Montréal Auto Financement
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Credit Impact and Banking

Understanding your relationship with Canadian credit bureaus.

How does a car loan affect my credit score?
A car loan is considered an installment credit, which is one of the most effective ways to build or repair your file. By making consistent, on-time payments over 12 to 36 months, you provide concrete proof of your creditworthiness to Equifax and TransUnion.
What happens if I miss a car payment?
Late payments are generally reported to bureaus once they exceed 30 days. This negative entry (often coded as R2 or I2) can lead to a noticeable score drop and remain on your file for up to 6 years, which highlights the importance of contacting your lender immediately if financial challenges arise.
Does applying for multiple car loans hurt my credit?
Yes, shopping around at multiple dealerships can trigger several "hard hits" on your credit report, which negatively impacts your score. Using a specialized broker allows for a single, targeted inquiry that is then shared with multiple lending partners, protecting your credit standing.
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