Frequently Asked Questions
Make an Informed Decision!
Q: Who is CARS Credit?
CARS Credit is an auto loan provider and used vehicle dealership located in Edmonton, Alberta serving all of Western Canada. We specialize in providing loans to people who would otherwise not have access to the credit market such as young adults, recent immigrants, people who have Bad Credit, Slow Credit, have experienced Bankruptcy, Divorce or Collections who want to get on the road and rebuild their credit rating.
Q: What is Bad or Poor Credit?
The information found in your credit report determines if you have Bad Credit. If you've failed to repay loans, declared bankruptcy, regularly been late on payments, or maxed out your credit lines you appear to have bad credit and are considered more of a risk to lenders. CARS Credit is dedicated to helping you get the right car loan that will get you on the road and help restore your credit rating!
Q: What is No Credit?
People who have No Credit have never taken out a loan and have no credit cards. All you need to do is establish a good credit history by getting a small loan or credit card and paying off your debts before they are due and, if possible, in full.
Q: Does CARS Credit sell used vehicles?
You bet! CARS Credit is also a used cars dealership in Edmonton, Alberta. Check out our huge selection of used cars, trucks, SUVs and vans online.
Q: Does CARS Credit only provide loans for vehicles it sells?
No! We offer fast, free and secure pre-approved loans regardless of where you shop for your vehicle. Whether you're from Edmonton, Calgary, Red Deer, Fort McMurray, Grande Prairie, Cold Lake, Medicine Hat, Athabasca, Drayton Valley, Alberta, Saskatchewan or BC we can help!
Q: Should I find a vehicle first before applying for an auto loan?
Multiple credit inquires may have a negative affect on your credit rating. We recommend that you apply for a pre-approved car loan to determine how much you qualify for before you shop for a vehicle. You can save a lot of time and potential embarrassment by knowing up front if there might be any reason that you may not qualify for a car loan. This method will increase your chances of approval and decrease the number of inquires on your credit report.
Q: Can I get a car loan after bankruptcy?
Absolutely! Re-establishing your credit with a car loan after bankruptcy can happen as soon as the day after you have been discharged. The most important step to repairing post bankruptcy credit is to show creditors that your bankruptcy was the clean slate you needed. Start over with CARS Credit and re-establish your credit rating.
Q: Will my personal information be protected if I apply online?
CARS Credit utilizes an Extended Validation security certificate to protect your online credit application information. You'll know you are protected when you see the green address bar and padlock in your browser.
Q. How Do I rebuild My Credit?
- Obtain a copy of your personal credit report and insure the accuracy of your credit history. Pay your bills in full and on time.
- Contact your creditors if you are having trouble making payments.
- Keep close tabs on the statements for your credit card and bank accounts. Make sure they're correct.
- Put together a game plan to deal with your outstanding accounts
- Improve your credit score with a new CARS Credit auto loan.
- Protect your credit; it’s your lifeline!
Q: How can I see my credit report?
Along with the credit histories of millions of other people, your credit history is recorded in files maintained by at least one of Canada's major credit-reporting agencies: Equifax Canada and TransUnion Canada. It is possible to obtain your credit file for free. Please consult the agencies' websites in order to obtain more information. These files are called credit reports. A credit report is a "snapshot" of your credit history. It is one of the main tools lenders use to decide whether or not to give you credit.