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Financing
Approval Criteria
To qualify for approval, If you have
- A Valid Driver’s license
- Insurability
- Verified Income
We provide approval for:
- Good Credit
- Bad Credit
- Divorce situation
- Bankruptcy
- Commercial proposal
- Collections
Bad credit ?
If you’re seeking a comprehensive financing solution, we are here to assist. With our strong partnerships with numerous dealer networks and a team of experienced finance professionals, we eliminate the common challenges while preserving the advantages of traditional in-house financing. Although such financing options can be beneficial, we offer the best of both worlds, delivering a similar experience with enhanced convenience. Simply submit your application, and you’ll hear from us promptly. We provide accessible financing solutions for all applicants, regardless of credit history, and are committed to helping you build and improve your credit.
Payment History and Credit Building
Your payment history is arguably the most important factor in building credit. Creditors evaluate your past payment behavior to assess the likelihood of future repayment, which directly impacts their decision-making and profitability.
How to Strengthen Your Credit through Payment History
Always make timely payments: Ensure that at least the minimum payment is made by or before the due date.
Communicate proactively: If you anticipate difficulties in making a payment, reach out to your creditor. They may offer flexibility, especially if you have a valid reason.
Avoid skipping payments, even during disputes: Creditors are obligated to report information based on their records. It is often wiser to pay the bill and recover the funds after resolving the dispute, as withholding payment could lead to negative reporting.
Tips to Build Your Credit
Understand and Manage Credit Utilization: It’s important to keep your credit utilization low. For instance, if you have a credit card with a $10,000 limit and a line of credit for another $10,000, your total available credit is $20,000. Aim to use less than 40% of this available credit, which would be no more than $8,000. Keeping your usage below this threshold can positively impact your credit score.
Diversify Your Credit Types: Utilizing different types of credit products, such as credit cards, loans, or lines of credit, can help improve your credit score. However, only borrow what you can afford to repay. Taking on more debt than you can manage can harm your credit score instead of helping it.
Limit Credit Inquiries: Apply for credit only when necessary. Excessive credit checks within a short period can negatively affect your credit score.
Used Car Finance Guide
When considering the purchase of a vehicle, several important decisions arise: Is leasing a good option? If purchasing, should you choose new or used? What is the best method to finance a used car?
New vs. Used Vehicles
Due to the increasing cost of new vehicles and the high dealer margins, buying and financing a used car may be a more financially viable option. A used car typically offers a more affordable price, allowing for monthly payments that better align with your budget. Additionally, it’s worth noting that new cars depreciate significantly faster than used cars, which can further enhance the value of choosing a pre-owned vehicle.
How to Finance a Used Car
The most critical factors in securing approval for used car financing are your credit score, credit report, and credit history. Naturally, the higher your credit score, the easier the approval process, as it demonstrates to lenders your ability to make payments. However, a low credit score does not automatically disqualify you. We, along with many other lenders, offer a variety of financing options tailored to different credit profiles to help facilitate used car purchases.
A general guideline for financing a used car is to make a down payment and seek loan approval for an amount that fits within your budget. Ideally, aim for monthly payments around 20% of your income, while choosing a loan term that aligns with your financial situation. Financing needs vary from person to person, so it’s important to find a plan that works best for you.
Financing a Used Car with Bad Credit
Wondering how to finance a used car with bad credit? While it may seem challenging, there are financing options available for all credit types. Even those with past credit issues can still qualify for used car financing through our programs. All that’s required is an open mindset, submitting an application, and having sufficient income to afford the vehicle.
It’s helpful to follow the general guidelines we previously outlined— aiming for a reasonable down payment and manageable monthly payments —but be mindful that with past credit difficulties, you may face slightly higher down payments or monthly payments.
Additionally, financing a used car is one of the most effective ways to rebuild your credit. As mentioned in our other guides, car loans are considered installment credit, signaling to lenders and credit bureaus your commitment to repaying a high-value item. Because of the perceived risk and trust involved in these loans, maintaining good payment history can significantly improve your credit standing over time.
Used car financing is also advantageous due to the affordability of pre-owned vehicles. This makes them a cost-effective option for improving your credit while also offering excellent value for money.
Car Loan After Bankruptcy
Financing a used car after bankruptcy can seem difficult, but many lenders are willing to give you a second chance. We believe in helping you rebuild your credit, and there are options available for post-bankruptcy financing.
As always, aim for financing that fits your budget, but be open to higher down payments, which may be required after bankruptcy.
Bankruptcies happen for various reasons, such as divorce or business failure. Now, with a fresh start, it’s essential to make consistent payments to show lenders that you’re less of a risk than your past suggests. Used car financing, as an installment loan, is a great way to begin rebuilding your credit.
New to Canada/New to Credit
Starting your credit journey or being new to Canada can be challenging, but there are programs designed specifically for you. Used car financing and installment credit are excellent tools for building credit. By demonstrating responsible payment behavior, you establish trust with lenders from the start, positioning yourself for better terms on future financial transactions.