Frequently Asked Questions about Canada Car Finance

Can I get approved for a car loan even if I have very bad credit?
YES! This is what Car Finance Company specializes in.

How much time does the application process take?
Our easy auto credit application only takes a minute to complete. After you submit the application, you should be contacted within minutes.

What do you do with my application?
When we receive your application, a credit specialist reviews it to determine which lender is most likely to extend you credit at the lowest rate in your personal situation. Before we pull any credit report we will contact you personally to discuss your situation.

What if I have been tuned down before?
If you have been turned down before, no problem. We have lenders that will deal with your specific situation. In every case, we will guide you and explain what you need to do to get approved.

When approved, is there a down payment required?
We offer financing options that require no down payment. Down payments help reduce the cost of monthly payments.

How much does it cost to fill out an application?
There is absolutely NO COST to apply for a car loan with Car Finance Company in Canada.

I currently have a car loan and I owe more than it's worth, can I still trade it in?
Yes, we refer to this situation as an upside down loan. You can choose to pay off the difference or we can take the amount owing on your trade in and add that amount of money owed to the new auto loan.

What type of auto financing can I qualify for?
You can apply for any type of new vehicle or used car loan, truck loan, SUV loan or minivan loan...you choose!

Can I use my current vehicle as a trade in?
Yes trade ins are welcome. You can use your current car or truck as a down payment towards your new auto loan.

What is the privacy of my personal information?
All personal information is strictly confidential, and not sold or shared with any third party. To learn more about our privacy policy click here.

How much money will I qualify for?
This depends on a variety of things including, income, debt ratio, length of time on the job etc. Once you send in your credit application we can determine what amount you can qualify for.

Can a person qualify for auto financing with a previous repossession?
99% of the time the answer is yes, people have been qualified with repossessions on their record.

I've had a bankruptcy. Will I still qualify?
There are several auto loan lenders who do not care if you are currently in an undisacharged bankruptcy or have been discharged from bankruptcy.

I've never had credit before. Will I still qualify?
In most cases we get people approved for financing even though they have not yet established any credit.

Will Co-signers help?
Yes co-signers can definitely help in two areas; the help the approval process and if they have good credit then it will usually help you to get a lower interest rate.

What type of interest rate can I expect?
All of our lending partners offer a wide range of rates starting at 0%. By evaluating your credit history, work history, and income, the lender will determine the best possible rate for your particular situation.

What are the monthly payments?
Your monthly payment will depend on many different factors. Price of car, interest rate, length of loan, how much money is put down, etc... Typically people like to choose a vehicle that will cost between $250 to $350 per month.

Who Can Apply?

You are a Canadian citizen or landed immigrant
You have a minimum of 3 months on the job or have permanent income from WSIB or disability income
Self Employed OK
You are a licensed driver
Bankruptcy Loans Approved
Consumer proposal OK
Some credit history helpful but not required

For more information on your privacy, contact us.