Are you a Canadian resident? If you need to finance a car, you have come to the right place. Car Loans of Canada is the premier source for car loans in Canada. From Quebec to British Columbia, we have the largest network of Canadian auto lenders and dealers on the market. Our service is fast, safe, and free.
Car Loans of Canada – We’re Different
Getting you approved with as little hassle as possible – that’s our mission. In pursuit of this, we’ve developed an advanced application placement system (APS) for Canadian credit applicants. This credit application is designed to require as little personal information as possible while still satisfying our lender criteria.
How Much You Can Finance?
As you know, Canadian banks have strict guidelines when it comes to mortgage lending. For instance, your monthly payment cannot be more than 32 per cent of your monthly income. There are similar guidelines when it comes to Canadian auto loans – at least when you apply through us. For instance, your monthly income must be at least 10% of your loan amount. For instance, if you earn $3000 per month, you cannot finance more than $30,000. Additionally, the auto loan payment you make each month must be no more than 10 per cent of your monthly income. Again assuming an income of $3000 per month, your monthly payment could be no more than $300. These guidelines protect your financial future.
What if I Have Imperfect Credit?
If so, you’re not alone. The average Canadian has 3 credit cards, and nearly half of Canadians (47%) spend more per year than they earn before taxes (source: cbc.ca). That means many Canadian residents are struggling with bad credit. Fortunately, we work with plenty of lenders that approve auto loans for Canadians with bad credit. In fact, there is no minimum credit score. All you have to do is apply!
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