The total cost of a vehicle including any fees that the lender or dealership may have for the car loan and any options or add-ons you choose.
The length of time that payments will be made for. Typically terms will run anywhere between 36 months and 72 months (shorter or longer terms are sometimes possible).
The percentage that the lender is charging for you to borrow money. Interest rates can vary depending on the vehicle, loan term and the borrower’s financial circumstances.
Typically you need to be at your current job for three or more months and make at least $1800/month. Other forms of income (certain types of government assistance) may also be accepted.
Although a down payment isn’t always necessary, it will often help. The less you have to finance, the more likely the lender will be to approve your car loan.
It is necessary to have a valid driver’s license and be the age of majority in the province that you live in. Lenders know that customers are more likely to pay back their car loan if they can legally drive.
In order to complete your loan documents you must provide the lender with your current address along with address details including your monthly rent or mortgage payment.
The lender wants to be able to take the payment out of your bank account each month. The easiest way to do this is to get a void cheque or stamped pre-authorized payment form.
You will be required to provide your full name, date of birth, phone number and email address to apply for a car loan.
