How do I qualify for a car loan in Brampton?
As long as you meet these key requirements, you can get approved for a car loan in Brampton through our site:
- You must be a resident of Canada
- Be a fully licensed driver
- Be 18 years of age or older
- Be employed and earning at least $1,500 per month
I just moved to Brampton from another country. Can I get a car loan?
Yes. We’ll help you get a car loan even if you don’t have a Canadian credit history. Just make sure you meet our lending requirements (see above), and we’ll set you up with vehicle financing from a dealer in our car loan network.
Do I need to provide any detailed personal information to apply for an auto loan?
No. We just need some basic contact information, as well as a few details on where you live and work. We do not require personal information like your social insurance number or credit history.
Why should I choose a shorter car loan?
By going with a shorter car loan term, your monthly payments will be higher, but the amount of interest you’ll be charged over the life of the loan will be far less.
Once I’m approved for a car loan, can I shop at multiple dealerships in Brampton and the GTA?
No. With our car loan service, you can only buy a vehicle from the dealership offering you the financing.
How do I know if I’m “buying too much car”?
The increasing popularity of longer auto loans is leading many Canadians to purchase more expensive vehicles. Longer loans result in lower monthly payments, which entices some buyers to spend more money on a vehicle than they otherwise would.
Here’s an example: the monthly payments on a $12,000, 36-month car loan would be roughly the same as on a $24,000, 72-month loan. What some buyers forget is that they’ll be paying off the more expensive vehicle for an additional 3 years, during which time they’ll still be charged interest and will need to pay for all the repairs and maintenance that older vehicles require.
We encourage car buyers in Brampton (and everywhere else) to follow this simple rule: if you can only afford the vehicle you’re interested in by taking a really long car loan term, then it’s probably too expensive.
How does my car loan term affect my payments?
As mentioned above, longer loan terms will mean smaller monthly payments, but the amount of interest you pay will be much higher. If you can get by with a shorter term, it’s a good idea to consider one. If you’re not able to afford a higher monthly payment, then a longer term will reduce the strain on your pocketbook from month to month.
Take a look at the graph below for a better understanding of how different loan lengths change your monthly payments.
Monthly payments on a $10,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|