What is a Car Loan?
- Car loans are different from lines of credit, and they are designed to help you make set monthly payments to pay off your car in as little as 12 months, or as long as 96 months.
- Car loans have the second lowest interest cost among consumer credit options- way lower than unsecured lines of credit or credit cards, and the only loans with lower interest rates are mortgages and HLOCs tied to a mortgage. (Rates vary for all products based on individual’s credit and payment history.)
- Car loans help car buyers buy the vehicle they need regardless of whether or not they own a home or have a line of credit with a bank.
Who Can Apply for a Car Loan?
Anyone buying a used car at One Price can apply for a car loan at the time of their purchase:
- Homeowners with excellent credit may qualify for special incentive rates, without having to use funds from their line of credit.
- First time buyers can apply, helping to build a credit rating and get a good credit score by making regular payments.
- Self employed buyers can apply, even if they earn cash
- New to Canada buyers can apply, whether on a Work Permit, a Student or a new Permanent Resident in Canada.
- Buyers with credit problems, past bad credit, previous or current bankruptcy or proposal.
- Buyers with no credit, or new to credit
What Should I Expect When I Apply for a Car Loan?
- Our Financial Services Manager will ask questions on behalf of the bank to understand your income and credit history. These are experienced, licensed professionals who are bound by all privacy as well as automotive and ethics laws.
- We will apply for a loan with the bank that has the best program and rate for your credit profile.
- We work with the bank to get the best rate and payment for your needs.
- You can get your loan with no down payment. In some cases, the bank may ask you to put some money down upfront.
- We can get the loan application approved in just minutes, using a secure online site to access any bank or finance company we connect with, in live time.