Frequently Asked Car Loan Questions & Answers
Financing a car isn’t always the simplest process but at Get Approved Canada we do our best to make it easy for you. If you have questions regarding the car buying and loan process this page can help answer them for you!
What interest rate will I get?
When applying for an interest rate, the financial institution will look at the severity of credit problems, whether or not you may have a down payment or a trade vehicle. Our experienced finance managers will fight to get you the best rate possible.
How long does the process take?
Depending on the financial institution, an approval will be received in a few minutes to an hour.
Will I be stuck with a high interest loan for the full term?
Absolutely not. If you make all of your payments on time, the bank will re-finance the loan at a lower rate after as little as ten months. They just want to see that you are making consistent payments.
What can help me get an approval on a loan?
The best way to get a guaranteed low rate would be a good credit co-signor. A co-signor is the best way to help you get a jump start to good credit again.
Do I have to put money down?
Of course not! Some of our customers wish to put nothing down on a loan, and the financial institutions are ok with that.