Frequently Asked Questions about Ontario Car Loan Financing

Here are a few common questions we get. If you have any other questions, please feel free to use our contact form and we will strive to provide you with an answer as quickly as possible.

Question: What is the cost and what obligations will I have?
Answer: There is no cost, no risk, no obligation. Our service and expert guidance are free.

Question: Who should use AutoLoanOntario.com?
Answer: Our auto loan services are for anyone looking to purchase a new or used vehicle, regardless of credit history. If you have good credit, slow credit, no credit history, we can get you pre-approved for a used vehicle or brand new vehicle at a very competitive price and finance rate including 0% Financing on some models.

Question: Am I eligible if I have very bad credit?
Answer: We understand and respect your situation. Life is unpredictable and things sometimes happen beyond our control at that moment. Often these times can have a negative impact on your credit. Our goal is to repair your credit and get you back on the road.

Question: What if you can't approve my car loan?
Answer: If your credit situation prevents us from getting you approved (which is very rare), our lending specialists will explain what you need to do to get approved in the future.

Question: What if I've been turned down before at an Ontario car dealership?
Answer: Not all car dealers and lenders are the same! Don't give up, even if you've been refused elsewhere. With the volume of business we do and the large number of lenders (local and national) we deal with allows us to get auto loan approvals when others cannot.

Question: How do I qualify for auto financing?
Answer: To qualify, you must have job or some form of steady income, a minimal monthly income of $1800 before taxes are deducted and have a valid drivers license.

Question: What happens to my application?
Answer: When you submit your online application for an auto loan, we personally review it and then contact you to discuss your situation and financing options.

Question: How long does it take to get approved?
Answer: During regular business hours, we can typically have you loan pre-approval within a few hours. Under special circumstances we may need 24 hours to shop around for the best rates. From the time when we contact you with your pre-approved auto financing approval, all you need to do is get us a recent copy of a pay stub or bank statement to show proof of income. Once proof of employment is confirmed then you either visit the dealership to select and pick up your vehicle or arrange to have it delivered to you.

Question: How much will I qualify for?
Answer: Once you send in your credit application we can determine what amount you can qualify for.

Question: How much down payment will I need?
Answer: That will depend on what you would like your payment to be. The more money down the less your payment will be.

Question: Can I use my trade for a down payment?
Answer: Yes you can.

Question: I've had a repossession less than a year ago. Will I still qualify?
Answer: In many cases people have been qualified with repossessions on their record.

Question: I'm currently bankrupt. Will I still qualify?
Answer: If you are in a bankruptcy and not yet discharged we have a financing program in place for this. If you want to get a car loan after bankruptcy, we have several lenders who approve this situation.

Question: I've never had credit before. Will I still qualify?
Answer: In most cases people have been qualified for financing even though they have not yet established any credit.

Question: Will a Co-signer help?
Answer: Yes a co-signer can definitely help not only in the approval process, but if they have decent credit they will be able to help you qualify for a lower interest rate.

Question: What are the monthly payments?
Answer: Your monthly payment will depend on many different factors. Price of car, interest rate, length of loan, how much money is put down, etc...

Have more questions? Send us a question.