Our Car Loan Process Made Easy
Car financing doesn’t have to be so complicated.
Apply For Your Auto Loan
Step one is to apply for your car loan.
Our online car loan form takes just minutes to complete, or simply call 1-236-887-0055.
Step two is getting approved.
This is where we come in, we take the information you provided and get you approved for the top car loans available!
Can You Afford Car Financing Today?
There are three main factors lenders use to determine how much you can borrow, and how much interest you will pay.
Work History and Income
Most loan providers like to see 2 years or more of work history with the same employer. But if you’re in new employment don’t worry — you can still get a loan.
Outstanding Debt and Monthly Expenses
It’s best if you and a car loan specialist work together to figure out exactly what you can afford each month. Take all your expenses, including any debt you’re paying off, and figure out from there what you have left for a car payment. Most financial experts recommend that your total expenditure on cars should not exceed 10% of your gross income. For example of you make $50,000 per year, you shouldn’t go over $416 per month for your car loan.
For more help, check out our “Credit Car Buying Help for Canadians” article for great tips.
Your Credit Score
When you apply for a loan you will need to agree to a credit check, this will help make the final decision for your loan. Scores range from 300 to 900 points here in Canada. Anything above 650 is considered good, and anything below is considered fair or poor. There are many things that affect that number.
- Payment history – paying your bills on time.
- Delinquencies – bankruptcies, charge-offs and collections.
- Balance-to-limit Ratio – Keeping your credit limits at 30% to 75%, its best to not max them out.
- Recent Credit Inquiries – Avoid applying for credit unless you have a genuine need (like a car loan.)
- Age of Credit History – The longer you have been building credit the better, short history marks you as higher risk.
- Deversified Credit Accounts – Having 3 different credit accounts is better then having 3 of the same type. For example having a credit card, car loan, and a line of credit at the bank is diverse. Having 3 credit cards is not.
- Too Many Credit Accounts – You also need to be careful not to go overboard with your credit accounts. Too many, especially if they carry balances, can make you lose points as well.
Canada’s Auto Loan is here to help. If you have a great score, bad score, or no score, we can help you get an auto loan. If you are looking for an auto loan don’t hesitate to contact us and we can go over all your options with you.
Getting pre-approved is like money in your pocket. You now know exactly what you can get, no picking out that perfect car and then being turned down for financing. You are able to take your pre-approved loan and shop for the vehicle you want, knowing you’ll be able to walk off the lot with it.
Try us today!
I just want to say the team at Canada’s Auto Loan went above and beyond to help me out. I was struggling with my credit, but they helped me get into an SUV and also went over what I needed to do to start getting my credit built back up. Now I’m driving again and working on rebuilding my credit, I feel great!
Apply For Your Car Loan
We only ask for the information we need. This gets you approved faster and with the best rates.
Or call us at 1-236-887-0055
Your Loan Specialist Is Standing By.