Auto Loan with an R9 on You Credit
First, let’s start by discussing what constitutes an R9. When one views their credit report, there will be status indicators next to each account listed. In the case of a revolving credit account, there will be indicators that extend from “R0” to “R9”, with “R” standing for “revolving” account...
When one receives an “R9”, this means that a particular account is over 120 days late on payments, and has been written off as a bad debt by that company. The debt is either charged or sent to collections because it has often become unmanageable. Because of this, an R9 makes lenders assess reports with an R9 as a greater risk which can make getting a car loan a difficult endeavour.
At Canada Drives, we understand that this can be extremely frustrating. That is why we work to help Canadians find vehicle options that meet their needs by taking out the legwork. When you apply online with us, we help to bring the dealership experience to you. When you apply online, we will get in contact with you to let you know what your vehicle options will be moving forward.