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Credit FAQ
Q: Are there minimum requirements for an auto-loan?A: Yes there is, however each situation is different and the requirements change constantly depending on the situation. Basic requirements are that you make money in some way, that you are landed in Canada, and at least a G2 drivers permit. Q: What Interest rate will I be at? A: It really depends on YOU and your credit situation, but we offer as low as starting at 0% and all the way up to 31.99% for last chance financing. We will fight and make the banks compete against each other for your best interest rate possible, but we will not know until YOU apply! Q: Do I need money down? A: Not at all, but in some cases as little as $100 down could make the difference between a decline, approval or a better rate. Our team will offer you options for your future. Q: Will I need a co-signer? A: No, but your income has to be able to support a payment. This issue sometimes happens when large ticket items such as a mortgage is attached to a single person, but can be dealt with. Q: I get paid under-the-table can I still get an auto-loan? A: YES! Q: I have been bankrupt once or are going bankrupt can I still get an auto-loan? A: YES! In fact we can get you financed even if you have not been discharged. If you have been bankrupt twice there is nothing we can do for you now or in the future. Q: How is a Credit Mechanics loan different from revolving credit such as a credit card? A: Credit Card companies only report when you miss a payment. The banks that we use report every time you make a payment on-time with a ‘checkmark’ on your record. 8-12 check marks in row (monthly payment option) and your back in the good books! Q: Do your vehicles come with warranty? A: Yes ALL vehicles come with a 1year GM Factory Warranty so you can expect none of the unexpected Q: What do I need to apply? A: Just your S.I.N number, it is really easy! Q: I am self-employed do I still qualify? A: Yes you do! There are a couple things we need such as a Statement of Business Activates but your accountant should already have one! |
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