Questions? Great! Below are some of the common questions we are asked by our customers. If you have a specific question or would like to learn more about our ‘easy car loan application process’ and ‘tailored credit services’ (including our credit rebuilding program), please call us directly to speak with one of our friendly, credit specialists (no obligation) at: (604) 260-0418
Why Car Finance BC in Burnaby?
- Large selection of inventory (fully stocked) inventory of over 1,100 (new and pre-owned) vehicles to choose from (via our Carter Auto Group) including; Sedans, SUVs, Compacts, Trucks and Commercial Vans. When it comes to choice and flexibility – our financing programs are designed with our customers in mind!
- Our dedicated team of qualified leasing specialists work diligently to secure our customers vehicle of choice – while catering closely to all individual budgetary requirements. Learn more about our tailored Vehicle Finance plans today.
- With our decades of experience, Car Finance BC is able to provide our customers with highly competitive finance rates and terms through a variety of different lenders.
- Family owned and proudly Canadian – with our extensive experience, vast knowledge-base and the network to deliver vehicles anywhere in Canada.
Is it possible to receive a car loan with bad credit?
- Unsurprisingly, this is fairly common question and one which is often misinterpreted in general. While many financial institutions will heavily scrutinize the history of your credit and penalize you for whatever they find, the prospect of receiving a car loan with Car Finance BC can be significantly more favourable.
- Simply put, financial institutions need to do business, and with such a large proportion of the population having tarnished credit, this provides a very large target market for the loan provider. In fact, recent studies showed that more than one-third of the population in Canada is considered to have less than favourable credit.
How do I qualify for a car loan?
- Have you been gainfully employed for more than 3 months?
- Do you currently earn $1,750 per month? (before taxes)
- Possess a valid drivers licence?
- Current bank account? (checking or savings)
What types of credit considerations do you work with?
- Low credit score
- Minimally established credit
- New to Canada
- Recent graduates
- Previous bankruptcy
- Wage garnishments
What is a bad credit score?
- The rate of interest applied to a subprime loan is different in almost every circumstance. For example, borrowers with a credit score below 500 can usually expect to pay a higher rate of interest than those below a credit score of 700. In some cases, with the latter, the terms are often slightly more lenient – though subjected to a slightly higher rate for such convenience.
How do I check my credit rating?
- Believe it or not, mistakes do happen, and your bad credit rating is always susceptible to human error. Before applying for a car loan, it’s often worth researching the details within your credit history to ensure there are no inaccuracies involved. Remember that every inaccuracy will contribute to the extent of your bruised credit and one example of human error can be the difference between loan approval and disappointment.
How to apply for a Subprime loan
- Applying for a subprime vehicle loan is much the same as a standard vehicle loan. In this sense, our customers are required to provide relevant documentation such as government issued identification (drivers license and social insurance information) employment details, banking records, and the actual finance application.
- Our trained credit specialists work alongside several financial institutions to provide a quick and easy application submission. Having had time to fully check every aspect of the application, the lender will decide on the eligibility of an applicant for the vehicle loan.
How to calculate a realistic repayment structure?
- Arriving at a meeting having done no research or planning will have one result – failure! At Car Finance BC in Burnaby we provide our customers with a clear understanding of all obligations and requirements for car loan payments – moving forward.
Choosing an institution or car dealership for a car loan
- Reputable car dealerships are just as trustworthy or reliable as a financial institution, but the one you decide upon will often come down to which one offers the most suitable requirements.
The best approach for customers with less than favourable credit?
- With all of the above in mind, the best way to approach a car loan with any provider is to act with honesty, transparency and good faith. Car Finance BC works closely with all our client’s to ensure they receive the vehicle they want… the vehicle they deserve (at a price which is most economical to our customers).
Which financial institutions and lenders do you work with?
- At Car Finance BC we work alongside a variety of leading financial and vehicle loan lending institutions to help deliver the best rates and terms for all our customers, each time …everytime!
- Toronto Dominion Bank – www.td.com
- Royal Bank of Canada – www.rbcroyalbank.com
- Bank of Montreal – www.bmo.com
- Scotiabank Bank of Canada – www.scotiabank.com
- Canadian Imperial Bank of Commerce (CIBC) – www.cibc.com
- Auto Capital Canada (ACC) – www.autocapitalcanada.ca
- First Access Funding Corp – www.afcorp.ca
- Eden Park Vehicle Financing – www.edenparkcanada.com
- Carfinco – www.carfinco.com …and more!
We’re committed to help you drive the vehicle you want, the vehicle you deserve!
Our trained credit specialists work alongside numerous financial institutions to provide you with the most favourable terms and repayment options – best suited to your circumstances! Learn more about our Fast Approvals and 99% Acceptance Rates (no matter your current credit status!) or complete our quick and easy credit application today!