How to Get a Same-Day Auto Loan

If you are thinking about buying a used car with an auto loan, it’s important to us that you have all of the information necessary to make a wise auto loan decision for your needs. Here’s some basic information that you can use to secure a same-day auto loan through our company so that you can drive away on the same day that you apply for the loan:

Understand the auto loan process

When you apply for an auto loan, it is important that you are aware of what getting an auto loan entails. You will need to repay the auto loan over a period of several months or years, so it’s important that you understand how an auto loan works and what your responsibilities are. One of the best ways to learn more about how an auto loan works is to speak with one of our experienced fiance specialists either in person at our dealership or over the phone.

Apply for a loan

Once you have a clear understanding of what an auto loan is and what your responsibilities will be, you’ll need to complete the credit application. The credit application is a basic form that you’ll use to supply us with information about your credit history and current financial situation. Based on our analysis of your credit application, we’ll develop several different loan options that you can choose from when it’s time for you to get an auto loan.

Speak with a finance specialist

When you speak with one of our credit specialists, we’ll review your credit options with you. Again, these credit options will be based on your loan application and each option will be uniquely designed to suit your financial situation and needs. The finance specialist can provide you with more information about how these different options impact your credit situation and your buying power.

Select the right option

Once you understand the difference between all of the loan options, it’s time for you to take out the loan that best suits your lifestyle and needs. After you have selected the right loan, you’ll be able to find the right car for you that meets your financial restrictions and allowances.

Are You Hurting Your Credit?

Many people at all ages do not have a clear understanding of what credit is and how it can impact their lives for decades. In a nutshell, a credit history is a basic report that outlines an individuals financial investments, risks, and loans. Many items show up and remain on a credit history, including credit card account openings, mortgages, loans, and even other credit checks.

If you are looking for ways to improve your credit so that you can get a lower interest rate on a car loan and a higher loan amount, there are some strategies that you can and should take. However, there are also some things that you should avoid. Here are the top 3 things people do that can hurt their credit:

1. Change jobs. Many people are forced to change jobs due to economic circumstances, such as a lay-off or company closure. However, if you are able to limit the amount of times you change jobs, you will have a better credit history. This, of course, may not be possible for all people.

Lenders like to know that their borrowers have some degree of stability in their jobs so that they can project that the borrower will be able to pay back the loan as long as the borrower continues to earn a steady income. However, if you have a history of frequently changing jobs, lenders may wonder how you will pay off a loan in the interim while you’re between jobs. Lenders may also have questions about your income stability and your lifestyle stability that could potentially cause them to wonder if you are a high risk loan candidate.

Of course, it is possible to get a loan if you change jobs frequently. Simply be prepared to explain your job changes to the lender. You’ll also want to tell the lender your plan for being able to pay off the loan even in the event of a future job change.

2. Open store credit cards. Store credit cards are great, right? They help you save money on purchases that you make at a store and they offer additional special benefits. However, each open credit account that you have, including store credit cards, can hurt your credit score and your credit history. A lender’s typical view on multiple open credit card accounts is: the more open accounts you have, the more chances you will fall into debt with those other lenders.

3. Move residencies. Moving alone will not hurt your credit. However, if you are trying to improve your credit, then staying in one place for a lengthy amount of time can help to show lenders that you have a degree of stability. They will also be more likely to trust that you will be easy to contact if they need to reach you after they extend the car loan.

Contact us today for more information about improving your credit or to speak with one of our finance experts about getting a car loan today. We have access to a huge inventory of used cars and trucks.

The ABC’s of Your Car Loan

If you are looking to buy a used car, chances are good that you will need to have a car loan in order to buy the car. We specialize not only in selling top-quality cars at affordable prices, but also in making sure our customers have affordable car loans in Ontario that make buying the right car easier than ever! If you are looking for a car loan to go along with your new or used car, here are a few things we want you to know:

How car loans work

It’s important that you understand how car loans work before you take out a car loan. A car loan is an amount of money that a lender will lend you. That money needs to be repaid. Car loans generally come with interest rates. An interest rate is a percentage of the total car loan that is charged to the borrower in exchange for the loan. Interest rates vary based on the lender, economy, and the borrower’s credit history. The interest rate can also vary based on special deals that are currently going on here at The Approval Centre.

Car loans also last for a longer period of time. You may take out a car loan to buy a car this year and still be repaying the loan in five years. Therefore, it is important that you are comfortable with the amount of the car loan – and that you are prepared to make that long-term commitment to repaying it.

Complete the credit application

Before you can get a car loan, you need to give the lender some important information about your financial situation and credit history. The way to get this information quickly is to complete a credit application. The credit application will allow us to run a credit check on you, which will help us to learn more about your spending habits and history, which will then help us to establish a loan program that is just right for your financial needs.

Speak with a lender

Once we have a general idea for what kind of car loan you may qualify for, we will be able to advise you as to which loan options are right for you. It is then up to you to select the loan option that you are most comfortable with.

We look forward to helping each of our customers get the right loans for their needs – right when they need them. Speak with us today for more details about how to apply now!

Get Out of Debt on a Low Income

low income

Getting out of debt is never an easy task, but it’s infinitely harder when you’re on a low income. As disheartening as it may be to see the interest charges racking up each month, know that you’re not alone and that it’s absolutely still possible to get out of debt on a low income.

Stop Comparing Yourself to Others

low income

This is both the hardest and easiest step, and one that’s absolutely vital to undertake before you can even begin to get a handle on your debt. When you’re looking at stories of other people who have gotten out of debt faster than you, you have to remember that you’re not them and that comparing your situation to theirs is futile. You have no idea what the people you’re comparing yourself to are dealing with privately. You don’t know what their financial or familial situations are like, and you don’t know what kind of help they might be getting from their parents, partners, or friends to help them through.

Just focus on the reality of your own situation and think about what you can do to help pull yourself out of debt. Accept what’s happened and don’t let bitterness or envy affect your ability to move forward.

How Much Do You Owe?

As cathartic as the mental image of aggressively throwing money at the problem might be, you can’t realistically start tackling your debt without a concrete plan in place. In order to do that, you need to know A) How much money is coming in each month, B) How much money is going back out again each month (for things like bills, rent, food etc) and C) How much is left over.

You also need to know exactly how much money you owe and how that debt is spread out across your various credit cards, loans, and lines of credit. Make a chart that lists every single source of credit you have access to on the left-hand side. Across the top, have four corresponding columns that say: Total Debt Owed, Total Available Credit, Interest Rate, and Minimum Payment (see sample chart below).

low income

Continue reading “Get Out of Debt on a Low Income”

Get Out of Debt

get out of debt

There are few things as difficult as trying to get out of debt. Whether you’ve been struggling on and off for years or were just recently hit with a large and unexpected financial burden, the hopelessness that accompanies  being severely in debt can feel impossible to overcome.

We’ve compiled a list of some of our most relevant posts to help you look towards the future with your head held high while planning how to get out of debt.

Causes of Debt:

Recognizing the Problem and Finding Help:

Strategies to Get Out of Debt:

Re-Establishing Your Credit Score:

Still feeling overwhelmed by the thought of getting a handle on your debt? We can help. Fill out our online application right here to book an appointment today!