The credit world has tanked itself up with jargons and plenty of concepts that make it difficult for an outsider to grasp. This is why many of the customers who approach Insta Auto Loan have many misconceptions.
On that line, we’ve decided to compile a post on dispelling some of these misconceptions when it comes to the credit world. This information will just help you make a better decision in taking loans.
No one else has bad credit
If you have bad credit, it’s important to point out that you are not the only one in Canada who has it. For any person to not carry debt – it’s next to impossible. Canadians carry debt right from the time they take an educational loan. Even after graduating, most students find it difficult to pay off their debts and it usually carries on for years. The average Canadian household carries $20,759 excluding of mortgage debt.
There is a huge population that has debt and bad credit in Canada.
Bad Credit= To Financially Irresponsible
The assumption, of many, is that those who have bad credit are financially irresponsible. This is absolutely not true. It discounts for the personal, health and family problems a person may face. You may be going through a tough divorce procedure that drains you mentally, or may be facing a difficult medical problem that requires money.
Unfortunately, credit score does not take such problems into considerations. This does not means a person with a bad credit score is financial irresponsible.
You can’t improve your Credit
There is always the danger that once you’re locked in a debt sink hole, you won’t get out. This is not true. With a bit of effort and financial planning, you can pull yourself out of debt and improve your credit score.
- The most important bit is to make your monthly debt payments without fail.
- To do this, you will need to make a budget. A budget allows you to allocate sufficient funds to each of your expenses, including debt.
Never think that you are stuck with debt and bad credit. Motive yourself enough to improve your situation.
You can’t get an auto loan with bad credit
Bad credit score makes it difficult to get an auto loan, but it’s not impossible. It all depends on who you approach to get an auto loan. Most financial institutions will deny you an auto loan because you have bad credit. However, Insta Auto Loan grants loans to those who have bad credit, are first time borrowers or even are bankrupt.
Bad credit does not mean you won’t get an auto loan. If you’ve been getting rejected, then you have just been approaching the wrong lender agencies.
There are misconceptions in every walk of life. Don’t let misconception in the credit world hold you back. If you need a car loan, then just get it from Insta Auto Loan. It’s the easiest and simplest route.
