Consumer Auto Canada will find you the best rate on your next car loan.
We compare rates from the big banks and credit unions, then help you find the loan you need at the lowest available rate.
Here’s How We Can Help You
- Flexible payment options: choose a plan that works for you; weekly, biweekly, or monthly.
- Early payoff: You can make extra payments or pay off the loan early without penalty.
- Low on cash? We even have $0 down options for your loan.
Auto Financing Made Easy
We want this process to be as stress-free as possible. Here’s how it works:
Whether you have perfect credit, credit blemishes, or even bankruptcies, we’ll work hard to get you the best loan at the lowest rate.
Complete our application, and we’ll contact you to make recommendations based on your circumstances and needs. Then, we can find a solution that works for you and that you can afford!
How an Auto Loan Works:
There are only a few basic factors that affect auto loans. Let’s briefly cover them to give you a better grasp of the process.
- The Vehicle. Once you’ve settled on a car you’d like to own, determine the amount of the price you need to finance. (Total price minus how much you intend to put up as a down payment.) Include taxes, accessories, repairs, and any additional fees. Note: Auto loans in Canada must be backed by collateral. In some cases, the collateral may be the vehicle itself. So, along with your financial situation, the type and value of the vehicle you wish to purchase may impact the loan details.
- Term of the Loan. This is the total length of time over which you will pay for the car. Most auto loans range from 12 to 96 months; 60 to 72-month loans are the most common.
- The Interest Rate. The interest is the cost of borrowing money to buy the car and is divided among the payments. The Bill of Sale will state the interest rate as well as the total amount of interest to be paid over the length of the loan.
What You Need to Qualify
Here are the items needed to qualify for an auto loan, so gather these when you begin shopping for your next vehicle.
- A Valid Driver’s License with your current address.
- Home Address Verification. You’ll need a recent bill or a second piece of identification to verify your Canadian address.
- Proof of Income. Please be prepared to submit proof of income from employment, pension, disability, or other sources.
- Banking Details. You will need to provide a void cheque or pre-authorized payment form from your bank in order to set up a payment schedule.
Contact Us Today
Now that you know the basics, you can begin the search for your next car. But, don’t try to go it alone. Let us help you get the best rates and the most car for your money!