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Learn more about auto finance, bad credit car loans, credit tips & tricks, DIY and the latest in automotive news.

  • How Do You Rebuild Your Credit?

    Every day, our team speaks to people from across Ontario who are looking for help rebuilding their credit. There are many reasons why people get into situations where they have bad credit. Sometim...

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  • Can You Get a Loan With a Credit Score of 580...

      If you have a 580 credit score you may be wondering if it’s possible to get a loan. Learn whether you can get a loan with a credit score of 580 and how to do it. IN THIS POST, WE COVER: C...

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  • What is Considered Bad Credit?

    What is Considered Bad Credit? Whether it’s a credit card, a car loan or a mortgage, credit is a part of life for most adults. You probably know that credit is important, but you’re not alone ...

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  • Top Budgeting Apps for Canadians in 2019...

    In this day and age, we’re used to lightning speed technology and getting answers with a swipe of our smartphones. With so many resources at our fingertips, people are moving away from tradition...

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  • What Is the Minimum Income for a Car Loan?...

    What Is the Minimum Income for a Car Loan? May 16, 2019 When you have bad credit, your income plays a major role in whether or not you qualify for a car loan. A steady income that meets the minimu...

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FAQ

Can I get a car loan if I’m filing bankruptcy?

Absolutely! Legacy Auto Credit will provide you with a vehicle the day you sign with the trustee.  We recommend that you apply for Legacy Auto Credit In-House financing before filing bankruptcy. Approval is based on affordability not your current credit situation.

How do I rebuild my credit?

Step one: Obtain a copy of your personal credit report and insure accuracy. Step two: Work with your creditors to improve ratings where possible. Step three: Put together a game plan to deal with your outstanding accounts Step four: Improve your credit score with a new auto loan. Step five: Pay all accounts on time and as agreed. Step six: Protect your credit; it’s your lifeline!  

How do I see my credit report?

There are two major credit bureaus in Canada where you can view your personal credit report:  You can get your FREE credit report at these links, transunion and equifax .We recommend you go to their websites to learn more about credit and how credit reports work. The FREE credit report doesn't come with a score.  If you want your score and report quickly you will have to pay for it online. Contact us if you have any questions.

What are the benefits of getting pre-approved?

By filling out an application for pre-approval, you can go into the dealership with peace-of-mind knowing exactly what you qualify for. No point in trying to purchase a full size SUV when you can only qualify for a mid-size. If you are uncertain about your current credit situation, it is especially beneficial to go through the pre-approval process. You can save a lot of time and potential embarrassment by knowing up front if there might be any reason that you may not qualify for prime finance programs.

Will my interest rate be high if I have bad credit?

Hasn’t it happened to all of us that we have had a car accident or some speeding tickets and our insurance premiums have gone through the roof? Well just as your insurance company bases your premiums on risk, car loan lenders work the same way. If you have had some credit hiccups along the way, lenders will increase your rates based on the associated risk. The good news is that at Legacy Auto Credit we realize that bad things happen to good people. We look at your affordability and not so much your current credit issues. Our Bankruptcy and Consumer Proposal rates range between 9.9%-16.9% with the average being 12.9%. Our goal is to get you back to low rates. We show you how to re-establish your credit and report your payments to Equifax.

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