You are a credit report
Lenders decide how large a loan you qualify for (and, indeed, whether you qualify at all) strictly by evaluating your credit report. It's nothing personal. They don't care what you look like, what you think about the status of your personal finances or how nice you are to small animals. They only care about the numbers that appear on your credit report.

The credit report will tell them your credit-worthiness (How well have you paid past debts?), financial means (Do you have sufficient income to repay a loan?) and debt structure (Do you have too much debt to be able to take on more?).

For more specific information on what is contained in a credit report, read the Credit Report section of our Credit material.

Get a copy of your credit report
It's important that you know how good your credit is. If you don't have good credit, you probably won't get as favourable an interest rate, and that will increase your monthly payment. You also may not be able to get as large a loan, meaning you may not be able to buy a more expensive car, even if you think you could afford the monthly payments.

You can get a copy of your credit file through one of the consumer-reporting agencies in Canada, usually free of charge.

That way, you'll be looking at the same information that lenders will as they evaluate your loan application. You can see in which areas you are deficient and work on them. It also gives you a chance to make sure there are no errors on your report. It would be a shame to let your good credit history be marred by a mistake on your credit report.

The three main credit bureaus are: