Financing
No Credit To Established Credit
Refinance
Low Credit
Frequently Asked Questions
Bringing these items will be helpful:
- Driving license issued by the government
- Your most recent pay stub (or prior year's T4 if you are self-employed)
- Your bank's direct withdrawal form or a void check
Additional information may be required based on the specifics of your purchase.
Car loan approval is determined by four main factors:
- Cost, age, and mileage of the vehicle you're buying
- Income, residence, and employment history of the client
- Your credit score, debts, and payment history are all part of your account credit history.
- Additional information may be required based on the specifics of your purchase.
To get the best approval and the lowest payments, choose a vehicle that fits your budget. Make your down payment as large as possible. Your monthly payment depends on three factors once you've been approved for a car loan:
- The amount financed
- Contract length or term
- APR (Annual Percentage Rate)
Almost every budget and credit profile can be met by our competitive rates from a variety of financial institutions.
Vehicle payments should not exceed 15% of your gross monthly income, according to most financial companies. Suppose you make $4,000 a month; if your monthly vehicle payment is $600, that's 15% of your income.
When it comes to purchasing a vehicle, financial institutions use your credit score to predict the risk involved. Your ability to pay your bills efficiently tells the financing companies whether or not you are a good borrower.
There is a range of 350 to 850 when it comes to your credit score. In most cases, the higher the score, you’re more likely you are to get approved for a vehicle loan. The systems that generate your credit score (Equifax and TransUnion) look at your credit report and take various factors into account, this includes:
- If and when you pay your bills on time.
- Total debt service ratio
- The amount of credit and age of your current credit outstanding
- Your current bankruptcy status, outstanding liens, and judgments
There are a large number of open-ended car loans in Canada. Which simply menas that your lender will not charge you penalties if you repay your loan early.
There are a large number of open-ended car loans in Canada. Which simply menas that your lender will not charge you penalties if you repay your loan early.
The answer is yes, you can get a car loan. Self-employed individuals can take advantage of the special programs offered by all of our partners, right from the start.
Canadians with less than perfect credit make up over 50% of our approvals. We can pre-approve you for auto loans with bad credit in just a few minutes!
We offer transparent transactions and highly competitive terms through our car loan Dealer Partners network for our clients with excellent credit score!
In order to lend you money, a lender will charge you an interest rate. You can expect interest rates in Canada to range anywhere from 0% to 29.99% depending on your credit score. Lenders will charge higher interest rates if they believe the loan poses a higher risk. Maintaining a strong credit profile will help you avoid this.
You can do that! Your loan must be reapproved at a lower interest rate. Your existing lien would then be fully paid off by a new lender at a new rate. Once that is complete, you will be able to apply for a new loan. A negative equity roll-in on your original loan may require you to put money down if your loan is over book value.
You can obtain information about your credit history from the major credit-reporting agencies. They both can provide you with a copy of your credit report, which includes your credit score. For more information, please visit their website or call toll-free: Equifax Website: www.equifax.ca Toll-free number: (800) 465-7166 TransUnion Website: www.transunion.ca Toll-free number: (800) 663-9980
We offer online car financing. Apply for a credit card using one of our easy-to-use forms. For more information about online car loans, apply now, chat with us or call us at 306-881-9005.