I was employed in the energy sector, but I lost my job and now I have a bad credit score. Can LowestRates.ca still help me find a car loan?
Yes. The lenders and dealers in our network process bad credit car loans all the time. In fact, that's their specialty. As soon as you've found new employment we can get you a car loan.
What are the minimum requirements needed to be approved for a car loan on your site?
You must be employed, be 18 years of age or older, make $1,500 per month, have a driver's licence, and be a Canadian resident.
Is the economic slump in Calgary making it harder to get vehicle financing?
No. Car loans are still widely available to employed buyers, although some Calgarians are having trouble making their payments. Delinquency rates are rising across Alberta as the oil slump continues. Credit agency TransUnion says delinquency rates on auto loans and leases increased to 2.4% in early 2016, meaning 2.4 out of every 100 car loans and leases is 60 days or more past due.
Are car sales falling in Calgary due to the bad economy?
While new car sales have fallen in 2015 and 2016, the Calgary Motor Vehicle Association says used car sales are up as drivers search for more affordable alternatives.
What factors determine the monthly payments on my car loan?
Your loan amount, the duration of your loan (how many months), and the interest rate you're being charged will determine the size of your monthly payments.
This is what your payments would be over different periods of time on a $15,000 car loan with an interest rate of 8%:
Monthly payments on a $15,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|
I live in a suburb and don't have access to a car. Are there any lenders or dealers near me?
Most likely. Our car loan network boasts hundreds of lenders and dealers across Canada. We operate throughout Greater Calgary, so you probably won't have to travel far to get your Alberta car loan (and your new set of wheels).