Car Financing Frequently Asked Questions
Your personal finance problems solved. The financing of a new or used car can be really difficult. However, with Go Auto, it's never been easier!
We're here to help you through the entire process, from top to bottom. If you ever need help with your finance situation, or if you're ready to start a new one, fill out our credit application or give us a call at 780.777.7777.
- I have excellent credit, what can Go Auto do for me?
- I have had credit problems, what can Go Auto do for me?
- Can I qualify for financing if this is my first vehicle purchase?
- What finance rate can I get?
- What factors impact monthly payment?
- How much should I budget for my car payment?
- What documents should I bring?
The Go Auto finance process is fast, competitive, and features offers tailored for specific customer needs.
The finance process at Go Auto is simple: select a vehicle that meets your needs, submit a credit application with the help of a sales consultant, and, if approved, decide which finance offer suits you best.
Go Auto offers financing through our in-house finance company, Go Auto Finance, and other world-class financial institutions with customized offers tailored specifically to Go Auto customers.Our extensive list of lending institutions includes:
• Bank of Montreal
• Bank West
• Chrysler Financial
• Ford Credit
• First Calgary Savings
• Scotia Bank
• Scotia Dealer Advantage
• Servus Credit Union
• WS Leasing
• Dominion Leasing
You can apply for financing online at GoAuto.ca or at any one of our dealership websites. Request financing information by clicking the link found on any vehicle listing, fill out an application form on one of our finance pages, or simply call a representative at any Go Auto dealership.
Financial institutions typically take four major factors into account:
- Down Payment
- Vehicle specifics (model, style, age, mileage, and cost)
- Application information such as income, time at current job, and time at residence
- Credit history
Your credit score is designed to help financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it's meant to forecast how (and if) you will pay your bills.
The higher your credit score, the greater your chance of receiving a better financing offer from Go Auto. Four contributors to your credit score are:
- Timeliness of previous and current payments
- The length of your credit history
- The type and amount of your debts
- Your public records
The major credit-reporting agencies below can provide you with information about your credit history. Both can provide you with a copy of your credit report, which includes your credit score. Contact them via the Internet or call toll free:
Toll-free number: 1-800-465-7166
Toll-free number: 1-800-663-9980
We offer you highly competitive terms, reduced time and effort, and a transparent transaction.
Our finance sources provide offers to accommodate most credit profiles. Even with past problems, you will still get the credit you need, the car you want, and respect you deserve as a Go Auto customer.
Many Go Auto customers qualify for financing on their first vehicle purchase. If a normal credit determination cannot be made based on your current credit history, you may still qualify for other programs, like those for recent college graduates. Stipulations for college students vary by finance company. Check with a finance professional at any of our Go Auto dealerships for more information.
Your past credit history, the type of car you're buying, your down payment, and overall market conditions will all affect the finance rate for which you can qualify.
We offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile. You can learn more about your personal finance options at any Go Auto dealership.
Down payment, the amount financed, term (length of contract), and annual percentage rate (the yearly cost of a loan) all affect the monthly payment.
The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment. For example, if you make $2,000 a month you should spend no more than $300 on your car payment.
All buyers should bring a valid government-issued drivers license, a current pay stub, and a void cheque. Because different financing companies may require additional documentation, you may want to contact a Sales Consultant for a complete list of what you'll need to buy a car from Go Auto.
If you also intend to sell a vehicle to Go Auto, please contact a Sales Consultant for a complete list of what you'll need.