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Understanding Car Loans

The Process of Finding a Car Loan Doesn’t Have to Be Confusing or Stressful. Give us a chance to explain this to you simply. Installments on vehicle credits are determined utilizing three factors:

Vital

The total cost of a vehicle including any charges that the bank or business may have for the vehicle advance and any choices or additional items you pick.

Term

The time period that installments will be made for. Commonly terms will run between three years and 72 months. Shorter or longer terms are also possible.

Loan fees

This is the rate that the loan lender charges for you to get the money you need. Financing costs can differ depending on the vehicle and the risk the lender sees in loaning you the money.

When you get a vehicle advance you are normally making installments back to a bank instead of to the vendor. That being said, a few businesses will offer in-house financing, which may enable a client with poor credit to get a car advance. In this case, the vehicle advance is done directly with the business or “in-house”.

 

My Auto Loan has joined forces with more than 350 of these vendors across Canada who offer extraordinary financing options. Through our broad network we can quickly connect you with a local vendor who can help you secure financing with no unexpected surprises. Begin by completing our application in minutes and get approved in as little as a couple of hours.

Apply for Your Car Loan

Your online application takes only 2 minutes to complete and we only ask for information we actually need.