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Bad Credit and Good Credit: What They MeanPosted On October 26, 2017
You hear about it all the time: Bad Credit is, well, let’s be just direct and honest here: BAD. We won’t bother to go over what Good Credit tends to mean because, well it’s also quite clear in context. The question we hear all the time in our Finance Department is how to differentiate the impact that each can have on opportunities for financing.
With statistics released in 2016 that show the average Canadian debt load is climbing steadily – up to an absolutely mind-warping 1.7 trillion – yes trillion – dollars, well, the percentage of people who have or have had bad credit at one point in their financial life is incredibly high, too. This is a fact that we appreciate here at Summerside Toyota when people come to us with a hesitation to mention their credit histories. We are a caring dealership that understands that life is all about changes along the way and that there are solutions and processes that can be explored to ensure that ensure you find what you’re after.
Do you have Bad Credit?
Our commitment to finding you directions and opportunities that will align you with a more successful future is stronger than ever. With avenues and practical advice to guide you from a position of bad credit forward to a more comfortable credit situation. The truth of the matter is that when you have bad credit one of the best ways to improve it is to, when you can, take on financing options that you are confident you can pay back – and do so on time. This encourages credit lenders by showing them you are more responsible now than you were when your credit situation as more tumultuous.
The big takeaway here is that you should never rely on credit for purchases that you cannot repay in a timely matter. By going over the timelines and expectations from the credit companies or lenders you have worked with you are relaying a message that implies you are less reliable. Less trustworthy. Whether this is true or not, it doesn’t matter as much as the impression it conveys. But with so many people finding themselves in credit situations that are not ideal it’s just as practical to know that you are not doomed to a life in bad credit. You can take control of your circumstances. You can step up and find steps to improve your credit. Let the team at Summerside Toyota provide you with the care and the context that personalizes the process to your