Return to Prime

We all understand how unpredictable life can be and that sometimes unforeseen circumstances can leave us with not-so-great credit. We at Oakville Toyota want to help you get into a vehicle that will suit your needs AND help you re-establish your credit!

Return to Prime is a brand-new program that we offer to help you build up your credit score, all while rewarding you for your repayment efforts! Subprime car loan interest rates can range from 8.99% all the way up to almost 30% in some cases, and with a typical loan, the interest rate for the duration of the repayment period would remain the same. But that doesn’t seem fair if you are making all of your payments on time, does it? We don’t think so either!

That’s why when you borrow with us and our Return to Prime program, we will reduce your loan’s interest rate year over year when you make all of your payments on time. This keeps more of your hard-earned money in your pocket all while re-establishing your credit score.

Return to Prime has two major benefits:

  • You’re able to build up your credit score for the future, making it easier and less expensive to borrow.
  • We can reduce the interest rate on your vehicle loan year over year.

Find out if you qualify for the program!

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Credit Score

Do I Have Bad Credit? How Do I Know?

The easiest way to figure out if you have good credit is by checking your credit report and credit score from Equifax, Fico, or TransUnion. These are the three major credit rating agencies, and they’re each required to provide you with one free credit report per year. Each of these agencies uses your compiled credit report to develop an overall credit score. You can tell if you have bad credit based on the score you’re given—bad credit scores can range anywhere from 300-600. Outside of our program, it can be tough to get a loan with bad credit.

How Does Your Credit Go Bad?

There are a number of factors that go into creating a bad credit score, which can then prevent you from getting the loan you need, but number one on the list is not paying your bills on time. If you have a credit card, a mortgage, an auto loan, or even an apartment rental that you haven’t paid on time every month, it will eventually go to a collections agency. This information is gathered in your credit report and can impact your ability to take out a car loan. Another factor that can have a big impact on your credit score is the ratio of debt you owe to the amount of money you make.

Credit Score

How Can You Improve Your Credit?

Getting bad credit loans can be incredibly frustrating, and bad credit in general can feel like a difficult hole to dig yourself out of. However, there are ways you can actively work to help improve your situation:

Bills and Credit Cards1. Make a Budget – Take an honest look at your monthly income and expenses, and then develop a balanced budget, so you’re not spending more money than you bring in each month.

Debt Free Sign

2. Pay Off Your Debts – One of the biggest considerations that goes into the creation of your credit score is the total amount of debt you have in your name. If you debt ratio is too high based on your income, then lenders will be less likely to give you another loan.

Application

3. Take Out a New Loan – Once you’ve stabilized your financial situation, it’s time to show lenders that you’re on a new financial track by taking out a new loan and paying it off on time. For example, you can get a bad credit car loan with Return to Prime, and as long as you make your loan payments on time every month, you’ll actively be rebuilding your credit history and improving your credit score.