Small Business Owners Don’t Get Enough Credit
There are more than 1 million small businesses in Canada and collectively, they truly make Canada’s economy move. But when it comes time for an auto loan, many entrepreneurs have difficulty getting approved. Let us help you get into the driver's seat.
Meadow Lake has an active Chamber of Commerce and an ever growing business community. It’s something we’re happy to see and if possible, we’d like to help more small business and those who are self employed prosper.
No Smoke. No Mirrors. That's PineRidge Ford. We’re honest, trustworthy and understand that it can take a while for a small business to grow. The first few years an entrepreneur or small business operates are the hardest financially. Paying all the bills can be a challenge when you’re first starting out and that can affect your credit rating.
The thing is, pretty much every business needs at least one vehicle, if not more. The finance team here at PineRidge Ford is eager to work with you to rebuild your credit and secure you an auto loan.
If you’re self employed and looking to secure a car loan, there are some steps you can take ahead of time that will help us when working with banks and other financial institutions. Once we know your current credit score, we can begin building a plan to get you back on your financial feet and get you an auto loan.
Websites like Borrowell provide free credit score reports online, while Equifax and TransUnion will give you all the information you need about your credit score for a small fee.
Every self-employed individual is different. Getting an auto loan can be difficult if you have recently gone through bankruptcy or a similar situation. You can take some basic steps ahead of time to start rebuilding your credit.
One option is obtaining a secured credit card. By putting down a small amount of money ($500), a secured credit card works like any other charge card, but instead of borrowing against a credit card company, you’re borrowing against the money you put down. With a relatively small credit limit on your card, making consistent payments is easy and helps build your credit rating.
While a bankruptcy will affect you credit rating for at least seven years, you can begin rebuilding your credit rating now and within months it’s possible to see an improvement. Contact our finance team for more details.
No Smoke. No Mirrors. PineRidge Ford is an honest, trustworthy dealership with a caring staff. We’re not going to lie to you just to bring you into the dealership. The fact is, if you’re dealing with bruised credit, bad credit, or no credit, you’re not going to get a brand new vehicle.
Depending on your financial situation, the chances are the vehicle you will qualify for will be a few years old and likely no more than $10,000. You’re still going to drive a quality, safe and even stylish vehicle that suits your business needs, it just won’t be the newest model.
Are you an entrepreneur or small business and need some free advice?
That’s what we’re here for. Contact our Finance Team today.