FAQ

Answers for the most often raised questions.
Anything else, please contact our customer service and we will help you with any aspect of obtaining a car loan.

 

Are your services free?
Yes our service is 100% free and no commitments. You are under no obligation to accept the quotes you receive to secure financing for the purchase of your next vehicle. Worst case scenario is you have an additional quote to compare with any existing ones, to get you into the ride you want. Well worth it.
Can I get a loan with bad credit or damaged credit?
If you are a consumer with damaged credit or no established credit history, we provide you with the opportunity to get financing. Your past does not dictate your future. We work with everyone. If you meet our minimum requirements, you will be approved and then you may select the ride of your choice.

“Bad credit or damaged credit” typically refers to a credit score under 625. There are a number of reasons a person might find themselves with a score that would be considered bad credit: Late payments, maxed out cards, bankruptcy, repossession, etc. The good news is you are not the first one to get stuck with damaged credit. There are multiple options in place for consumers that require financing with these circumstances.

How long until I am contacted by a dealer partner?
Our application will take 1 – 2 minutes to complete. After submitting it you will be matched with a local dealer partner that will be able to get you into a ride of your choice.
Contact from a credit specialist varies from 5 minutes to 24 hours depending upon the day of the week, holidays and busy times.
Are trade-in vehicles accepted?
Are you able to trade-in a vehicle when you apply for auto financing?
Yes. The trade-in will lower your monthly payment or down payment if this is required.
In order to qualify for financing what are the requirements?
Applying is absolutely free with no obligation – takes just 1-2 minutes.
To proceed, in order to qualify for financing, certain restrictions must be met in order to facilitate lenders requirements;

  • You must be a legal resident of Canada
  • You must be the age of majority in the province you reside
  • You must have a valid driver’s license; there are no exceptions
  • You must provide accurate contact information including an accurate telephone number. Upon contact from a credit specialist, identity verification conditions will apply in order to proceed with financing. Additionally, income verification will be required, so you will need to provide pay stubs or bank statements in order to obtain a loan, otherwise you should not proceed.
  • You must be employed for a minimum of 90 days and earn $1,800/month verified working income. Unfortunately, any government assisted financial support program does not qualify as working income
How is Approval Established?
Financial institutions typically consider the following when determining approval:

  • your credit history
  • your application information
  • if any down payment is being made
  • the vehicle specifics of the car you are intending to buy (model, style, age, mileage, and cost)
How are payments determined?
Payments on a car loan are typically determined by three main factors: the principal, the term, and the interest rate.

Principal: This is the total cost of the vehicle including any fees that the lender or dealership add on for the car loan.

Term: The term is defined as the length of time that payments will be made for. Typically, the term will run anywhere between 36 months (3 years) and 72 months (6 years), although it is not uncommon for loans to be granted with longer or shorter terms.

Interest rate: This is the percentage that the lender will be charging you to borrow the money for your loan. Interest rates can vary depending on whether the vehicle in question is new or used, and the risk the lender perceives in lending the money.

Late Payment: If there is any late payment, the late payment is determined by the lender and the financial institution the consumer is accepted by.

When you get a car loan you are typically making payments back to a lender rather than to the dealership. That being said, some dealerships will offer in-house financing, which might allow a customer with bad credit to get an auto loan in instances where they otherwise would not have been able to. In this case the car loan is directly with the dealership or “in-house”.

I have previously filed for bankruptcy — can I get approved?
Yes you can be approved. Going bankrupt or filing for a consumer proposal is never a fun experience.

We know that your past does not dictate your future. There are multiple financing options available for both current bankruptcies and past bankruptcies.

We work with everyone.

How much are interest rates?
The interest rates on your car loan will be market competitive and reflective of your personal information and credit history. Our network of dealers and their lenders operate across Canada and should be able to find you a car loan financing program that is equitable to what you require in all facets.
This is my first auto loan; I have no credit – can I qualify for financing?
Yes. We recognize and understand that everyone has no credit at some point in their life. You may be a first time buyer who has not previously had credit and/or financing or you could be new to the country. You may have had your credit situated back to a reset position as the result of a prior consumer proposal. In any case, we absolutely can help you with various options to get you settled into an auto financing position where possibly other traditional avenues of credit have not worked in your favour.
Do I need to have credit to get credit?
Getting the opportunity to show your credit-worthiness is an important step in rebuilding your credit, and in time, raising your credit score.

We will help you secure auto financing and get your vehicle of choice. The credit specialist will work with you to make consistent payments in a timely manner, thereby rebuilding your credit and thus improving your credit score.

Do I get to select the vehicle I want?
Absolutely. You will work with your credit specialist to drive away happy in the ride of your choice.
Budget
Should I have a monthly budget I am comfortable with in advance to obtain an auto loan?

Yes. Do not overextend and put yourself in a bad financial position. Know your limit and then choose accordingly. Be smart. Knowing how much you have to spend before shopping for cars can save you a lot of time and aggravation.

Find a lender that will work with you before you decide on a car. After you provide your personal contact information, the credit specialist will work with you on what you can afford and on what terms so that you can make the right financial decision. Possibly consider a vehicle that you are happy with but may not be exactly what you want but will accomplish what you need, with a shorter term auto loan. You will save a lot of money on interest, build back credit faster and improve your fiscal outlook.

$0 Down Payment
No money for the car loan down payment? No Problem. We have multiple $0 down options to suit your financial needs. Our credit specialists can structure a deal that makes sense for the budget that you have in mind and we do not require a down payment to get you qualified.
Other lenders have turned me down
This is not an issue so do not be concerned. We have dealerships and credit specialists that are ready for any situation. We cannot guarantee terms and conditions, but a credit specialist will take the time to work with you and explain what you need to do to get approved.