CREDIT REBUILDING Using a Car Loan

Credit Challenges and Bad Credit

There are many ways to rebuild your credit, often people’s credit becomes challenged due to unforeseen challenges in life such as divorce, loss of a job and a variety of other circumstances of which most are out of a persons control. Whether you have had a past foreclosure or an issue with a credit card or other problems, it doesn’t matter you can repair this and quick!

Car Loans Can Help Rebuild Your Credit

We at Insta Auto Solutions understand the challenges of the past. What is in your control are your future and your present circumstances. We can help with a logical and methodical approach to rebuilding your credit, all while enjoying a new vehicle, at a payment you can afford.

Secret To Building Your Bad Credit To Good

What’s the secret to building back from bad credit? There isn’t a one size fits all approach, everyone has different circumstances and challenges. That being said if you make timely payments on an auto loan, every month and build a history, and if your lender such as Insta Auto reports these payments to the credit bureau, which will raise your score.

Not All Car Loan Companies Help Rebuild Your Credit

Note that not all lenders or automotive loan providers report payments so ensure that your provider does. That’s why Insta Auto Solutions looks for great customers and help them for years to come in not only rebuilding their credit score but ensure they have an affordable and quality vehicle to drive.

Talk with our credit team and see how we can save you time and money all while rebuilding your credit and driving a car you like and can afford!

1. Be Careful Of Online Statements Like “Guaranteed Approval”

Marketing companies and online agencies make money on the data you provide and not on the actual sale of a car or the financing of a vehicle, so the headlines and sometimes the content can be misleading, as all they want is your information. Agencies collect names and emails, and phone numbers and then, turn around and sell your data to numerous dealerships in the hopes of selling you one of their cars.

Every dealership that has an agreement with these online agencies and marketing companies for the right to use your data, pulls your credit bureau data which drives your quality score down, which in turn hurts and even limits your opportunity for approval at a decent rate. Insta Auto recommends that you find a dealership that you like and feel you can trust and let them take over and go through the process of acquiring you financing services.

2. Moving From Dealership To Dealership or Auto Finance Institutions Can Affect Your Credit Score

Every time that you apply your credit bureau is being hit with a credit query and this affects the quality score credit of you as a person. This then looks like you are not getting approved and bouncing from dealership to dealership to get a car loan. It has a huge negative impact on your credit!

3. Does Your Car Dealership Have An Extensive Vehicle Inventory

Make sure you have a large selection of vehicles to choose from.

Not all car dealerships or car loan companies are created equal, it’s important to go to a dealership that offers a large selection of cars to pick from, so as to ensure you are not inadvertently sold a vehicle that’s not the right fit but was convenient for the company to sell.

Ensure your dealership offers a varied selection of financing and vehicle loan options from more than one bank.

The more options available the better, and likely you will be able to find a vehicle, term and a rate that suits your needs. Choosing an auto dealer that has as many financial institutions and bank options as well as keeping a large vehicle inventory increases your odds of finding a deal that’s right for you.

A large number of the dealerships out there have limited inventory and even more limited options for financing, so they will try to “lock” their customer into what they have to offer.

This is to ensure they maximize their profitability and not necessarily what is best for the customer looking for a car. Making a few quick calls to vet and see how many banks or financial institutions they work with as well as how much “in stock” inventory they carry is wise to do and can save you thousands of dollars

If they only have a limited vehicle inventory on site and only work with a few banks, this may mean it’s not a great place to develop a relationship with who will help rebuild your credit.

4. Be Careful When Giving Your Credit Information To Car Dealership

Do not give your credit Information Out or apply until you have found a dealership that you trust and are confident that they can get you an approval.

Every time a credit manager, in a dealership or online looks at your credit bureau or submits your application to a bank or credit company, your credit score drops.

Canada’s leading credit bureau databases, Equifax and TransUnion, unfavourably view repeat inquiries on your credit bureau and have built into their algorithms that each time your credit report is requested, the computer automatically drops your credit score.

Many dealership credit managers will blindly send your applications to whatever banks or finance companies they have at their disposal and, without you even realizing it your credit score drops, until you either, get approved at ridiculously high interest rate or even worse, pushes your score below the threshold of being able to get you approved.

Its best to first find a trustworthy dealership that specializes in credit rebuilding and that you trust will get you approved. Its is better to invest a bit of time as this can save you thousands of dollars.

5. Does My Car Loan Dealership Report My Payments To Credit Bureau?

Recording your successful payments is critical to rebuilding your credit! Ensure before you sign the vehicle financing that your dealership or their financial institute actively reports your payments to the credit bureau. If they do not record payments that they are not helping you rebuild your credit score. Which means that in 2-3 years of payments you will be in the same credit situation that you started with.

Its critical to find a credit rebuilding partner who is not only helping you find a vehicle you want and can afford but successfully ensuring your rebuilding your credit so you can negotiate better interest rates on any future refinancing or future car loans you may require.

Insta Auto Solutions understands these challenges and offers a trustworthy dealership that offers a huge selection of vehicles and a large selection of financial institutions to ensure we negotiate the best rate possible for you. This is all to develop q long term relationship where we are able to help rebuild your credit and offer you multiple vehicles over a long mutually beneficial relationship.

Insta Auto Solutions offers everything from Cars to SUV’s Trucks and Vans to name just a few of our financeable vehicles. With a selection of over 300 vehicles, we are here to help you find the right vehicle for you at a price you can afford.

Not finding what you are looking for?

Talk with our sales and finance team, as they can offer a variety of flexible services to help you with special requests!

We understand that the journey to finding the right car can be difficult, you might need to find out what your vehicle is worth and how much of a trade in you will get. Insta Auto Solutions offers a free “Trade in Value” tool here: What’s My Car Worth. 

Insta Auto Solutions also have a fun and easy to use Car Loan Calculator that you can use to do some initial budgets, Note that more often our team can help with a better rate and payment plan that is fully customized to you. Click here to get our quick and hassle free quote here.

Insta Auto Solutions is passionate about helping clients rebuild their credit and become a long-term customer who grows with us and uses their car loans to rebuild their credit score. Here is more information regarding our approach to credit rebuilding.

Worried about repairs when buying your car? No problem! Insta Auto Solutions offers full service and repair centres to our car customers and the general public serving not only Alberta but western Canada. Get your parts or service quote now!

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Insta Auto Solutions St. Albert is a locally owned licensed automotive dealership & service center that helps people rebuild their credit through powerful car loan strategies. 

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