Are you thinking about financing a car but are unsure of how the process works?

Auto Loans Canada answers the most frequently asked questions regarding auto loan application and processing.

Frequently Asked Questions

  1. How do I know if I can qualify for a loan to purchase a vehicle?
  2. Does buying a pre-owned vehicle help me re-establish my credit?
  3. Are there any hidden fees or service charges for applying?
  4. How long will the loan process take?
  5. How long do I have to wait before I can drive my newly financed car?
  6. Can Auto Loans Canada help me with my vehicle search?
  7. How do I know which car to finance?
  8. Do I have to know exactly which car I want to finance?
  9. How do I get pre-approved for a car loan?
  10. Is my privacy protected?
  11. Why do I need to provide my Social Insurance Number when applying?

  1. How do I know if I can qualify for a loan to purchase a vehicle?
    If you have a job that can be verified and have not applied for bankruptcy, then your car loan application is virtually approved.
  2. Does buying a pre-owned vehicle help me re-establish my credit?
    Yes, when checking with the credit bureau, many lending institutions look at auto loans closer than any other type of loans (other than home loans) to verify your credit standing. Getting a car loan and making regular payments on time will significantly affect your credit rating in a positive way. The regular and timely repayments made towards your loan will be taken into consideration when you request a report.
  3. Are there any hidden fees or service charges for applying?
    There is absolutely no cost to filling out the application and is absolutely risk-free to apply.
  4. How long will the loan process take?
    Once you have applied on-line or by phone, applicants are generally contacted within a few hours after the application is submitted.
  5. How long do I have to wait before I can drive my newly financed car?
    Depending on your credit situation we have the ability to get you behind the wheel and driving away in your car, the same day you apply!
  6. Can Auto Loans Canada help me with my vehicle search?
    Yes! Using our vast network of dealers trusted across Canada, we can help you get your dream car along with the best financing rates.Use the Find Me A Car option and let us know which one you want and we will get you the best deal.
  7. How do I know which car to finance?
    If you’re unsure of which car you will be approved for financing then you have come to the right place. We at Auto Loans Canada will get you pre-approved for financing, this allows you to know which financing program is best suited for you. When you get pre-approved you will know what your lending budget is and the interest rates based on your individual credit situation.
  8. How do I get pre-approved for a car loan?
    Simply Apply On-line or call us at 1-866-611-5649 with your provided information we will get you pre-approved for the best rates allowed possible.
  9. Is my privacy protected?
    Absolutely! We understand that privacy concerns are crucial when it comes to the use of your personal information. Which is why, above all we can confidently assure you that we are committed to protecting your personal information at all times.Please read our privacy policy for additional information on how we protect you.
  10. Why do I need to provide my Social Insurance Number (SIN)?
    Your social insurance number (SIN) is required for the lender to be able to perform a credit check in order to determine which type of financing program you qualify for. This information is used only for the purpose of determining a credit score for the applicant, and is not used for any other purpose or shared with any third parties other than the lender that your profile is assigned to.If you still have questions or are unsure of something, give us a call and one of our auto loan specialists will be happy to answer any questions and concerns you may have.