A credit score is an overall review and judgement of your financial health at a specific point in time. It indicates your credit health at that time and the level of risk that you represent to lenders. Credit scores can range from a score of 300 to 900, with a higher score signifying a higher level of credit health. Therefore, the higher the score, the less chance of risk that you represent to lenders. Your credit score can be found on a credit report. The credit report is a snapshot of your credit history. This report includes companies that have lent money to you in the past. This could include banks, credit card companies, credit unions, retailers, cell phone carriers and more. The most common credit report companies in Canada are Equifax and TransUnion. Individuals can obtain their credit report from these companies to review their credit score and overall credit health.

To qualify for auto loans financing, you will need to provide the following: Full-time employment (minimum 3 months). Resident of Canada. Canadian citizenship or legal residence. Able to obtain auto insurance. Valid driver’s license.

While everyone’s interest rate is depending on their personal credit, the easiest explanation is that Selkirk GM will help secure your financing at the best possible interest and finance rate possible. In many cases, this will be better than conventional rates and will help rebuild your credit as you secure an auto loan. Everyone’s case is different and your finance rate will depend on your individual situation.

We have several steps to help you if you have been turned down by your personal bank for a loan. Do not re-apply for a loan.  Each time that an individual applies for credit, the lender will pull your credit file. After being turned down or denied a loan request, it is best to not re-apply to avoid multiple credit files being pulled in a short time span. What next? With every individual’s situation is different, we recommend contacting us to speak with our financial advisers. We can assist with your unique situation and advise you on the best course of action.

In most cases, money down or a down payment is not required. However, it does depend on your financial situation and your approval from our lenders. Our team will review your credit history and determine what’s best for you and your financial health.

The simple answer is, yes. At Selkirk GM, we work with your credit history and your approval from our lenders. However, our main focus is to help you rebuild your credit. This may result in our step-stone process.