Will I qualify for a car loan in Surrey through your site?
Most likely. Our requirements are pretty basic: you need to be a Canadian resident, 18 or older, fully licensed, and earning at least $1,500/month. Just fill out our online application with the details, click submit, and wait for approval.
I just moved to Surrey from another country and I don’t have any credit history — will I still qualify for a car loan?
Yes. It doesn’t matter if you’re new to the city — you just need to be a Canadian resident. And your lack of credit history is fine too. We work with drivers who don’t have credit almost every single day. In fact, it’s kind of our specialty.
Do I need to drive for a minimum number of years before I can apply for a car loan?
Nope. But you do need to be fully licensed, and in BC, that process takes about 3 years.
Can I use my car loan at any car dealership in Surrey?
No. Your car loan is only valid at one dealership — the one offering you the loan. Remember: we match you with a nearby dealership and then it’s the dealership that gives you a loan and sets the terms. Once your car loan details are settled, you can shop the dealership’s lot and find your new (or used) ride.
How much tax will I have to pay on a vehicle purchased in Surrey?
When you buy a vehicle from a registered Surrey dealership, you pay 5% GST and 7% PST — if your vehicle costs $55,000 or less. If the price tag exceeds that amount, the PST rate will increase.
Here’s each price bracket and its corresponding tax rate:
|Cost of the vehicle||PST|
|$55,000 or less||7%|
|$55,000 - $55,999.99||8%|
|$56,000 - $56,999.99||9%|
|$57,000 and above||10%|
What’s a car loan term and how do I pick the right one?
‘Car loan term’ refers to the length of your car loan. In other words, the length of time (expressed in months or years) required to pay off your loan and interest charges. Car loan terms usually range from 24 to 96 months, but the right term for you will depend on your preferences and the state of your finances.
Here’s a little guidance: short loans are great if you want to minimize your interest charges and are comfortable making bigger monthly payments; long loans are popular because the payments are smaller and more manageable month to month.
Just remember one other thing: long loans translate into a greater number of monthly interest charges, which makes your car loan more expensive in the end.
Here’s a look at how your payments may increase or decrease depending on the length of your car loan. Hopefully this helps you choose the right term.
Monthly payments on a $10,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|