How Can I Get the Cheapest Auto Loans?

Did you notice that interest rates are beginning to move higher? You may be wondering how you can still get the cheapest auto loans available in Lakeshore, ON. One suggestion is to get busy and purchase your new car before rates move even higher. However, there are a few other things to keep in mind when looking for a good car loan.

What is Your Credit Rating?

This is a major factor, as you know in getting a low interest rate. If you have a good credit history and your FICO score is above 700, you are on the way. Before you apply for a loan in Ontario, check your credit score with all three of the major credit agencies. Make sure that everything being reported is accurate. If there is a mistake, you should correct it before you apply with us at Ontario Cars On Credit that way we can get you the best option that you can get. You can contest things that do not belong on your report.

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Other Considerations for a Low Loan Rate

Some of the most important things to have in order after you find that your credit score is high enough for a low interest loan include:

Have several of your most recent pay stubs to prove your income. If you are self-employed get your last 2 years of tax returns together. Financing officers want to be guaranteed that you can make your payments.

References-write down the names and numbers of several credit references that can be contacted.

It helps if you have worked at the same place for a long period of time.

Have a large down payment. This will help a long way towards getting a lower interest rate auto loan. You have more money invested in the automobile and lenders are more willing to give you better rates.

Finding a cheap car loan in Lakeshore is basic common sense. If you can show that you are worth the risk we are going to do our best to get you a better rate. If you have shown through past history that you can meet your obligations with no trouble, you should have no problem getting a great low rate on your auto loan especially when you fill out an application at OntarioCarsOnCredit.com.