Maxx Auto
Canada's Best Used Cars!
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Latest posts
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Credit Basics 101 – Equifax and TransUnion
EquifaxEquifax is the dominant reporting agency in the western region of Canada and most banks rely on Equifax in making their credit decision. Equifax reports all the credit that you have and how it is paid on a monthly basis. These are called trade lines. Equifax will show…
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Credit Basics 101 – Types Of Credit
Types Of Credit It is important to understand the different types of credit, how they report, and how they impact credit score. There are four major types of credit: installment credit, revolving credit, mortgage credit, and other credit. They are denoted on credit files with an…
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Credit Basics 101 – In-House Financing
In-house financing refers to when you purchase a vehicle and the dealer lends you the money for it. Essentially, the dealer becomes the lender. Although this may be handy in some instances as the dealer will have a vested interest in advancing you the loan, there are a few…
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Credit Basics 101 – Secured or Unsecured?
There are two ways to obtain credit. When you apply for a home and are approved, the lender secures the loan with the property you have purchased. This means should you default, the lender has the right to take away property and sell it to recover as much proceeds as possible up…
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Credit Basics 101 – Auto Lenders in Canada
There are two main types of auto lenders in Canada, prime and sub-prime lenders. Although they fall under only two umbrellas, they all have different types of customer profiles that they prefer to approve. Prime lenders are geared towards credit worthiness and work on a sliding…
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Credit Basics 101 – Bankruptcy and Consumer Proposal
There are many misconceptions about bankruptcy and consumer proposal. Many people believe that one form of this insolvency will impact their credit less severly than the other. Part of the reason is due to the fact the agencies providing these services are for profit agencies.…
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Credit Basics 101 – Rebuilding Credit
When lenders adjudicate credit, they are looking to answer the question of if they will be repaid on the funds advanced. When they see that someone is struggling with their current obligations it causes concern. The first step is to catch up on current financial obligations or…
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Credit Basics 101 – Your Credit Score
Credit is a difficult thing to understand. Most people have the basic concept that they either have good credit or bad credit. What most people don’t know is what makes their credit good or bad. To the banks, credit is a measure of the probability of a loan defaulting should it…