Get The Upper Hand – Know Your Credit
The majority of Canadians don’t know their credit score and the impact it has on their vehicle purchasing leverage. The worst part is that dealerships know this and take advantage of it – like a pack of ravenous wolves about to feast on their helpless prey. That’s because dealerships make an insane amount of money by raising they’re unsuspecting customers interest rate.
What happens is, the bank issues an interest rate based off of each person’s individual credit score. However, if the dealership has the customer convinced that they only qualify for a higher interest rate, the bank will give the dealership a kick back (reserve) – a thank you from the bank to the dealer for taking more money out of your pocket.
Let’s think about this for a minute. Hypothetically, Rudy walks into a dealership and is buying a $20,000 car. The bank issues Rudy a 5.9% rate on $20,000 over an 84 month period, the total interest paid throughout the term of the loan would be $4,685. Now let’s say the dealership increases Rudy’s rate to 7.49% (even though Rudy qualifies for the 5.9%) on the exact same vehicle with the same term, Rudy’s total interest paid would be $6,048. It’s easy to see how this adds up in favor of the bank and dealership – never the customer.
There are a few places out there that claim they will assist you in finding out your credit score and how it effects you. However, what they fail to mention is that they do not go into enough detail to allow the customer to make any informed decision about their next purchase. That’s why, at Creditline ONE, not only do we go over your credit from start to finish, focusing on all of the points that will benefit you as a consumer, but we also look to the future and give you tips and advice on how to build/strengthen your credit or maintain it – tailor made for each individual. The best part is, at Creditline ONE, your assessments are absolutely FREE and you are never, under any circumstances, pressured or obligated to do business with us.
So don’t be a Rudy, let Creditline ONE help you get the upper hand by providing you a true credit assessment before you purchase your vehicle.