Auto Loans in Canada: Do You Need One?

Andrew was stuck – he didn\’t know where he could get cash quickly. He had moved from one bank to another but his low credit rating couldn\’t allow him to get a loan. He was stuck, with nothing to do. What he didn\’t know was that he could get a loan quickly by using his car as collateral.

How Does this Work?

We use your car as collateral to give you a loan. The loan structure is similar to any other loan on the market, whereby we advance you the principal for a given period. You have to repay the principal plus an interest rate that one of our lenders determines.

The principal on these loans refers to the total cost of your vehicle plus any other fees the lender imposes on you to make the loan possible. You have to pay off this loan in a predetermined period, usually 36, or 72 months. However, this period might be shorter or longer.

The lender you end up with charges you an interest rate to cover for expenses. This rate is normally a percentage of the principle. The interest rate on auto loans in Canada normally depends on the state of your car and the perceived risk of the transaction. The interest rate is as low as 3.49 percent on pre-owned vehicles and 0 percent on new vehicles.

What do You Need to Qualify for Auto Loans in Canada?

For you to qualify for these loans, you have to fulfill some requirements. These include:

Proof of Stable Income

You need to be in stable employment for the past 3 months or more. This shows the lender that you can keep your job for longer thus manage the loan repayments.

The job needs to pay you at least $1600 per month. This shows that you can afford the payments. Our lenders also accept alternative sources of income, such as government grants.

A Valid Driver’s License

You need a valid driver’s accident to qualify for our auto loans in Canada. Additionally, you need to be 18 years or older to show that you are a responsible adult who can pay back the loan.

A Bank Account

The loan cash will be channeled via your bank account. Additionally, most lenders will want to get automatic payments from your bank account, which is more convenient.

A Down Payment

Our lenders require you to pay something towards the down payment of the loan. This is usually a percentage of the principal. However, this is not mandatory. Some of our auto loans in Canada allow you to get the loan without putting any money down.

Auto Loans for Bad Credit

A poor credit history is at times unavoidable. Most lenders won’t touch your application with a poor or no credit history. Don’t worry, we have auto loans that are tailored just for your situation. All you have to do is present your situation to us and we will give you the options.

Our Lenders

To give you the best auto loans on the market, we have identified only the best lenders to give you the loans. We understand that the right auto loans in Canada can only be provided by the best lenders. We have 15 top lenders who offer over 300 unique auto loans just for you.

What are You Waiting For?

We offer free consultation and an online service that you can use at any time. We have loan experts who understand auto loans and who are just waiting for your call to help you get the right loan today.

Canada Car Loans bad credit and no credit pre approvals. Secure online auto financing FREE, NO OBLIGATION! Call us 800.378.9946 or apply online.

Canada Car Loans bad credit and no credit pre approvals. Secure online auto financing FREE, NO OBLIGATION! Call us 800.378.9946 or apply online. https://canadacarloans.com/

Author Bio: Canada Car Loans bad credit and no credit pre approvals. Secure online auto financing FREE, NO OBLIGATION! Call us 800.378.9946 or apply online.

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