You would be surprised how many people get themselves into bad credit situations. The majority of people do not have perfect credit but we seem to think everyone but us is credit damaged. It is simply not true and having damaged credit is not something you need to be embarrassed about because it is easy to change. It used to be something that people looked down upon, but it has become increasingly common due to the recent changes in the economy. Traditionally, dealerships offer more favourable financing to those who have good credit. It used be very difficult to obtain an auto loan if you had bad credit, but that has changed significantly in recent years.
People that have bad credit can and do receive auto loans, but the only difference is that they will typically pay higher interest rates. This is the main consequence of having bad or bruised credit. It is important to keep in mind that “this too shall pass” in regards to paying higher than normal interest rates on an auto loan.
If you commit yourself to making 12 auto payments on time you will be able to re-negotiate your loan at a better interest rate! That is a fact and a promise.
At CALGARYDRIVES we will notify you when you can successfully re-negotiate your car loan at a better rate. Actually a car loan is the single best and quickest way to re-build your credit because it is such a big loan.
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