After getting approved for a car loan, a lot of people ask, “Is it better to buy a foreign car or domestic?  Our answer is always, “Whatever car makes you happy.” Although you can have any car you want, after getting approved for your auto loan, lenders do tend to provide more favourable car loan terms and interest rates to those individuals who choose a newer, domestic vehicle with with low kilometers and therefore still under the original manufacturers warranty.  The reason for this is simple, if you choose an older vehicle with higher kilometers the chances of it breaking down are greater, creating repair costs that may be a tremendous burden.  Something to think about…

Getting a car loan is the best possible way to get your credit back in good standing but it is definitely not the only way.  The following is a comprehensive guide to rebuild your credit in as little as 10 months.

Step #1:  Get approved for an affordable auto loan at CA Lending® and make 20 bi-weekly payments towards your car loan.

Step #2:  After 6 bi-weekly payments have been made, apply for a VISA® or MasterCard® from either TD®, RBC®, Scotiabank®, BMO®, or CIBC®.

Step #3:  Use your new VISA® or MasterCard® for basic purchases like gas or groceries.  Make sure that your monthly purchases do not exceed 75% of       your credit limit.  For example, if your credit limit is $1000, your monthly purchases should not exceed $750.

Step #4:  Self control.  It’s easy to want to splurge a little with your new credit card but remember, that what got us in trouble in the first place.

If you follow these four basic steps then you will be on the road to getting your credit back on track in no time.  Apply Today and get Approved!