How to Get Approved for Vehicle Financing Without Hurting Your Credit Score
For most Canadians, having a car is a necessity. We need vehicles to get to our workplaces, pick up our kids from school, head into the mountains for some weekend hiking, and get our groceries - to name just a few car-reliant tasks. But we all know that new vehicles aren’t necessarily cheap, and most folks need to apply for a car loan before they can hit the road in a new set of wheels.
The vehicle financing process can feel daunting, and it’s easy to understand why: hours spent at the bank, extra fees and expenses you weren’t expecting, and hits to your credit score during the approval process are all things that nobody wants to deal with.
That’s why we do things differently here at BC Drive. We imagined a car-buying experience that could be transparent, simple, and convenient - and then we turned it into a reality. We’ve helped thousands of customers from across the Greater Vancouver Area get approved for affordable car loans, without ever compromising their credit scores like some of our competitors. Here’s how we do it!
1. No Multiple Hard Credit Checks
One of the key differences between BC Drive and our competitors is that we’ll only ever run one soft credit check during the car loan approval process. Why is this important? Many companies run multiple hard credit checks, often without your approval, causing damage to your credit score. Sometimes, people don’t even realize their credit has been affected until they try to apply for another small loan and are turned down. Your dedicated finance professional will always contact you before we run your soft credit check, maintaining trust and transparency every step of the way.
Not quite sure how your credit score will affect the vehicle financing process? Take a look at our recent blog post about the types of cars, interest rates, and financing packages available for various types of credit. Remember - no matter how good or poor your credit, getting you approved is our specialty!
2. We Offer Two Ways to Shop for a Vehicle
BC Drive provides you with two ways to shop for a car: credit-first or vehicle-first. When you shop credit-first, we’ll determine your credit rating before presenting you with vehicles that will fit within your budget. Many folks find this helpful because it lowers the risk of falling in love with a car you can’t afford, or signing paperwork only to have the monthly payments get out of control.
When you shop vehicle-first, your dedicated finance professional will help you find a car that fits your needs and lifestyle, and then get to work securing the best financing package possible. This is a great option for drivers who have more flexibility with their budget, or who need something specific out of their vehicle, such as 3 rows of seating, towing capabilities, or a pickup truck for work.
3. BC Drive Offers Limitless Possibilities
Have you ever gone to a dealership hoping to buy a car, but walked away disappointed by the inventory on the lot? Or sat down with a sales rep only to learn that the dealership offers just one blanket interest rate that pushes your payments outside your monthly budget?
That won’t happen with BC Drive. We have over 100 dealer partners from all across the country, giving us access to thousands of vehicles to choose from. Any make, any model, any year, any price - we might even be able to find an exact colour you’re looking for!
Not only is our inventory unbeatable, but we also offer the most competitive interest rates in the industry. We work with a wide range of lenders, including local dealers who offer special finance programs, which gives us the flexibility needed to bargain on your behalf for the best financing solutions available. It’s also how we secure car loans for folks with less than ideal credit scores.
Don’t get turned down for the car loan you need. BC Drive can get you approved!
Get Approved and Protect Your Credit With BC Drive
When you work with Tania and our team of finance professionals here at BC Drive, you can count on finding a car you love, a finance plan you can afford, and doing it all without compromising your credit score. Let us show you the BC Drive difference - contact the team to get started on your application process and find your dream car today!