Can I get a car loan even if my credit is bad?
Yes. Despite what some banks might tell you, bad credit doesn’t mean you can’t get financing. In fact, our car loan service specializes in auto loans for Canadians with bad credit. So even if a bankruptcy, divorce, or other financial setbacks previously damaged your credit, we can help you get financing for your car.
What do I need to qualify for a car loan in Manitoba?
A minimum income of $1,500/month, Canadian residency, and a valid driver’s license. Just meet those basic requirements, and we’ll match you with a dealer.
I don’t live in a big city like Winnipeg or Brandon. Can you still match me with a dealer?
Of course. One of the great things about our car loan service is that we work with an expansive network of licensed Manitoba dealerships. So don’t worry — matching you with a nearby dealer is what we do.
Can I get a car loan if I’m a new driver?
Yes. As long as you’re licensed and meet our other car loan requirements, we can help you get a loan.
How are my car loan payments calculated?
Your payments will be based on a couple of different factors, including your loan amount, interest rate, and the length of your car loan. When you’re matched with a dealer, ask for more details. Don’t be afraid to negotiate on the interest rate.
What’s the sales tax on a vehicle purchased in Manitoba?
When you buy a new or used vehicle from a licensed car dealership in Manitoba, you have to pay 5% GST and 8% RST (Retail Sales Tax).
How does the length of my car loan affect my monthly payments?
Longer car loans break your principal balance up into a greater number of smaller, more manageable payments. A shorter car loan does the opposite.
For example, a 6-year car loan splits your balance (ex. $12,000) into 72 monthly payments of $210 — refer to our graph below. But a shorter loan, of, say 2-years, splits your balance into 24 payments of $543.
The longer loan seems like the more attractive offer, but there’s one more factor to consider: the interest charges. At the end of that 6-year car loan term (72 months), you will have paid $15,120 with the interest included. At the end of a 2-year term (24 months), you’ll have only paid $13,032 — that’s a pretty big difference.
Monthly payments on a $12,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|