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Understanding Car Loans

Payments on car loans are calculated using three components:

Principal Amount

The principal amount is the amount of the loaned money the customer still owes, excluding interest. This amount is agreed upon between the lender and the burrower.

Term

The term on your contract will depend on the vehicle’s year and km. We offer terms that start as low as 24 months up to 84 months.  Your Finance Manager will go over this in great detail with you at signing.

Interest Rate

This can vary depending on your credit history. Poor credit would fall into the category of a high-risk loan which results in a higher interest rate. The better the credit the lower the rate.

Employment & Income

Typically you need to be at your current job for three or more months and make at least $1500/month. Other forms of income (certain types of government assistance) may also be accepted.

Driver’s License

It is necessary to have a valid driver’s license and be the age of majority in the province that you live in. Lenders know that customers are more likely to pay back their car loan if they can legally drive.

Bank Account

The lender wants to be able to take the payment out of your bank account each month. The easiest way to do this is to get a void cheque or stamped pre-authorized payment form.

Down Payment

Although a down payment isn’t always necessary, it will often help. The less you have to finance, the more likely the lender will be to approve your car loan.

Current Address

In order to complete your loan documents you must provide the lender with your current address along with address details including your monthly rent or mortgage payment.

Contact Details

You will be required to provide your full name, date of birth, phone number and email address to apply for a car loan.

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We are here to help. If you have any questions please feel free to contact our Help Centre. We are available 24 hours a day, 7 days a week.

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