Auto Loan - Frequently Asked Questions

The interest rates charged by various loan dealers could depend on the exact status of your credit profile. Hence, if your credit rating is good, you have chances of qualifying for the lowest interest rate but if it is bad then you may face a hard time finding a lender that can offer you sustainable interest rate at flexible terms.

Although most of the loan dealers within our specialized nationwide lending network do not ask for down payments, we suggest that you at least consider paying a small amount of money upfront. Such a prerogative could enable you to save time while getting approved as well as boost probability of securing a lower interest rate and affordable monthly car payments.

In most cases, auto loan pre-approvals can be got within minutes. However, in some cases, it might take a little bit longer for getting applications pre-approved. This is because of the fact that a number of factors come into play when it comes to determining the interest rates and terms which can be offered to borrowers by various online loan dealers.

To obtain a car loan approval, you must be a resident of Canada who is above the age of 18 years and has valid driver’s license. In addition, lenders may also ask for details of your name, residential address as well as status of past and current job. Besides, factors like willingness to pay down payment, credit score, loan amount sought, etc. can also play vital role in getting approvals.

Our online application procedure has in-built security features that make it practically impossible for any unauthorized person to access client details stored in the system’s robust database. Only authorized persons can review information for processing request. Hence, there could be little need to worry about the safety of your personal and financial details; you can apply with peace of mind.

We can help you to enhance your chances of getting approved for a car loan regardless of whatever may be the status of your credit history. Nevertheless, it could be important for you to make sure you will pay the monthly car instalments on time every month so as to build your credit profile within a stipulated frame of time.

It could actually depend on how much amount of loan you are eligible to get based on the existing level of your monthly income, expenses and credit debts. We can assist you to explore variety of low rate options for financing new or used cars as well as in determining the right alternative for your specific financial and credit situation.

Some specialized subprime lenders that are part of our nationwide lending network have a solution for almost any type of borrower. Therefore, we are in a position to still help you in obtaining a car loan approval even if you developed very bad credit rating post discharge of all your high interest credit debts through a personal bankruptcy filing process.

Majority of the traditional lenders run credit checks on applicants for assessing level of risks in extending credit services for financing cars. As a result, if you have bad credit, there is every probability that your credit score will get adversely affected. However, specialized loan dealers don’t run credit checks and so you do not have to worry about your credit rating getting adversely impacted.