FAQ

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 if you are not currently involved in a bankruptcy, there is a good chance that your loan will be approved.

Does buying a pre-owned vehicle really help me re-establish my credit?

Yes. When checking with the credit bureau, many lending institutions look at automobile loans closer than any other type of loan ( other than home loans ) to verify your credit standing.
Secured credit cards are no help at all - you are really borrowing your own money with the glory of having a piece of plastic in your wallet. Buying a car from a “buy here, pay here” lot that does not report to the credit reporting agency is simply not very smart because it does not help your credit record at all.

Are there any hidden fees or service charges associated with submitting a credit application?

There is absolutely no cost to fill out an application. You can fill out an application without paying or risking anything.

How long will the loan process take?

Most customers are contacted within a few hours after receiving the application.

Why do you need my social insurance number?

Your social insurance number is required for the lender to be able to perform a credit check in order to determine what type of financing you qualify for. This information is used only for the purpose of determining a credit score for the applicant, and as outlined in our privacy policy, is not used for any other purpose or shared with any third parties other than the lender that your profile is assigned to.

How do I choose between a loan or a lease?

When you obtain a loan, your down payment and monthly payments go toward the total purchase price of the vehicle. When the term of the loan is complete and the loan is paid in full, you own the vehicle. With a lease, you make monthly payments for the term of that lease. Once the term of the lease is complete, the vehicle is returned to the lessor.

What is the difference between a loan and a lease?

The correct financing option largely depends on three factors: what you want to drive,how much you plan to drive it, and how long you want to keep it. It might be preferable to lease rather than obtain a loan if:
• You want the better vehicle for your monthly payment.
• You drive less than 24,000 Km per year.
• You prefer to trade in your car every four years or less.
• Owning a car is outright not important to you.

If these considerations do not apply to you, it might be better for you to get a loan if:
• You want your monthly payment to apply to ownership.
• You plan to enjoy your vehicle for a long time.
• You want to customize your vehicle.
• You want the maximum flexibility regarding the number of Km you drive.
• You want control of the length if time the vehicle is in your posession

Typically, monthly payments on a lease are significantly lower than if you obtain a loan while borrowers enjoy a greater flexibility in terms if ownership.

How do I make my down payment?

You can use a credit card, money order, certified cheque or bank draft, or cash.

Can I include taxes, registration, extended service contracts, credit insurance and accessories in the amount that I finance or lease?

Yes. Taxes and registration can be included, and in addition, if you are interested in one of our products and would like to include its cost in your finance option, just ask one of our finance representatives to arrange that for you.

What is the advantage of a loan over a lease?

The greatest advantage of financing over leasing is the freedom to do whatever you wish with the vehicle. With no restrictions on mileage or customization, you are totally free to add premium audio equipment, customized paint, accessorize the power-train, and fix ( or not fix ) any mechanical or body problems you may encounter.