Frequently Asked Questions and Answers
FAQS or Frequently Asked Questions about car financing with Auto Credit Approval. Do you have a lot of questions about car financing? You are not alone. Here are answers to some of the most frequently asked questions about car financing.
What amount can I qualify for?
How much money you will be able to borrow to buy a car will vary depending on your income, employment history, credit rating and other factors. It is in your best interest not to borrow more than you can comfortably pay back, so we keep that in mind when calculating the terms of your approval. Fill out our online application, and find out how much you can qualify for, for free with no obligation.
How much will I need for a down payment?
A down payment is not usually required, but it will bring down the sale price, and allow you to pay off your loan faster and pay less interest over the life of your loan. The terms of your loan may differ from others, depending on your individual circumstances.
What interest rate can I expect?
You interest rate is mainly determined by your creditworthiness (your risk factor to lenders).
Will applying for a loan affect my credit rating?
If you apply at several different places while shopping around for a car loan, this may negatively affect your credit rating. Every time you apply for credit, your credit report is pulled, and that is also recorded on your report. The more times your report is pulled, the more your rating will be affected. When you apply at Auto Credit Approval, we will do the shopping for you, without putting your credit rating through unnecessary risk.
Will I be treated differently if I have a poor credit history?
Absolutely not. Providing vehicle financing solutions to people with less than ideal credit is our business. Our financing experts conduct themselves with the utmost professionalism. You will be treated with respect and dignity. Although the terms of your approval will be based on your specific situation, you can be rest assured that we will do the best we can for you.
I’m a new Canadian Citizen. Can I still get a car loan?
Yes. Auto Credit Approval will work with you whether you have limited, or no, credit history. Our financing professionals will work with you to design a loan that is affordable for you. Getting a car loan is a great way to start building credit history.
Is my information safe when I apply online?
When you apply for a car loan with our online application form, your information in protected.
We have a ton of information on auto financing, interest rates, applying for a loan and repaying a loan. If you have further questions, feel free to call or use our contact form.