How much does it cost to fill out this application? There is no fee to fill out our online car loan application. There is no risk or charges to you.
If I apply will that affect my credit?
When you apply for any loan it does affect your credit rating. Some companies will send your application to all of the banks “hoping” one will approve you. This means your credit is pulled 5-10 times which is not good! We do not do this! After carefully reviewing your information, we contact you, find out the details of what has happened in the past and provide you with the best offer!
What if I have a bad credit?
Sometimes things happen in life that affect our credit in a negative way. We understand that every person and every situation is unique. We believe everybody deserves a second chance. Most of us have experienced hard times leading to a low credit score but that does not make us bad people! No matter what your credit situation is, we will find a way to get you an auto loan!
Is my personal information protected?
After you fill out your car loan application, we receive an email informing us about it. We review your application carefully and present it to the auto finance department whom is most likely to extend you credit in your situation. We never pull your credit report before contacting you and discussing all options.
What if other financial institutions refused me?
If you have been turned down before do not despair. We deal with any situation. We cannot guarantee terms and conditions but we will explain what you need to do to get approved. In every case, we will guide you and explain what you need to get approved.
What amount do I qualify for?
Once you send in your credit application we can determine what amount you can qualify for.
How much of a down payment will I need?
That depends on what you would like your down payment to be. The more money down the less your payment will be.
What type of vehicle can I purchase?
That depends on what amount the financial institution approves you for.
Can I put Zero Down?
Your present credit situation will determine the need for a down payment. The general rule is Prime buyers with good credit qualify for zero down financing. Subprime buyers in Ontario Canada generally should have at least $500 or 5% down and yes, trade-ins count as a down payment. It is always wise to be prepared to have a down payment and then be pleasantly surprised when one is not required.
What do I need to apply?
You must be at least 18 years old. Have a valid Ontario G2 or G-full Drivers License or a cosigner with one. Gross monthly income $1800 per month (minimal salary) and at least 6 months on the job to qualify for a car loan.
Where do you offer services in Ontario?
Although our head office is based in Toronto, we offer car loans to our clients living in Brampton, Ottawa, Sudbury, Kingston Ontario, Pickering, Oshawa, London Ontario, Woodstock, Barrie, Ayr, Belleville, Hamilton, Caledon and other rural areas.
What’s the required minimum monthly income to be approved for a car loan in Ontario?
We recommend at least $1,800 per month income or have a co-signer that qualifies. This will allow our staff to get you approved within 48 hours for a new or used vehicle.