Your credit score is too low
It has never been easier to approved for a car loan. National lenders have emerged to offer very competitive rates for "Special Finance" and "Sub-prime" customers. These lenders have divided further to offer different risk levels for even the most credit challenged customer. This good news is that anyone struck with credit score problems now has a lender they are match with.
The lender is concerned with your credit report.
This is a unique, when you have a large number of loans at once. It this situation, the lender may be concerned that you will not be able to repay on another loan. You may call us for advice to help you improve your credit report.
You will not fit the lender's profile.
Although not a concern with OCLF, a credit card company may only issue credit cards to people who own fewer than three, or a home mortgage company that specializes in first-time home buyers.
You are an abnormal credit risk.
According to independent market studies, more than 18% of people are seen as abnormal. This may include being self-employed, or others who cannot provide proof of income and people who have had their homes repossessed for non-payment of mortgage.
You move around.
Banks and finance companies look for stability when providing someone credit. An example is if you jump jobs and move locations often. Credit companies approve of you having a long-term relationship with the same bank. If you are the type move around a lot or switch banks often, this may tell against you.
Your credit score wasn't high enough.
Finance lenders usually base their decisions on your credit score, which they calculate using credit report and your credit application. All lenders use a different formula which can even vary from one type of loan to another. Because of this, it has never been easier to approved for a car loan. National lenders are now looking past your credit score and are able to offer very competitive rates for "Special Finance" and "Sub-prime" customers. These lenders have divided further to offer different risk levels for even the most credit challenged customer. This good news is that anyone struck with credit score problems now has a lender to match up with.
Ontario Car Loan Finance offers a fast and easy online credit application and auto finance specialists who will provide the best terms and rates for you.
