at 6225A St. Jacques West, Montreal, H4B 1T8 Canada
At Presto Auto Credit we offer certified pre-owned vehicles with Guaranteed financing.
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GOOD CREDIT? BAD CREDIT? NO CREDIT? DIVORCE? REPO? BANKRUPTCY? RETIRED? We understand that bad things happen to good people all the time. Things happen in life. We make mistakes, errors in judgement or sometimes life just throws us a curveball. People are constantly being turned down for an auto loan due to past credit issues. Well your credit history is just that, history! Our licensed credit specialists work hand in hand with all the major banks and other lending institutions who understand the credit crunch you may have been in. With the help of our Credit Re-establishment Program we can put your credit in your hands and help put you back on track to rebuilding your credit. This is what we do! We not only understand your past or present situation but are also eager to get you approved and will go the extra mile for you. We will look at your credit history first and together decide on the right course of action to take to get you approved and driving in a vehicle that suits your needs right away!
Understanding Credit: A Quick Review To help understand how credit scores work, let us go over some points from an Equifax Credit Specialist. -Equifax has a database of about 24 million Canadians. The company tracks how this population pays back all kinds of debt, including credit cards, lines of credit, bank loans, car loans and mortgages. -The company does statistical analysis on a representative sample of the population over time to understand the probability of someone not paying a loan back or making late payments and then translates that probability into a score. -A score represents a moment in time and can change based on your behaviour. -Missed or late payments or lots of “maxed out” credit accounts will lower your score. -The best way to increase your score is to pay back debts on time and consistently. Which means, of course, you need to first have some debt to repay. -Scores typically range from 400 to 900, and good scores are typically 600 and higher; anything over 750 is considered excellent. “Whether it’s 750 or 850 doesn’t really make a difference,” we are explained. For an institution like a bank or credit union looking at your credit, anything over 700 is “a no-brainer.” Because the makeup of your credit files is a bit different, your scores will also be a bit different. Should a consumer get a credit card – and use it smartly – in order to establish a good credit history? “We live in a country where you can’t do much without having credit, and if you’re being responsible about it and not overextending yourself, then it’s always a good thing to have." Credit scores are only one of several tools that credit agencies use to determine your credit-worthiness. “Your score is a check on your character. “In this day and age, when we often can’t meet face-to-face, how do you determine someone’s character? We do it through looking at their past history and see how they’ve paid back debt.” Is it possible someone's score could be higher because they have had more debt to pay back? The truth is you need at least an open and active credit file to establish a credit rating and after that, “it’s the more the merrier, as long as you’re being responsible and not overextending yourself.”