How much to budget for your car based on your income?
The budget you should allocate to a car should first be based on one simple number: your monthly net income. From that amount, two financial rules help estimate what car budget is realistic and fits your situation without compromising your other obligations. Summary Summary What is a reasonable budget for a car based on your […]
What is the difference between Equifax and TransUnion?
The TransUnion or Equifax question comes up as soon as you check your file for the first time, often because the two numbers do not match. The difference between Equifax and TransUnion comes down to this: they are two private companies that each calculate your credit score using their own method, based on data that […]
What are my options for buying a car when the bank says no?
Buying a car when the bank says no is not a dead end, even if your first reaction is to give up. An auto financing refusal closes the door to a traditional institution, but several others remain open, starting with specialized lenders who look at where you are today rather than only at your past. […]
What is my car worth?
A car's value depends on several concrete factors: the year, mileage, overall condition, maintenance history, and demand for the model. It also varies by objective, whether it is a private sale, a trade-in at a dealership, or a simple update to your records. Summary Summary How do I know what my car is worth? Which […]
What minimum income do you need to finance a car?
The minimum income for an auto loan varies by lender, but a figure often cited by traditional institutions is about $24,000 per year, which equals a net income of about $1,800 per month. This threshold is only a starting point, since the income needed to buy a car mainly depends on the monthly payment you […]
10 mistakes that lead to auto financing refusal
These ten mistakes come up most often in files refused by banks and dealerships. Spotting them allows you to correct course before you submit a new application. Summary Summary 10 mistakes that get an auto financing application refused How to get your auto financing approved? Can you get auto financing even with bad credit? What […]
Everything you need to know about 2nd and 3rd chance credit
Second chance car loans and third chance credit are financing options for people in a more complex financial situation, such as bankruptcy or a low credit score. 2nd chance usually comes with a higher interest rate and is mainly for borrowers with a weak credit file or unstable finances. Summary Summary What are 2nd and […]
Everything you need to know about 1st chance credit
First chance credit is a loan with a preferential rate that is available from most lenders, including banks, financial institutions, and financing specialists. This loan is mainly intended for people with a good credit history who are considered low risk for the lender. It is ideal for establishing a stable payment record. Summary Summary What […]
Differences between 1st, 2nd and 3rd chance credit
The differences between 1st, 2nd and 3rd chance credit mainly involve the typical buyer profile and the loan conditions. 1st chance credit requires a strong credit file and offers favourable rates. 2nd chance credit is designed for newer or more complex credit files and comes with higher rates. Summary In summary What is 1st chance […]
How to rebuild your credit by financing a car?
It is possible to rebuild your credit with an auto loan. To do so, it is important to obtain a financing solution tailored to your needs and to make regular, full payments. Improving your credit score can take anywhere from a few months to a few years, depending on your starting point. Car loans are […]