In the fast pace environment we all live in, it is common for people to miss payments from time to time on their credit cards, phone bills or even a loan. Late payments are detrimental to your credit score and as much as one late payment can drag your score down significantly. When applying for a car loan with late payments on your bureau, you are essential asking for a second chance to prove your responsibility. Everyone deserves a second chance!
When the bank looks at an application for a car loan, they look at the credit score, credit history, affordability and income. Although late payments will be a negative trait, depending on the other aspects of your profile, you can still receive good results. For an example, if you have a poor payment history on my credit card but make a high income and have had a lengthy credit history, the bank would most likely offer an approval with a marginal increase on interest rates. When you have flaws on your credit bureau, you have to take steps in to improving it rather than running from it. Take the necessary step and get into an auto loan that will not only provide you with the car that you need but also the second chance to prove yourself to be financially responsible. If you make good use of the opportunity, your credit will improve drastically and the next time you apply for a loan, you can expect ideal results.
If you are currently looking for a vehicle but know you have made some late payments in the past, don’t hesitate to apply for a car loan! Allow Autorama to facilitate you with the approval you need to take a step towards better credit and the car of your dreams by filling out our online no obligation application https://www.autorama.ca/financing/ or call 416-639-4813 and speak with one of our financing specialists.