What information do you require to start my car loan application?
Just tell us the basics: your age, where you live, and some employment details. Our application form is easy to understand and we don’t ask for your social insurance number or personal references.
How do I qualify for a car loan?
You need a minimum monthly income of $1,500 — that’s one of the most important qualifiers. You also need to be a Canadian resident and have a valid driver’s license.
I don’t have any credit history. Can I still get a car loan?
Yes, definitely. We specialize in car loans for Canadians with poor credit or no credit at all. We can get you auto financing even if you’re new to Winnipeg or haven’t started building your credit history.
How does your car loan service work?
We match you with a lender or dealer in your area with special expertise in bad credit car loans.
Which Winnipeg dealers does LowestRates.ca work with?
We work with an exclusive network of licensed Winnipeg dealers. These dealers specialize in car loans for consumers with bad credit or no credit, and they’re located throughout the city. So whether you live downtown, in River Heights, or in another Winnipeg neighbourhood, we’ll be able to match you with a dealer nearby.
How is the interest rate on my car loan calculated?
Your rate is usually based on factors like your credit score, income level, loan amount, and employment history. When you’re matched with a dealer, ask for more details and see if the rate is negotiable.
How much sales tax do I have to pay on a vehicle purchased in Winnipeg?
5% GST (Goods and Services Tax) and 8% RST (Retail Sales Tax). Both rates apply to new and used car purchases.
Should I choose a short car loan or a long car loan?
That depends on the size of the monthly payments you can afford.
If your budget can’t handle large monthly payments, you should go with a long car loan, usually defined as over 5 years (60 months).
If your budget can handle bigger payments, a short loan is the smartest choice — you’ll save on interest and eliminate your car loan debt in less time.
Check our graph to see how your monthly payments rise or fall depending on the length of your car loan term.
Monthly payments on a $8,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|