FAQ Regarding Credit

Is it bad to have my credit checked?
– There are two types of credit checks. Soft and Hard inquiries. Soft checks are when you check your own credit or order your own credit report from Equifax or TransUnion. Hard checks are what are done by lenders and financial institutions. Without Hard checks it is difficult or near impossible to obtain credit. A hard check will drop your credit score by roughly 3-5 points so doing one or two will not hurt you. The problem some folks run into is when a Dealer “Shotguns” their application to 10 lenders at the same time and this can have a significantly negative impact on your credit score. At Dynamic Motors we never do this as it is counter productive and Is mostly done by inexperienced Finance Managers.

If I currently have poor credit, will I always have poor credit?
– The quick answer is NO. Credit is like an elastic band. If you have a blip or two the elastic band can stretch. However, if you take steps to rebuild your credit in a short time the elastic band will stretch back to its original position. Credit is fluid. Your actions today (Good or Bad) will impact your score tomorrow and hope is never lost on rebuilding your credit.

How do I rebuild my credit?
– Credit can only be rebuilt by obtaining credit. It is the old Chicken and Egg story. If you are facing a 29% car loan we strongly discourage you from going out and buying your dream car at that kind of Interest rate. The best way to do it is to buy an affordable car at an affordable payment and than after re-establishing yourself it isn’t unheard of to take that 29% down to 12% after 24 months of perfect re-payment. We want to help you rebuild. The last thing we want to advocate is for you to go into a $700 car payment at 29% interest on a $25,000 car. This simply does not make sense.

How do I get a car loan if my credit is poor?
Dynamic Motors is here to help you get back on the road while rebuilding your credit. It has never been easier for people with bruised credit to obtain car financing. There is however the right way and the wrong way to do it. We advocate smaller payments on affordably priced cars until your credit is re-established. It makes no sense to pay $700 per month at 29% interest. If you keep up with your payments for 24 months obtaining the next car loan will be a piece of cake and come with much more favourable terms. We will help you set up a plan that ensures you will succeed and help you put your poor credit in the rear-view mirror.