Free credit information seminar shares what you need to know

Credit trouble can happen for any number of reasons – job loss or illness, a change in family or living situation, and yes, sometimes simply overextending our finances.

But if you’ve defaulted on a loan or even declared bankruptcy, rebuilding your credit is easier than you might think – even for those who believe they might not qualify for a loan based on previous history.

“The fastest way to rebuild credit is with a large installment loan that reports to the credit bureau – typically a car loan or mortgage,” explains Lisa Neill, from Duncan Drives, a division of Duncan Hyundai.

These and other “how-to” tips are the focus of a coming credit seminar, designed to arm you with the information you need to understand your credit – and how to improve it.

Get the information you need

Whether you’re embarking on your first credit card or car loan, or you need to rebuild your credit, it’s essential to understand the process and exactly what your loan agreement entails.

To help educate borrowers, Neill hosts information sessions and seminars across the Island every year.

Coming up later this month, a Duncan-area credit seminar will look at such invaluable information as:

• How to read a Credit Bureau report
• How to build a budget
• How to re-establish your credit
• What to do if you’re self-employed
• What your rights are when dealing with the Credit Bureau
• How to deal with creditors

For full details and to register in the seminar, contact Duncan Hyundai at 250-746-0335 and press extension “9” at the prompt.

Driving home better credit

How does a car loan work to rebuild your credit? It allows you to regularly trade in and renogotiate a lower rate as you successfully make your payments, Neill explains.

The key is to ensure you’re working with someone who fully explains the process, as well as the interest rate, payment and any additional fees, AND finds you the right car for what you’re working toward.

“Even if you can afford a more expensive vehicle, it often doesn’t make sense for us to put you in that, if we want you to trade it in 12 months to get a lower interest rate,” Neill says.

“We’ll help you choose the right vehicle, then we’ll work closely with you and the lender to get you back to zero percent interest, just like our clients with great credit ratings.”

Duncan Hyundai’s ‘Duncan Drives’ is a reputable auto dealer specializing in credit rebuilding, car financing and car loans. Working with various lenders and leasing companies with programs to suit all situations, buyers have access to a wide selection of competitively priced vehicles. Learn more at duncanhyundai.net or follow them on Facebook.