Customized Car Loans - Canada Car Finance Company
We spend a lot of time on the phone answering questions that people have about car financing. We thought we would address some of the most popular questions here.
How long do I have to pay off the car or truck loan?
Traditionally we offer vehicle financing from 12 months all the way up to 96 months (1 year - 8 years) although we personally do not recommend an 8 year loan unless you are purchasing a new vehicle.
What are the Interest Rates?
The interest rates vary according to personal circumstances such as credit history, income, amount of time on the job, if there is a co-signor involved and more. The rates start at 0% for new vehicles, low competitive rates for used cars and at the highest end of the spectrum 29.9% for recently bankrupt individuals.
Can I get approved with no credit history?
Yes, if you can prove income
Can I get approved with bad credit history?
Yes, if you can prove income
I get paid cash, can I still get approved?
Yes. Even people who get paid in cash need to put some money in the bank to pay bills. We can use you bank statements as the proof of income.
How long does it take to get approved?
We offer same day approvals but in most cases we like to have 24 hours to shop around for the best rates
I have 2 part time jobs, can I still get a car?
Yes, In the past part time jobs were not acceptable to lenders who feared if you lost one of the part time jobs you would be unable to repay the loan. Times have changed. Today in our economic climate many people find themselves surviving on more than one job and the banks and lenders understand this. For the most part, they look at your stability in terms of how long you have had the jobs and how frequently you move.
Can you get a car loan if you are in a consumer proposal?
Yes there are a few lenders who have no problem with a person being in a consumer proposal. They look at your ability to repay the loan, not your past issues. Be advised that your trustee must OK the proposition before the lender can approve you.
Can you get a car loan if you are in a bankruptcy?
Yes there are a few lenders who have no problem with a person being in bankruptcy. They look at your ability to repay the loan, not your past issues. Be advised that your trustee must OK the proposition before the lender can approve you.-
Do you finance New Immigrants to Canada?
Yes we have financing available to new immigrants and to people who have a SIN number beginning with 9.
I am on permanent disability, can I get approved?
Yes we offer individuals on disability the opportunity to drive a vehicle.
Do you offer financing for people on WSIB?
Yes we offer individuals on WSIB the opportunity to drive a vehicle.
Do you finance individuals who have had a vehicle repossessed?
We have financing available for people who have had a repossession, whether it was a voluntary repossession or not. Unfortunately, we cannot finance the vehicle that was repossessed.
Do you have special financing for First Nations?
Yes we have several lenders that have special finance programs in place for First Nations aboriginals along with the tax savings if you live on a reservation.
Does your auto finance affect my credit?
Yes our loans give you an opportunity to rehabilitate your credit or to develop a good credit rating. All our loans are reported to the credit agencies so that every payment you make on time helps to increase your credit score.
Do you finance motorcycles, RV's or ATV's?
Sorry, no, only cars and trucks
Do you finance commercial trucks?
While we are concentrated on personal car and truck loans, we do have some lending partners that do financing for RV's and commercial trucks. We would be please to refer you to them.
If you have a question or concern you would like to discuss, please contact us.