Canada Car Loans FAQ

Is there a cost for the Canada Car Loan application?
Car Loans Canada offers a 100% free credit application.

Can I trade in my existing car for the purchase of another?:
Yes, once your automotive loan is pre-approved, you may trade your current car for the purchase of another.

Does it help my auto loan application if I have a co-signer?
Yes, but this is more and less dependent on your current credit situation.  A cosigner does increase you chance for a guaranteed auto loan for bad credit for all Canada Car Loans.

How long will it take for someone to contact me after I complete the auto financing application?
Our quick credit application can have you approved in less than 24 hours and often the same day!

How long is the application?
Car Loans Canada's auto credit application takes on seconds to complete!

What is the next step after I submit the application?
Your secure credit application is processed by our Canada wide network of special lenders and an authorized representative will contact you shortly.

What types of vehicles can I apply for?
You may apply for a loan on any car, sports utility, or minivan of your choice.

What will be the interest rate on my car loan?
Interest rates vary depending on your application and market conditions.

Is this application for new and used automobile?
Yes, you may purchase any new or used automobile.

What about my previous credit problems?
Car Loans Canada looks into your present to future circumstances, and not you’re previous.  We finance those who have had past credit problems and wish to rebuild their credit.

I have had a bankruptcy, should I still apply?
Yes, we arrange financing for customers who have both been in bankruptcy or have been discharged.

I have just started a new job, can I still be qualified for a guaranteed auto loan for bad credit?
We can arrange a car loan even if you just started a new job.

Do I need a down payment?
This all depends on your circumstances, and often times can be avoided.

I am on a monthly pension plan, can I still be qualified for auto financing?
Yes, your pension can be used as income for an auto loan.  As with all loans the income must be sufficient to support the monthly car payment.

I have a job where most of my income is made from tips, can I still be approved for auto financing?
Yes, Canada Car Loans includes all sources of income to be used for your total income.  As with all loans the income must be sufficient to support the monthly car payment.