Please see information on Car Loans below.


Car Loans

Buying a car is an important step for many Canadians. For lots of people it is the biggest purchase they have ever made and it is very rare for someone to be able to pay for vehicle in one cash payment. For most people, it is necessary to set up car financing on the car. This is where a good car loan can step in...

Where Can I Find a Car Loan?

Today there are many competitive car loans (sometimes called auto loans) on the market. You can choose your loan term (five years, seven years) and how much you can afford to borrow. The best place to start your search is the internet. Take your time and have a look at which loans are offered in your province some companies offer loans throughout Canada.

Which Way To Pay Canada compares and reviews a range of car loan companies so you can view the main features of each one. Many of them will allow you to apply directly online from the comfort of your own home.

Will my Credit History be Affected?

As with any type of loan, if you are late in meeting repayments your credit rating could be affected in a negative way. Therefore it is recommended to think carefully before taking the big step of purchasing a car. Can you really afford to borrow this amount of this amount of time? What happens if you cannot meet repayments?

Most car loan companies have different polices on whether they check your credit file. Many will do a credit assessment on you to decide how much interest to charge you, while others advertise that they do not carry out any credit checks. Sometimes these are known as 'Bad Credit Car/Auto Loans'. This is one factor to look out for when searching the loan market.

Who is Eligible for a Car Loan?

The criteria for getting approval for a car loan depends widely on the type of car loan you are applying for. Here are some general criteria for a regular car loan:

  • Must be a Canadian resident
  • Minimum monthly income
  • Payments below 20% of monthly income
  • No bankruptcies these must be discharged
  • No repossessions within the past year

If your loan is designed for low credit customers or even for bankrupt customers then the approval checklist will be less strict on the areas of bankruptcy and/or credit history. Always check this when searching the loan market. Note that some lenders do not list out their criteria until after you apply for a loan through them.


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