Credit Tips

Ontario Car Loan Tips - Improving Your Credit

Making the right decision means being informed.

Being informed about credit is important, especially when shopping for a vehicle. Some important things to consider are: 

Considering these and other factors can help point you in the right direction when deciding on your next bad credit car loan. Lenders will look at all of the above information, and create a risk assessment for you, so they can decide how much money they are willing to lend you for your used car.


If you are in the market for a used vehicle, you should start by considering what you want to buy and what you can afford to buy. Vehicles come in all shapes and sizes, with various features. Creating a budget helps you narrow down your options and will keep you from overspending. Mark Wilson’s Better Used Cars stocks an assortment of over 595 vehicles of all makes and models, making it easier for you to find the right vehicle for you. We also have expert staff who can help guide you if you are unsure and would like to explore your options. 

​Down Payment

Having a down payment for a car loan if you are in the process of rebuilding your credit isn’t always necessary, but it will help to lower your payments. To see if you qualify with or without a down payment, you can get pre-approved by clicking here and filling out our quick and easy financing application 


At Mark Wilson’s, we happily accept trade-ins. Trading in your car ensures a 100% smooth transaction – you drop off your old car the same day you pick up your new one! If you owe more on your current vehicle than what it is worth, we can roll over the negative equity into a new loan so that you have one payment. Some conditions apply. Find out how much your trade-in is worth! 

Steady Income

Most lenders require you to be past probation at your job, which is usually 3 months, to qualify for financing. You must be able to prove your income by means of pay stubs and/ or a job letter. If you are self-employed, bank statements and tax forms will suffice. The lenders will assess your current financial obligations in relation to your income to decide what monthly car payment you can reasonably afford.   

Credit History

Do you have some bumps and bruises in your credit? Have you filed for bankruptcy or a proposal? Do you have items in collections? We deal with many lending partners to secure the best approval possible. Our Approval Center Representatives have an in-depth knowledge of the lenders we work with and will determine where best to send your application.  

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