You Asked. We Answered.
HOW IS MURRAY FINANCIAL A PART OF THE MURRAY AUTO GROUP?
Murray Financial is a sub-division of the Murray Auto Group, which allows us access to a wide range of inventory and support from the Murray Dodge Yarmouth and Murray GM Yarmouth & Barrington Financial Services Team. Murray Financial is supported by the Murray Auto Group to ensure the best service, support and expert credit advice for our clients.
WHAT IS A CREDIT SCORE?
A credit score is an overall review and judgement of your financial health at a specific point in time. It indicates your credit health at that time and the level of risk that you represent to lenders. Credit scores can range from a score of 300 to 900, with a higher score signifying a higher level of credit health. Therefore, the higher the score, the less chance of risk that you represent to lenders. Your credit score can be found on a credit report. The credit report is a snapshot of your credit history. This report includes companies that have lent money to you in the past. This could include banks, credit card companies, credit unions, retailers, cell phone carriers and more. The most common credit report companies in Canada are Equifax and TransUnion. Individuals can obtain their credit report from these companies to review their credit score and overall credit health.
WHAT DO I NEED TO PROVIDE TO GET APPROVED?
To qualify for auto loans financing, you will need to provide the following:
Full-time employment (minimum 1 month)
Permanent resident of Canada
Canadian citizenship or legal residence
Able to obtain auto insurance
Valid driver’s license or learner's license
WHAT INTEREST RATE WILL I GET?
While everyone’s interest rate is depending on their personal credit, the easiest explanation is that Murray Financial will help secure your financing at the best interest and finance rate possible. In many cases, this will be better than conventional rates and will help rebuild your credit as you secure an auto loan. Everyone’s case is different and your finance rate will depend on your individual situation.
WHAT IF I’VE BEEN TURNED DOWN BY MY PERSONAL BANK?
We have several steps to help you if you have been turned down by your personal bank for a loan. Do not re-apply for a loan. Each time that an individual applies for credit, the lender will pull your credit file. After being turned down or denied a loan request, it is best to not re-apply to avoid multiple credit files being pulled in a short time span. What next? While every individual’s situation is different, we recommend contacting your Murray Financial team to speak with our financial advisers. We can assist with your unique situation and advise you on the best course of action.
WILL I NEED TO PUT MONEY DOWN TO QUALIFY?
In most cases, money down or a down payment is not required. However, it does depend on your financial situation and your approval from our lenders. Our team will review your credit history and determine what’s best for you and your financial health.
CAN I SELECT THE VEHICLE I WANT?
The simple answer is, yes. At Murray Financial, we work with your credit history and your approval from our lenders. However, our main focus is to help you rebuild your credit. This may result in our step-stone process. Our first step is securing financing on a reliable, budget friendly vehicle. After 12 to 18 months of regular payments, the next step is to get you approved at a much lower interest rate. This gives you significantly more buying power in selecting from a wider range of vehicles. Our step-stone process has worked for a majority of our clients, who have been able to rebuild their credit and drive the vehicle they want.