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Frequently Asked Questions

Q. How do financial lenders determine the interest rate on my car loan?

- A. The credit market is much like the insurance market. If you have a spotless record, you will receive the lowest rates. However, if you have had any accidents, you may need to pay higher rates until your record reflects a more positive history. Most people have some sort of blemish on their credit history, just like many have incidents on their driving history.

Q. How do credit bureaus evaluate my credit score?

- A. The credit bureau uses a score based on information it keeps on file. This score, either F.I.C.O. (Fair Isaac and Company) or Beacon (mostly used in Canada), is calculated from a lot of different data in your credit report. There are 5 types of information used to calculate a credit score.

- The percentages assigned to each category are based on their relative importance in the general population. Some groups, such as people with little credit history, may have different percentages assigned to each category.

- Payment history: Looks at how well you pay your obligations, such as credit cards, retail accounts, installment loans, finance company accounts, mortgage, bankruptcy, collection and past due items.

- Amounts owed: Looks at the amounts owing on accounts, the number of accounts with balances and the proportion of available credit used.

- Length of credit history: Looks at the length of time accounts have been opened, specific type of account and time of activity.

- New credit: Looks at the number of recently opened accounts and credit inquiries, the re-establishment of positive credit history following past payment problems.

- Types of credit used: Looks at the mix and prevalence of use of credit cards, retail accounts, installment loans, mortgage, etc.

Q. What is WALKAWAY Protection? Can it help me re-establish my credit?

- A. WALKAWAY Protection is a Belisle exclusive and is available to all of our customers who finance the purchase or lease of a vehicle – regardless of age, employment history, vehicle amount financed or certain pre-existing health conditions. WALKAWAY protects you and your credit rating when an unfortunate temporary or permanent circumstance arises that makes it impractical to keep your vehicle, such as job loss, disability, accidental death, loss of driver’s license, critical illness, bankruptcy and more. Furthermore, WALKAWAY also protects the lender, making them much more confident and more likely to approve your loan or lease.

Q. What kind of car will I drive?

- A. We continuously stock over 125 certified Optimum Used vehicles and in excess of 400 new Chevrolets and Cadillacs. It is our goal to get you approved on the vehicle that best fits your personal needs and tastes.

Q. Do you have more questions?

- A. Contact Bernard at 613-749-5941 Ext 2115