If you have poor credit ratings in Toronto… how do you get a car?

So, you have poor credit ratings due to a history of not paying your financial obligations on time. Is there a way to get rid of this bad reputation and move on to bigger and better things or do poor credit ratings mean that you are doomed to face rejection and hostile interest rates for the rest of your life?

You can get around poor credit ratings, and in Toronto, it is even possible to get loans, particularly car loans in circumstances where you have poor credit or no credit ratings at all. This is because car loans are competitively positioned and there are many financiers in the market that are interested in your business. Even if you have poor credit ratings, there is no need to hide. Instead declare this upfront to the financial institution and look at what they can offer you in terms of the interest rates that they will charge. Compare this with other financial institutions to see which will provide the best deal.

Once you have done this, then your goal is simple and that is to ensure that the monthly obligations on this car loan are paid in a timely fashion in order to improve your credit ratings.

Jun 17th, 2011