Now Is The Best Time to Apply For a Bad Credit Car Loan — Here’s Why!
Good Fellow’s Auto Wholesalers is here today to inform you that the best time to apply for a Bad Credit Car Loan in Toronto is NOW.
Due to a number of factors, if you are living in Toronto or anywhere in the GTA, if you are considering getting a car loan with bad credit, now is the time to do so. In this guideline, our team will walk you through the different variables that are impacting the whole automobile industry and this will show you why people should and are deciding to get their car loan now. Let’s get into it.
Interest Rates — Their Rising Fast
Lately, have you gone to the grocery store to pick up some food or headed to the gas station to fill your car and noticed that the price of everything is through the roof? If so, you are not alone. Everyone in Canada is feeling this rise in interest rates.
Interest rates are at an all-time high as banks are attempting to manage inflation by increasing the interest rate. Central governments have also tried to print more money to help offset the rise of interest rates but unfortunately, this only gives temporary relief.
This information can be translated into a good time to purchase a car loan as the market has an opportunity for individuals to get an auto loan now with a “low” interest rate before they begin is rise further to help fight inflation.
Check Your Credit Score
Now that you know why now is the best time to obtain a car loan — it’s time to check your credit score. Whether you wish to use TransUnion or Equifax to check on your credit score, the best time to do so is now.
Our team at Good Fellow’s Auto Wholesalers would like you to know that even just one late or missed payment can significantly impact your score negatively. For this reason, it’s important to always know what payments are making every month and to ensure you are meeting your deadlines.
While you check on your credit score, ensure that all of your information is listed correctly and that you pay any outstanding payments that you have on your account. This will all help you to obtain a better car loan and the time comes to apply for one.
How Good Fellow’s Auto Wholesalers Can Help
If you are interested in obtaining a bad credit car loan, our used car dealership in Toronto, Good Fellow’s Auto Wholesalers, can help you. At our dealership, we provide our clients with affordable car loans that they can manage. We access one’s financial situation and our amazing financing team will work with you to determine the best course of treatment.
If you are looking for a quality pre-owned vehicle, our dealership is the top choice in Toronto to go. We have happy clients walking off our used car lot every day! If you are interested in speaking with a member of our sales team or financing team, give us a call at 1 (855) 581–9590.
