Good Credit Score In Canada?
According to EQUIFAX, a good credit score in Canada is generally considered to be between 660 and 724 — but the higher the score you can get, the better. The best financing terms are generally reserved for Canadians with a good credit history and a minimum credit score of 700.
What Credit Score Is Needed for A Car Loan In Saskatchewan?
The good news is that you can get a car loan with almost any credit score in Saskatchewan. Many lenders offer bad credit card loans that make the financing significantly more accessible. And it isn’t always predatory, either — as long as you can prove that you’ll pay the money back, lenders are actually eager to help due to the high-interest rates that come with average or poor credit.
Once you’ve arrived at the dealership of your choice, your credit report will be used to provide you with loan terms, including your interest rate, and monthly payments. If you’re able to provide a substantial down payment for your vehicle, you may be able to secure lower interest rates because you are borrowing less money.
Want To Know If You Qualify to Buy A Car?
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