Trying to get a Car Loan in Canada with no credit or bad credit can be a tiresome task. Many people go to car dealerships thinking the finance managers can get them approved for a car loan regardless of their credit history?

The truth is many if not most car dealer finance managers have little to no experience in consumer credit. Many Finance Managers or Business managers are ex car salesman or have taken a Business Managers course for a few weeks and then learn by trial and error.  

Most times they just submit your credit information to all financial institutions and hope for some form of credit approval. Many times they don’t even analyze your credit profile prior to submitting your information to the financial institution.

Then when all the financial institutions have declined your credit application they inform you that they were unable to obtain a car loan for you?

 

This also applies to many car dealers or so called financial brokers who advertise No Credit, No Problem Car loans. Once again you’re dealing with someone who has limited experience in consumer credit and once again they will submit your information to the credit lenders they think will possibly approve your application and hope for the best!

 

What they don’t tell you is when they submit your information to all the financial institutions each institution does an individual credit enquiry on your credit bureau!

   

 

 

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