Understanding Your Credit Score
Rebuilding your credit is easy, and not at all uncommon for a person to have a low credit score. Things happen, whether they're an illness, a divorce, loss of work, etc. At Finch Hyundai, we believe everybody deserves a second chance. We promise to treat you with the dignity that you expect and deserve and are happy to help provide you with a car loan that can change both your bad credit score and your life.
It Can Happen to Anyone
You're not the only person with money problems. If you're facing financial difficulties, don't be reluctant to take action because you are embarrassed. You won't be the first person to rebound from a bad credit score, and you certainly won't be the last.
Have you experienced:
- Poor Credit?
- No Credit?
Finch Hyundai's Auto Finance Specialists are here to help people with less-than-perfect credit obtain auto financing. We find you the best terms and conditions and your ideal car or truck loan. We can get you the financing you need in order to turn the situation around and fund the purchase of your vehicle.
How Your Credit Score is Calculated
Your score is a number that ranges from about 350 to 850.
In general, the higher the number, the lower the risk. However, the systems that generate your score take into account several factors from your credit report, and each has a varying degree of importance. Some examples include:
- The timeliness of your payments, including late payments.
- The amount and type of debt you have.
- The number and age of your accounts.
- Inquiries created by applying for credit.
- Public records such as liens and judgments.
How can I learn more about my credit?
You can contact either of the major credit reporting agencies below to get more specific information regarding your credit score. Each agency can provide you with a copy of your credit report, including your credit score.
What factors impact monthly payment?
Down payment, the amount financed, term (length of contract), and the annual percentage rate (the yearly cost of a loan) all affect the monthly payment.
What documents should I bring?
All buyers should bring a valid government-issued drivers license, a current pay stub, and a void cheque. Because different financing companies may require additional documentation, you will want to contact a Sales Consultant for a complete list of what you'll need to buy a car from Finch Chevrolet.
If you also intend to sell a vehicle to Finch Chevrolet, please contact a Sales Consultant for a complete list of what you'll need.
I have had past credit problems, what can I do?
Our Auto Finance Specialists work hard for our customers in order to accommodate most credit profiles. Even with past problems, you will still get the credit you need, the car you want, and the respect you expect and deserve as a Finch Chevrolet customer.
How much should I budget for my car payment?
The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment. For example, if you make $2,000 a month you should spend no more than $300 on your car payment.
You can apply for financing on our website by filling out our quick, simple and secure Credit Application form. You can access our credit application form by clicking the "Apply for Financing" button located on every page of our site.