Contrary to popular belief, having a bad credit score doesn’t have to prevent car buyers from being able to purchase the vehicle they want. As a primary source for bad credit car loans in Toronto and the GTA, the Leggat Finance Centre makes securing a reasonable auto loan easy for people who are struggling with bad credit. In fact, with our help, customers who have poor credit can even improve their score, making them a more attractive candidate for future loans.

How can an auto loan improve your credit score?

Many people think that taking out a loan is a financial risk. After all, how could borrowing money be a good thing?

When you take out a car loan, you not only have to pay back the loan amount (called the principal amount), but you also need to pay the interest that accumulates. Interest rates can vary depending on the buyer’s individual credit rating and general economic conditions (the lower the interest rate, the better). Being able to keep up with loan payments demonstrates financial stability and responsibility to lending institutions.

Buyers who take out auto loans (even bad credit auto loans who are successfully making payments every month are building a good credit history. Having a good credit history indicates to lenders that you are financially stable and can responsibly repay loans on time.

Think of your plans for the future. Do you want to buy a house? Are you thinking of starting your own business? Do you want to go back to school? By taking out a car loan, even with poor credit, you can improve your credit rating, which will help you qualify for larger loans with smaller interest rates down the road. What more do you need?

Why Choose Leggat Finance Centre?

At Leggat Finance Centre, it doesn’t matter if you have had bad credit or poor credit car loans in the past. For years, we have been providing fair and affordable car loans to our customers with good AND bad car credit in Toronto. We have even helped individuals who have NO credit history! Our goal is to be able to offer loan approval for 100% of our customers. In fact, we aim to secure car loans for our customers before they even begin to shop for a vehicle. Leggat Finance Centre has provided tons of car loans Mississauga, Toronto, Hamilton, Oakville, Ancaster and the rest of the GTA.