Get financing in simple steps
If you need a car but don’t have the money to pay for it in cash, there are options available to you: financing or leasing.
Calculate your budget
Use our online calculator to find the best option for your situation.
Check your eligibility
Your credit score has an impact on your interest rate. Check your status with no impact on your score! We offer financing options for all credit situations.
What do I need to
Employment & income
Typically, you need to be at your current job for three or more months and make at least $1,800/month. Other forms of income (certain types of government assistance) may also be accepted.
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.
It is necessary to have a valid driver’s license and be the age of majority in the province that you live in.
To complete your loan documents, you must provide the lender with your current address details, including your monthly rent or mortgage payment.
Lenders want 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.
You will be required to provide your full name, date of birth, phone number and email address to apply for a car loan.
Finance vs. lease?
When deciding on financing versus leasing, what's right for one person can be totally wrong for another.
What should I bring to my finance appointment?
You should bring:
- A valid government-issued driver’s license
- Your last paystub
- A void cheque
Depending on the specifics of your purchase, you may be required to bring additional information. For a complete list of what you’ll need to buy or trade in a vehicle with Go Auto, call the dealership ahead of time and speak with a Sales Consultant.
What is a credit score?
Your credit score helps financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it is 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.
How is my credit score calculated?
Your credit score is a number that ranges from about 350 to 850. In general, the higher the number, the more likely you are to get approved for a car loan. The systems that generate your credit score look at your credit report and take several factors into account, including:
- The timeliness of your payments, including late payments
- The amount and type of debt you have
- The number and age of your credit accounts
- Inquiries created by applying for credit
- Public records such as liens and judgments
How are my car payments calculated?
Once you’re approved for a car loan, three factors will affect your monthly payment (in order of importance):
- Amount financed
- Term or length of the contract
- Annual Percentage Rate (APR)
We offer competitive rates from various finance companies to fit nearly every budget and credit profile. You can learn more about your personal finance options at any Go Auto dealership.
What do I need to get approved for a car loan?
Four main factors determine whether you get approved for a car loan:
- The Vehicle You’re Buying: cost, age, and mileage
- Customer Information: employment history, residence, and income
- Customer Credit History: your credit score, debts, past payment history, etc.
- Down Payment: includes cash down payment and trade-in equity
For the best chance of approval, and the lowest monthly payment possible, try to select a vehicle that fits your budget. Also, provide as large of a down payment as you can.
How do I budget for car payments?
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.
Can I qualify for financing on my first vehicle?
Of course. 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 the finance company. Check with a finance professional at any of our Go Auto dealerships for more information.
What lending institutions are available for financing?
Our extensive list of lending institutions includes:
- Alberta Treasury Branch
- Bank of Montreal
- Bank West
- Chrysler Financial
- Dominion Leasing
- Financial Linx
- First Calgary Savings
- Ford Credit
- Go Finance
- Royal Bank
- Scotia Bank
- Scotia Dealer Advantage
- Servus Credit Union
- TD Canada Trust
- WS Leasing