FAQs

Do you sell cars as well as finance them?

Yes. We carry an inventory of approximately 150 premium pre-owned models in the Edmonton area. Be sure to check out our specials and our featured vehicles. If you have a specific model in mind, give our Sales team a call at (888) 884-7981.

Does your "buy here, pay here" financing model offer advantages over a bank?

Yes. Banks frequently have much stricter lending requirements. Since we lend our own money and we want to sell you a car from our inventory, we can be more flexible about payment plans and credit requirements. We can often offer lower interest rates than banks and other financial institutions.

Is there a fee to apply?

No, and in fact one of our finance specialist will be happy to give you a free consultation to advise you on your next steps in the finance process. Usually we can work out a solution to get you into the vehicle you need.

What documents do I need?

To get started, you can choose the option of our online credit application. For this, you'll need your social insurance number, employment information (including your employer's address and your gross and net salary), your banking information, and (if applicable) your co-applicant's name, birthdate, social insurance number, and contact info. When you come in to our office, you'll need your driver's license. We'll request any other documentation you might need.

If I apply through a bank, what documents do I need?

Banks often have more stringent requirements than we do and may request to see verification of your monthly housing costs, your current and previous addresses, and other documents.

Do you have finance specials?

Sometimes. Click here to see if we have any finance specials right now.

Will applying for auto finance hurt my credit?

Some lenders submit your application to several banks when you apply, and that shows up as multiple credit inquiries on your credit report, which could lower your credit rating. We don't do that, since we make in-house loans and only need to pull your credit once.

What if I have bad credit or I've been denied an auto loan elsewhere?

We understand that economic uncertainty has left many people in Alberta with unexpected credit problems. We specialize in helping people with credit issues, and we'll work with you to understand your situation and get you into a loan that works for you.

How will my payment be calculated?

The size of your payment depends on the amount financed, the length of the payment term, and the interest rate. You can estimate your payments before you shop, using our online payment calculator.

How does the length of the loan affect payment?

Generally a longer loan means smaller monthly or bi-weekly payments. However, bear in mind that you'll pay more interest over the length of the loan if you take out a longer loan, so you would end up paying more in the long run. It might be worth making larger payments on a shorter loan, if the payments fit your budget.

How To Get Lower Interest Rates On Auto Loans?

Most people are aware of the generalized statements made about lowering automotive loan interest rates. We know that having good credit, having a large down payment, and pre-qualifying for a loan before purchase can all lead to lower interest rates. What most do not know is how these apply, exactly, to a vehicle purchase.

How does one ensure having good credit numbers?

Many things go into having good credit numbers (scores). Having good credit is about checking, paying attention to, and fostering good credit and credit habits. Whole volumes have been written on the subject and good financial counseling is key for long-term fiscal health. 

And what are good credit numbers?

Credit companies and lenders use scores to evaluate the credit worthiness of a potential client. Generally, a good banking history and a history of successful loans with good payment histories is the basis for good credit. A score of 650 or better is enough credit to qualify for most auto loans. 

How much is a "large down payment," exactly?

The usefulness of a down payment is gauged by percentage of purchase as well as what fees and costs it will cover. An auto credit loan on a vehicle worth $20,000 might have an addition $3,000 or more in fees associated with it. These are unavoidable government taxes, fees, as well as other costs incurred by the lender and dealership. Most fees are non-negotiable, though some dealership fees may be bargained.  

In general terms, those in the auto loan industry consider any amount higher than 15-20 percent of the loan to be a "large" down payment. Some calculators include the trade-in value of a vehicle as well as the cash down payment to be one and the same for loan calculation purposes. For a purchase of $23,000, as used above, a down payment of $4,000 or more would be considered better than average.

Will I Get Approved For An Auto Loan?

One sure way to be sure you'll be able to secure a loan for a purchase is to pre-qualify for one. The prequalification process goes through the standard loan process, including credit checks, and gives the buyer a set budget for the purchase. It's important to remember that the loan you've pre-qualified for is the maximum total amount you can spend, including fees and other items, to purchase a vehicle. So do not shop by sticker price assuming that if you pre-qualified for $30,000, you'll be able to buy a $30,000 car off the lot unless you have cash on hand to cover the difference when fees and taxes are added to the purchase. 

If you are pre-approved, you are ready to purchase. If, during the pre-approval process, you are unable to secure a loan to your liking, you then have the freedom to reject, renegotiate, or find out what needs to improve in order to get what you want.

How To Qualify for An Auto Loan?

The general plan for loan qualification is to have all of the items necessary for the purchase of the car. You should have your down payment, trade-in, best available credit, a co-signer (if needed), and other items all ready to go. Checking your credit on your own can help, but doing so through a potential auto loan or dealership pre-qualification process can be better as it does not "double-ding" your credit with checks.

Many car buyers are unprepared for the process and how time-consuming and information-heavy it can be. Having your budget, purchase needs, and down payment ready to go is a big help. Knowing what you can spend (either per week, per month, or in total) and what you need for that money being spent is a big step forward. Many buyers enter the dealership with only vague ideas of the answers to those two questions.

You will get approved for an auto loan if you have everything prepared and have done your homework before shopping for a car. You'll likely already know if you qualify for an auto loan before even asking for one.