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A Car Loan is one of the Very Best ways to Restore Credit or Build Credit in Canada!

After a home purchase, a car loan is usually the second largest debt that a person takes on in life. If you have bad credit and get an auto loan, then with each payment you make the credit agencies are notified you are on time and have made payment. With each payment you increase your Beacon score or credit score. The higher your beacon score, the better your credit is. This usually translates into lower interest rates with all kinds of credit becoming available to you.

We only deal with credible banks, lenders and leasing companies that report to the consumer credit agencies such as Equifax and Trans Union.

Other ways to help Restore Credit in Canada (or rebuild) a Good Credit History

Creating a good credit history for the first time, or rebuilding after a credit challenge can be accomplished by some or all of the following steps:

  • Pay down your largest credit card balances so that there is a large difference between your balance and the card limit

  • Don't close credit card accounts you don't use. The open credit limits on those cards help your credit score.

  • Open a few new credit card accounts, but not all at the same time. Use them occasionally, pay off the balance each month.

  • Open a department store and a gas card account. Use them but keep balances at zero or very low.

  • For people with seriously damaged credit, get a secured credit card. This is where you pay them $1,000 and they give you a credit card with a $500 limit.

  • Get a small personal loan from a local bank or credit union. Interest rates may be high but if you pay it off relatively quickly, total finance charges will not be significant.

  • Pay all bills on time. Don't be late and don't miss payments. A single late payment can be very damaging.

  • Repair credit report errors and mistakes

Our credit restoring program will approve you for an auto loan and help you get a vehicle. After you have made 10 - 12 months payments towards your car loan, you will have completed the first step to increasing your credit score and improving your credit.

At this time we encourage you to re-apply for an auto loan and we can usually get you approved at a very low interest rate so you can enjoy the rewards for your efforts of making all your payments on time. 


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