Home
menu call text search
  • Find a
    Vehicle
    • New
    • Used
    • SUVs
    • Trucks
    • Cars
    • Under $15K
    • Shop RVs
  • Service
  • Service
    • Service with Us
    • Book Service
    • Order Tires
    • Order Parts
    • Autobody
  • Finance
  • Finance
    • Apply For Financing
    • Finance Process
    • Leasing VS Financing
    • Car Loan Calculator
    • F.A.Q.
  • Trade-In
  • Trade-In
    • Trade-In
    • Sell Us Your Car
  • About
  • About
    • Why Choose Go Auto
    • Blog
    • Go Card
    • Customer Service
    • Personal Shoppers
    • Go Gives Back
    • Who We Are
    • Contact Us
  • Careers
  • Locations
    • All
    • Edmonton and Area
    • Red Deer
    • Calgary
    • Vancouver and Area
    • Northern Alberta
    • NWT
    • Ontario
    • Winnipeg
  • My GO Login
  • 780-777-7777
  • Locations
  • Login
  • Search

Go Auto Blog

  • Blog Home
  • Auto News
  • Buying Tips
  • Financing / Insurance
  • Vehicle Maintenance
  • Promotions
Back
Finance

Repair Bad Credit with a Car Loan

November 28, 2019 8:55 am by Rick MacDonnell

The surprising answer is YES! If you are in need of a car but your bad credit history is leaving you stranded, there is good news for you. At My Ride, our goal is to provide financing to everyone, regardless of credit history. In addition to working with 16 different lenders, we also can provide our own financing outside of the banks, allowing individuals with poor credit scores to obtain a loan for a reliable new or used car.

Even better, in addition to the freedom of owning your own vehicle, a car loan can help repair a bad score!

How Can a Car Loan Raise My Credit Score?

When you get a car loan, you are being granted the right to use and register a vehicle in your name in exchange for monthly payments to repay the car loan.

Since 35% of your credit score is dependent on your payment history, as long as you are making your car loan (and other debt) payments time, your credit score will improve.

Strategies to Get Approved for a Car Loan With Bad Credit

Boost your chances at getting a car loan with bad credit by being over the age of majority in your area, and have a:

  • Valid driver’s license
  • Steady job where you earn $1800 per month

In addition, it is worth speaking to a credit counselor in your area that can provide helpful and free advice on consolidating your existing debts and establishing a budget so that you can easily calculate what vehicle price you can afford. As a general rule of thumb, your monthly car loan payment should be no more than 15% of your total monthly income.

Where Can I Get a Car Loan with Bad Credit?

My Ride is a great place to start. We work with dozens of dealerships and 16 different lenders. In addition, we are also able to provide car loans to individuals with bad credit with our own money.

Related Posts

Buying a Car with Bad Credit
More

What Kind of Interest Rates Should You Expect?
More

How to Apply for a Car Loan
More

We’re happy to help with
anything you need

Text or Call

780-777-7777

Follow Us

Find a Vehicle

  • New Vehicles
  • Used Vehicles

Sell Us Your Vehicle

  • Book Your Appraisal
  • Trade-In Your Vehicle

Finance

  • Finance a Vehicle

About Go Auto

  • Why Choose Go Auto
  • Blog
  • Go Card
  • Customer Service
  • Personal Shoppers
  • Go Gives Back
  • Who We Are
  • Contact Us

 

  • Terms
  • Privacy
  • Contact

Go Auto Corporate
2nd Floor,
10220 184 St NW,
Edmonton, AB
T5S 0B9

  • Terms
  • Privacy
  • Contact
  • © Go Auto 2021
AMVIC VSABC OMVIC Most Admired Best Managed
View Disclaimers & Conditions

* Where a photo is identified as a stock photo, the vehicle may not be exactly as shown. Stock photos may not reflect the vehicle’s exact colour, trim, options or other specifications. Please contact the dealership for verification or if you would like more information on this vehicle.

* For all other provinces (excluding Quebec), prices exclude taxes, insurance, licensing and other applicable fees. Price may not include dealer installed options, accessories, administration fees and other dealer charges.

* All prices are in Canadian Dollars unless otherwise stated.

* The Payment Calculator is for comparison purposes only and is based on the vehicle price, the entered term in months, the entered percentage rate and any other fields you are prompted to enter. Taxes, insurance and licensing fees are additional. All financing is OAC. Please contact our dealership for more information.

For full details or more information, please contact our Happy to Help team at 780-777-7777.