FAQ

Answers

How much can I get pre approved for?

Each application is evaluated on an individual basis. Several factors determine the amount our lenders will qualify you for including; the type of vehicle desired, budget, income level, employment tenure, residence tenure, down payment, and past credit experience. Our philosophy is not necessarily about how much you can get, rather, the focus is on re-establishing your credit and getting the vehicle you need now.

What type of car can I get pre approved for?

The vehicles that work best are one to two year old vehicle that don't have a lot of mileage on them. Often, new vehicles are better for our customers as we can take advantage of manufacturers' rebates, programs, and incentives.

When I qualify, how much down payment money will I need?

Down payment is not always necessary. The simple truth is that down payment helps. It helps the bank value the purchase, it helps with negative equity, and it helps to lower payments. The amount you put down is up to you, remember, your paid for trade in can also be used for down payment as well.

Will my trade qualify for money down?

Yes! Additional money, however, may be required if there is a lien on the automobile that you are trading to help off set any negative equity.

What is negative equity and how do I know where I stand?

Although we pay top dollar for trades, there is sometimes negative equity. Negative equity is simply the difference between how much is owed on the current vehicle being traded and the appraised value. Cash down and manufacturer's rebates can be used to offset negative equity.

Should I find a car first before applying for an auto loan?

You can, however we recommend that you consult with one of our auto loan specialists first. If you have been turned down in the past, vehicle selection may have played a part. The finance team can determine how much you qualify for before vehicle selection. This method will increase your chances of approval, satisfaction and decrease the number of inquiries on your credit report.

Will inquiries affect my credit rating?

If you're shopping around for an auto loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult. Our experienced finance team is very cautious as to the number of inquiries placed on your credit report.

Can I use an auto manufacturer's employee discount (A-Plan / X-Plan)?

Yes! Let your finance manager know that you qualify for the discount and it will be applied toward your new car purchase.

Will Cosigners help?

In many instances, a cosigner can be used to add strength to a credit application. However, the buyer will still need to meet basic lending criteria to be considered for approval.

I've had my vehicle repossessed less than a year ago. Can I still pre qualify?

Unless the vehicle was included in a bankruptcy, you will need to have at least one year time lapse prior to being able to attain an approval. Greater down payment will also certainly be required and vehicle selection will be limited.

I've had a bankruptcy. Can I still get pre-approved?

Yes! As long as the bankruptcy is discharged, you should qualify for a loan. Cash down will also be required in some instances you may still qualify for a loan prior to even receiving your discharge papers!

I'm currently in consumer proposal / orderly payment of debts / bankruptcy. Will I still qualify?

Yes! However, it will take longer to process your loan. We will need your trustee's authorization. We will provide you with the proper documentation for your trustee. Our lenders require this before granting your approval.

I've never had credit before. Can I get approved for an auto loan?

Yes! So long as you can meet the minimum income, down payment, and employment tenure requirements, we can arrange financing for you.

What are the monthly payments?

Monthly payments are based on the amount to finance, interest rate and term. The best payments are based on less expensive vehicles that are late models (no more than three year old) and that have less than 60,000 kilometers.

What are the interest rates?

Rates are based on your credit profile and the equity position of the loan. Our auto lending network is full spectrum. We will get you the best rate based on your credit profile. The higher your credit rating and down payment, the lower your rates will be. Also, the model year of the vehicle plays an important role. Generally, vehicles 4 years old or older have higher rates.

Can I finance a vehicle purchased through a private owner?

No. Funds for loans through our lending network can only be used to purchase new or pre-owned vehicles from our select vehicle source lots. Our pre-owned vehicles all go through a rigorous 70 point safety & mechanical inspection and are fully reconditioned. This ensures that all our clients will purchase a reliable vehicle; confident that it will get you through to the next stage of your credit building process.