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Looking to secure a car loan in the Calgary area, but have a less-than-stellar credit rating? It can be a challenge to get financing with bad credit, but it isn’t impossible. Here at Capital Chevrolet Buick GMC, our goal is to get you behind the wheel of the new Chevy, Buick, or GMC vehicle you need no matter what your credit score may be. Learn more about your options in this guide from the experts in our Finance Centre.
One common way for car shoppers with a bad credit score to successfully purchase a car is to get a cosigner. A cosigner is ideally a person with a strong credit rating who signs on to take responsibility for paying back the loan should you default. The cosigner acts as a safety net, reassuring the lender that the loan will be paid.
Getting someone to cosign your auto loan is an easy way for first-time buyers, those with bad credit, or those who have no credit at all to get a car loan, but it comes with some important responsibilities. You need to make sure that you can keep up to date with your payments to avoid having your cosigner be on the hook for your debt. That being said, if you manage your loan responsibly, having a qualified cosigner such as a good friend or family member is a good way to secure a car loan if you have a bad credit score.
Whether you choose to have a cosigner or not, there are some important steps you should take to improve your chances of being approved for a car loan, even if you have a poor credit score:
The steps above will give you a good idea of how you may proceed and help you decide whether or not you are in the position to successfully apply for financing.
Taking out a car loan in the %%target_city_2%-area is actually a good way to boost your credit score. As long as you keep up with your monthly payments, your credit rating will steadily improve. Other ways to raise your credit score include:
If you take out a car loan with bad credit, you will be faced with higher interest rates than someone who has good credit. However, keeping up with your payments will improve your credit score and make you eligible for a better interest rate on your loan. Once your credit rating improves, you will have the option to refinance your loan to get a lower rate. The finance specialists at Capital Chevrolet Buick GMC can help walk you through the process should you decide to refinance your loan.