How To Build Or Restore Your Credit: Frequently Asked Questions


I have heard other credit restoration and auto load companies may farm out credit applications to numerous dealerships simultaneously. Does Surrey Mitsubishi do that?

No, absolutely not, never. When we work with you and your credit application, we are the only parties involved. It can be very dangerous to farm out your personal credit application to multiple dealerships (who then all run credit checks.) This makes no sense at all as it can damage the credit you are trying to build. We consider this practice predatory and incredibly unfair.

Is a secure credit card enough to help with my credit?

A credit card is a convenient payment method to have and it will slowly help you build back your credit; however, a credit card alone will not help you prove you are able to pay back larger amounts such as auto loans.

Does financing a new vehicle really help me establish or re-establish my credit?

Absolutely! We've been doing this long enough to see results. A car loan or lease through Surrey Mitsubishi will be placed with a recognized lender who will report your payments to the Credit Bureau. It is simply, the best way that we have found to improve your credit. Plus, you get the added bonus of driving a reliable vehicle.

How are leasing and financing different?

When you enter into a finance contract, you are loaned money from a lender to buy the vehicle. When you enter into a lease contract, the lender purchase the vehicle and allows you to use it for a specific term at an agreed upon monthly payment. The difference becomes more apparent in financial calculations, especially in terms of tax payments. In the end financing gives the entitlement of the vehicle to the owner, with a lease, you generally have to pay a residual value at the end of the term to claim ownership. 

Does it make more sense to use my line of credit to purchase a car?

Everyone's financial situation is different, but using a line of credit requires a great deal of discipline to be more cost effective. It is usually harder to get approved for an unsecured line of credit and using this credit for a vehicle purchase can limit one's ability to use if for emergency purposes or investment opportunities. Client's often only pay interest or make the minimum payment on a line of credit which can lead to accumulation more debt over time. Financing loans have a fixed payment that consistently pays down principle and can usually be paid off at any time without penalties, fees, or accumulating additional interest charges.

Does Surrey Mitsubishi offer 0% financing?

Yes, Surrey Mitsubishi has finance rates as low as 0% for 84 months. We have a dedicated finance team to work with the most challenged credit situations. Having been specializing in this for over 7 years, we have relationships with lenders built to ensure we get you the best approval rate. No credit is too challenged. If you are new to the country, bankrupt, previous repossessions, student, etc. We can help YOU!
APPLY NOW and let Surrey Mitsubishi get you APPROVED!