Frequently Asked Questions
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Q.What's my interest rate?
A.Our rates start at 9.99% and up. It all depends on your personal credit situation. We won't know your rate until we submit your application.
Q. I do not live in Ontario, can you still help me?
A. Yes. We can help you if you live in any Canadian Province, with the exception of the NorthWest Territories. Everything can be done Electronically or via Fax.
Q. Can I use a co signer?
A. Yes. You can use a co signer. Sometimes it is a condition for your approval. Sometimes it can get you a better rate, a second unit, or longer term. You do not however initially require one.
Q. Do I need full coverage insurance?
A. Yes. While your vehicle is financed you will need full insurance coverage.
Q. How long are my payments?
A. The year of your purchase determines how long you can finance for. The newer the unit, the longer the term, the lower the payment.
Q. What is the minimum income requirement?
A. It varies. We look at your TDSR (Total Debt Service Ratio) to ensure that you can afford the payment as well as your other monthly obligations.
Q. Is there a maximum or minimum payment I can have?
A. No. The payment will depend on the amount you finance.
Q. Do I need a down payment?
A. No. Sometimes a down payment is needed, but most of the time we try to get you approved with nothing down. If you want to put money down or a trade in on your loan you can.
Q. Can I payout or refinance my loan early?
A. Yes. You can pay down / pay out the loan whenever you want.
Q. Can you payout my current loan?
A. Yes. If you owe money on your current loan, we can pay that out for you and refinance the negative equity on your current purchase.
Q. Do you offer warranty's?
A. Yes. We have many different options for an extended warranty available, and normally you can finance this cost.
Q. I want to buy privately or from another dealer, can you help?
A. Yes. We have found that our clients like the idea that we can get them pre approved before they shop, having that approval in hand allows them to negotiate effectively, not worrying about how to pay for the vehicle.
Q. Are there any upfont fees or costs for applying?
A. No. It is illegal to ask for a fee to apply for a personal loan. DO NOT under any circumstance pay fees upfront to apply for a loan.There are administrative fees, the same as every other financial institution, and they vary depending on the lender. These fees will be transparently rolled into your loan, and are only applicable on an approved transaction.
Q. Does everyone get approved for a loan?
A. No. Although we have an exceptionally high rate of approval for less than perfect credit, not everyone is approved for a loan. There are certain criteria that must be met, such as your income, being gainfully employed for a certain amount of time, having recent pay stubs, having an active bank account, being discharged from a bankruptcy, your Total Debt Service Ratio etc. Our lenders do not base their decision strictly on credit score, but look at the history of your credit bureau, what may or may not have happened, and your ability to repay the loan.
Q. Once I am approved, am I obligated to take the loan?
A. No. If you do not accept, or cannot comply with the terms, you are under no obligation to continue with the process. The terms of the loan
will be clearly explained in the contract, and verbally explained before you enter the contract. All parties must agree to the terms before the process at anytime moves to next steps. The ball is always in your court.
Q. I have a question but its not listed here?
A. You can simply send us a quick message with your question and we will happily respond to you asap.