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Frequently Asked Questions

Frequently Asked Questions2023-01-06T12:22:59-05:00

Common Questions About Auto Finance

Below is a list of our most frequently asked questions about car loans and credit. If you still have questions after reading our FAQ please do not hesitate to contact us today!

Why finance with Auto Acceptance?2022-10-04T08:44:21-04:00

The Car Loans Canada finance process is fast, competitive, and features offers tailored for specific customer needs.

Can I apply for credit online?2022-10-04T08:43:44-04:00

You can apply for online car financing at Car Loans Canada. Use one of our easy to fill credit applications. Apply now, chat with us or simply call us to get more details about online car loan services.

How much can I borrow for a car loan?2022-10-04T08:38:01-04:00

The amount a bank will finance is dependent on the book value. Banks in Canada use Canadian Black Book to determine the car’s value.

What is the best way to build your credit history?2022-10-04T08:48:55-04:00

One of the best way to build a credit history is to apply for a credit card or finance a car and make the payments on time.

Is credit score the only factor a lendor will look at in order to lend you money?2022-10-04T08:45:29-04:00

It is an important factor but not the only one. They also look at your income, job, assets and costs.

Can checking my credit report to approve my car loan application affect my score?2022-10-04T08:50:02-04:00

Checking your credit report in order to approve you for a car loan does not affect your credit score and is considered a “Soft hit”.

Can I pay off a car loan early?2022-10-04T08:38:34-04:00

Yes, in Canada most car loans are open-ended. This means that you can pay off your loan early without any penalties.

Can I get a car loan if I’m self-employed?2022-10-04T08:39:10-04:00

Yes, you can get a car loan. Here are some things you can do to help secure a car loan approval if you are self-employed.

How are auto finance decisions made?2022-10-04T08:40:15-04:00

Financial institutions typically take four major factors into account:

  1. Down Payment
  2. Vehicle specifics (model, style, age, mileage, and cost)
  3. Application information such as income, time at current job, and time at residence
  4. Credit history
Can I apply with bad credit?2022-10-04T08:40:56-04:00

Over 50% of our approvals are for Canadians with less than perfect credit. Get pre-approved for bad credit car loans in minutes!

I have excellent credit, what can Auto Acceptance do for me?2022-10-04T08:41:43-04:00

We offer you highly competitive terms, reduced time and effort, and a transparent transaction.

What is the interest rate on a car loan?2022-10-04T08:42:25-04:00

The interest rate is the amount of money a lender would charge you to lend money. Depending on your credit, interest rates in Canada can range anywhere from 0% to 29.99%. If a lender believes that the loan is a higher risk, they would charge a higher interest rate. It is important to maintain a strong credit profile to avoid this.

Abe Bernard
Abe Bernard

Auto Finance Expert

All Credit Types Approved!