Need A Car Loan Or Lease?
Knowing what you can afford and will be approved for is important when buying a vehicle. We're here to help! We can guide you to the best solution, rates, and term for your new car. Complete a credit application in minutes & see what your payments will be.
Why Finance or Lease With Us?
- Save time with our virtual Finance & Protection Specialists
- Secure & Simple online application that only takes a couple of minutes to complete
- Free credit score check through Equifax
- Virtual credit approval & eSignature
- Financing options without a downpayment
- We work with all credit types
- Promotional financing offers
- Relationships with major Canadian banks to secure your best options
We Have Access To Dozens Of Financial Partners
See how much vehicle you can afford before you even pick one out. With 17 dealerships across Ontario, we maintain relationships with dozens of lenders and are able to secure the best terms and rates to finance your purchase regardless of your credit situation. Frequently, there are financial incentives available, including promotional interest rates, manufacturer rebates, and 0% financing (typically for new vehicles only). Curious what the difference is between financing and leasing? Click the button below.
Secure & Simple
Your Score, Your Rates
Estimate Your Payments
Receive a credit report in no time and calculate your expected monthly payments on the vehicles you are interested in. Know ahead of time what you can afford and what you will be approved for.
Virtual Credit Approval & eSignature
No Credit Or Not Enough Credit?
Ready to Get Started?
Frequently Asked Financing Questions
- Employment: Typically, a minimum of three months of current employment is required. Applicants must have a monthly income of at least $1,800.
- Other Income: Certain types of government assistance or additional sources of income may be accepted alongside employment income.
- Down Payment: While not always necessary, a down payment can increase the likelihood of loan approval. The less financing required, the better.
- Driver's License: A valid driver's license is necessary, and the applicant must be of legal age in their province of residence.
- Current Address: Providing the lender with current address details, including monthly rent or mortgage payment, is necessary for completing loan documents.
- Bank Account: Lenders prefer to set up automatic monthly payments. To facilitate this, applicants should provide a void cheque or pre-authorized payment form.
- Contact Details: Applicants must provide their full name, date of birth, phone number, and email address when applying for a car loan.
If your credit score is 660 or higher (with 900 being a perfect score), that means your credit range is somewhere between good and excellent. You will likely qualify for auto financing at the dealership’s published rate.
If your credit score is below 660 (with 300 being the lowest), you may be quoted a higher interest rate. This is because lenders will see you as a risk. Speak to one of our CarloanIQ credit specialists for more details
Often used cars seem attractive because of their lower prices, but you will likely have to finance one at a higher interest rate. Manufacturers often incentive the rates on new vehicles, sometimes as low as 0%. Ask your VIP Concierge to compare payment options on new versus used.
- Valid government-issued driver's license
- Last paystub
- Void cheque
- Note: Additional information may be required based on the specifics of your purchase.
- Timeliness of payments
- Amount and type of debt
- Number and age of credit accounts
- Inquiries from credit applications
- Public records such as liens
- Amount financed
- Term or length of the contract
- Annual Percentage Rate (APR)
- Vehicle details (cost, age, mileage)
- Customer information
- Customer credit history
- Down payment
Income Rule of Thumb: Spend no more than 15% of your gross monthly income on your car payment.
- Qualification for Financing: Many first-time vehicle buyers can qualify for financing.
- Different programs are available, including options for recent college graduates.
- Stipulations vary by finance company.
- Contact a Finance Professional at a AutoIQ for more information