What info do you need to start my car loan application?
Just the basics, like your name, age, and contact information. We also need a few details about where you live and where you work. We don’t ask for your social insurance number or require personal references.
How do I qualify for a car loan in London?
One of the most important qualifiers is employment: you need to be earning a minimum income of $1,500 per month. You also need to be a Canadian resident, have a driver's license, and be 18 or older.
Can I use my car loan to buy a car from any London car dealership?
No. You can only use your car loan to buy a vehicle from the dealership with whom we match you. Remember: the dealer will be the party actually offering you the loan. Our job is to match you with a great dealer.
I’ve declared bankruptcy in the past — can I still get a car loan?
Yes. Unlike the big banks, we have no problem working with borrowers who have less than perfect credit. In fact, one of the main purposes of our car loan service is to help Canadians with impaired or no credit.
Which London dealers does LowestRates.ca work with?
We work with an exclusive network of registered London dealers, and they all specialize in bad credit and no credit car loans. Bonus: we work with multiple dealers across the city, so finding a nearby dealership is easy.
Can paying off my car loan help my credit?
Yes. You’ll be able to boost your credit score if you make your car loan payments on time every month.
How are my monthly car loan payments calculated?
The dealer uses your loan amount, interest rate, and loan term (translation: the length of your car loan), to calculate your monthly payments. All three variables will affect your payment amount, but it’s the loan term that you need to be especially mindful of.
With a longer car loan, your principal balance is divided into smaller payments, but you’ll also be charged more interest. Why? Because the more time it takes you to pay off your loan, the more interest your loan will accrue.
Look at the graph below to see what we mean. If you add up all 72 payments for a 72-month loan, you’ll have paid $7,560 — that’s $1,000 more than you would have paid on a 24-month loan. And you can probably think of a dozen better uses for that money.
Monthly payments on a $6,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|