Getting auto credit as a Canadian can be a confusing affair so we’ll try to explain to make it a little easier for you:
Auto Credit is when you get approved for financing (car loan) for the purpose of purchasing a new or used vehicle.
Typically, auto credit is obtained at a person’s local bank or through a dealership or online retailer. There are quite often restrictions on the vehicle you are purchasing when you get auto credit from your bank. The bank wants to make sure that the vehicle you are buying has a value close to the value of the loan. Unfortunately, these institutions often will not approve your auto credit application if your credit score is low.
When you apply for auto credit at a dealership, your dealer usually won't attempt to organize auto credit until you have found a vehicle you want. But this step-by-step process is time-consuming and wracked with inefficiencies — nobody likes to waste their weekend in a finance office!
Canada Drives works with Canadians who have either bad credit, good credit, or no credit. With our 100% online showroom, flexible financing options, and hundreds of certified cars, trucks, SUVs and minivans, getting approved for a vehicle you love has never been easier!
Visit Canada Drives today to discover some of the best car deals in the True North.