How to Get Approved for a Car Loan in B.C.

Buying a car is an exciting milestone! We understand that the loan process can sometimes feel a bit overwhelming or confusing. Whether it’s your first time purchasing a vehicle, you’re new to Canada, or your credit isn’t perfect, rest assured that getting approved for a car loan in B.C. is more manageable than you might expect.

At Go Auto, our goal is to make this journey as smooth and stress-free as possible, so you can enjoy the exciting part of your new car ownership.

Here’s a simple step-by-step guide to getting approved

1. Know your credit score

Your credit score helps lenders understand how reliable you are when it comes to paying bills. Even if your score is low or you don’t have a credit history, don’t worry, Go Auto offers flexible financing options that can work for you.

Please note, this information will help us find the best financing options for you, and rest assured, it will never be shared without your permission.

2. Get your documents ready

Before applying, you’ll need to gather a few essential documents:

• Proof of income like pay stubs or tax returns if you’re self-employed
• A piece of ID such as your driver’s license or passport
• Proof of your address, like a utility bill
• A down payment - usually between 5 and 20 percent of the car’s price

3. Apply for pre-approval

This is a quick way to find out how much you can borrow and helps you shop with confidence. You can apply online easily through Go Auto.

4. Choose your ride

Here's where it gets really exciting! Once you’re pre-approved, browse Go Auto’s large selection of quality vehicles across B.C. and find the one that fits your needs and budget.

5. Finalize your loan with Go Auto

A Go Auto finance expert will guide you through the final steps and clearly explain your loan details, making sure you're fully informed and comfortable every step of the way.

So, what do lenders typically look for?

When applying for a loan, lenders evaluate several key factors to determine your borrowing risk.

• Your credit score and payment history
• A steady job and reliable income
• How much debt you already have
• The size of your down payment.

Important things to keep in mind in B.C.

• You must have basic car insurance through ICBC before you drive your car
• Be ready to pay provincial sales tax (PST) and other fees
• Go Auto offers in-house financing options for people with bad or no credit

Tips to make getting approved easier

• Check your credit report and fix any mistakes
• Save some money for a down payment
• Keep your job steady
• Avoid taking on new debt right before applying
• Be honest and upfront when you fill out your application

Go Auto is here to help you every step of the way

Even if your credit isn’t perfect or you’re self-employed, Go Auto is here to help! We team up with many lenders to find the best loan tailored to your needs. Ultimately, our goal is to help you get approved smoothly so you can enjoy your time on the road sooner.

Ready to get started?

• Use our finance calculator to estimate your monthly payments
• Check out our car inventory to find your perfect ride
• Contact us anytime if you have questions