Majorly three components are used to calculate the payments on car loans

AutoFinancing has introduced the new patterns for canadians to buy vehicles. Our experts define the most authentic and reliable method for you to get the approval for financing process. This allows you to understand and shop the vehicle which suits your budget and affordability. So, eliminate the chances of rejection, and buy the vehicle with us which is matching your budget, without wasting your precious time.

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Principal

The total value of a vehicle in finance system also includes the fee which are defined by lenders or dealership for loan and the fee for the options and add-ons that are chosen by you while financing a vehicle
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Term

From 36 months to 72 months are commonly the time duration for vehicle finance. This term can be shorter or longer sometimes if possible.
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Interest Rates

Interest rates are defined as the percentage on the cost of vehicle which is charged to the borrower by the lender to borrow money. Interest rate is not a constant value but vary depending on the worth of vehicle, terms of loan and borrowers’ financial status.

What Do I Need?

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.

Apply for Your Car Loan

Your online application takes only 2 minutes to complete and we only ask for information we actually need.