F.A.Q. – Frequently Asked Questions

How much will I get approved for?

The total loan amount you will get approved for is based on a number of different things. It mostly depends on your income and credit. The higher the income, the higher the amount we can approve you for.

Can I trade in my current vehicle as money down?

Yes! Trading-in your existing vehicle is a very popular option. The trade-in can be used as down payment. In some cases, you may qualify for cash-back as well

How much does it cost to submit an application?

All applications are 100% free, also there is no obligation to purchase anything.

Will credit inquiries effect my credit rating?

Every time your credit is checked a mark is made on your credit report. A couple marks usually won’t hurt, however applying at too many places at the same time may be interpreted negatively by some creditors.

I’ve had a repossession, bankruptcy or no credit. Can I still qualify?

Yes! We can still approve you!

Will Co-Signers help my chances to get approved?

Yes! If you don’t meet income requirements ($1,800 per month) adding a co-signer will help us get you approved.

What are the monthly payments going to be?

This is dependent on the terms of your loan. It’s usually less expensive cars with less than 50,000 miles have the best monthly payments available. Please feel free to use our Loan Payment Calculator to estimate what your monthly payments might be.

What are the interest rates?

All rates are based on your credit report and the equity of the loan. Our team of experts at New Car Canada works hard to find you the best possible loan. The higher your credit rating is the lower your rates will be.

What is Credit Score?

Having a good or bad credit score affects your ability to secure a loan. That is why improving your credit score will certainly put you at an advantage.

Do I need A Down payment?

Applying for an auto loan doesn’t necessarily require you to make a down payment but doing it is highly recommended.

What If My Bank Turned Me Down?

New Car Canada won’t let you down. Just fill out our 1-minute application form and get started on your car dreams.

What If I Owe More Money on My Deal Than It’s Worth?

New Car Canada can help you decide. We can find ways to satisfy your needs and provide you with the best solution

What Interest Rate Can I Pay?

Many variables come into play in a lender’s decision regarding interest rates that he can offer. A multitude of variables give you a wider array of options in order to get an interest rate that is well-suited to your budget.

Do I Need A Cosigner?

Cosigners are like financial “sidekicks”, they can help you increase your chances of getting a loan approval and can even get you better interest rates.

What Is Sub Prime Car Loan?

Subprime loans are loans given to borrowers with credit history issues. This applies to other types of subprime loans like subprime auto loan, subprime mortgages and credit card lending.

How Can A Car Loan Regain My Credit?

If you’re income allows, a car loan can provide a unique way of helping you rebuild your credit.

How Can I Qualify For A Car Loan?

The important key points involved when applying for a car loan are: present income and employment history, financial and credit history, current debt and living expenses and finally credit score.

What If I Had A Previous Repossession?

You still have a chance of getting a car loan after a repossession and in the hands of a good lender you can secure that loan. A good lender listens about how you end up getting your car repossessed.

Can Anyone Secure An Approved Car Loan?

Every situation is unique. So the only way to know for sure is to give it a shot by filling out this simple car loan application form. That way we can fully assess your financial profile and help you provide a deal that best suits your situation.

Will Inquiries About My Credit Score Hurt?

Most dealers make contact with similar financial sources that has a record of your credit score. Meaning if a bank has already made a decision regarding your loan application, transferring to another dealer will not change that decision.