Whether you’re looking at your first vehicle purchase or have just decided to exercise your financing options on a vehicle purchase, buying a vehicle on credit can be a new experience.
What will you need to buy a vehicle on credit?
- To be currently employed (although not always necessary it is usually wanted because it shows you have the ability to pay back the loan).
- A valid driver’s license (sometimes you can get by with a “learners” or a “new driver’s license”, but you will definitely have to show at least some driver’s license to secure a vehicle).
- A down payment may be wanted, but not always necessary.
Where can I get a vehicle on credit?
One way is to go to your bank and see what they will give you for a loan and then go shopping privately for a vehicle. This may be a good option if you have a good working relationship with your bank and want to buy a vehicle privately. The downsides are that with private sales you have no guarantees about the vehicle you’re buying and banks can have tough approval conditions.
You can also go into any dealership and see what they are able to offer you. You may get lucky and find one that specializes in dealing with customers who are new to getting a vehicle on credit.
Apply Online with Canada Drives. We work across Canada and specialize in assisting customers with no credit, new to credit or even bad credit get a great vehicle, at great terms.