Applying for a car loan isn’t complicated. In fact, the entire process of buying a new car is easy, if you have all the information at your fingertips.
That’s why we covered the basics for you.
- How to Budget For a New Car
- How Are Car Loan Interest Rates Determined?
- Who Qualifies For a Car Loan?
- Can Financing a Vehicle Improve My Credit Rating?
- How is My Credit Score Calculated?
Today, we’ll explain the financing process. We’ll cover everything you need to know before you apply and what to do once you’ve been approved.
The Vehicle Financing Process
After you’ve chosen a vehicle, your next step will be to apply for financing. You’ll need the following pieces of information:
- Your name
- Date of birth
- Current address
- Employer and income level.
Next, lenders will combine this information with a couple of other factors. This includes:
- Employment history and income
- Monthly expenses
- Outstanding debt/bankruptcy
- Credit score
- Down payment
Keep in mind, a person’s financial situation is rarely perfect. Most people have a certain amount of debt, be it student loans, credit cards or other lines of credit. Most of us have changed jobs at least once in our professional lives and rarely does a credit score sit at a perfect 900. If you feel like you might not qualify, apply anyways. There are solutions for almost every financial situation.
Go Auto is the biggest automotive group in Canada. We deal with a long list of financial institutions in order to find the best possible financing solution for our customers. We also provide in-house financing, which means it’s very likely we can find a way to approve you.
How Long Does it Take to Get Approved?
If you have excellent credit, the process is fairly easy. All you need to do is fill out our basic credit application and you could be approved right away. Sometimes it only takes a day.
If you have bad credit, the process can take a little bit longer. If your credit application is challenged, you might be asked to provide things like proof of employment and income, proof of residence, proof of past financial indiscretions settled, etc…
It’s all about finding the best car loan, tailored to your specific needs, at a rate you can afford. If you’ve heard bad credit means you can’t finance a vehicle, it’s simply not true. There are options for all kinds of financial situations. Finally, if you choose to finance through Go Auto, your information stays 100% confidential.
Now that you’ve got all the information, we think you’re ready to apply. Good luck!