I missed some of my bill payments when the economy turned down last year. It hurt my credit history — can LowestRates.ca still help me find a car loan?
Yes. Our lenders and dealers will work with applicants who have bad credit or no credit. In fact, that’s their specialty.
I recently arrived in Edmonton from another country. Will I qualify for auto loan financing?
Yes. As long as you meet some very basic minimum financial requirements, we’ll get you approved for a 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.
How much sales tax will I have to pay?
Sales tax in Edmonton is 5% (GST) on new and used vehicles.
What factors affect the size of my monthly car loan payments?
The length of your loan, the amount of your loan, and the interest rate on your loan all affect your payment.
Once you’ve decided on a vehicle, the length of your loan is usually the factor you’ll be able to influence the most. Choosing a longer loan term will lower your monthly payments dramatically.
Here’s an example. This is what your payments would be over different periods of time on a $14,000 car loan with an interest rate of 8%:
Monthly payments on a $14,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|
I live just outside of Edmonton and don’t have access to a car. Are there any lenders or dealers near me?
Yes. Our Alberta car loan network operates throughout the Greater Edmonton area, so you won’t have to travel far to get your loan.