Tips for Getting Used Car Loans in Canada
Know Where to Look:
Your Bank: Most people don’t know where to get started when looking for used car loans. The best place to start is typically the bank that you already deal with. They have the most history on you and may be able to get you a loan that another major bank wouldn’t be able to do. That being said, if they say “no” you should find out why and see if it’s something that can be overcome somewhere else.
A Dealership: this would only apply if you were purchasing a vehicle at the dealership. They will sometimes have access to options that don’t exist at your bank and be able to use several different sources all at once to get you approved.
Canada Drives: We work with customers who have bad credit or no credit and help them get both a used car loan as well as a used vehicle. We have approval centres Canada-wide who can assist in getting you the best approval possible and finding a vehicle and a payment that fits your lifestyle.