Let Us Help You Get Driving Today
We have great connections with all types of lenders! We guarantee we’ll shop around for the best rate for you.
Getting you the best deal possible is what drives us.
How Car Loans Work
The number of different advertised offers from dealerships have a lot of terms and conditions that get your attention but eventually turn out to be not that special after all! The offer is available on that model or only on the highest priced trim package so it can leave you wondering just why you’re going through the process. We will make that a thing of past for you by looking at how car loans are put together.
At Get Driving we are just regular people helping people find the right vehicle at the right price!
Payments on car loans are based on three factors:
Principal
The total cost of your vehicle with the add-ons options (trim packages, navigation systems, service plans, etc.) including any fees that the lender or dealership may have for the car loan. This is the amount that will be used along with the next factor used to calculate your monthly payment – the Term.
Term
This is the time period when you will be making payments on the principal. The principal is divided into equal payments for every month (or biweekly period) during the length of time specified by the Term. Terms will be variable but are usually between 36 months and 72 months. Longer terms provide lower monthly payments over a longer time but often savings are available with shorter terms due to lower Interest Rates –which is our last factor to consider.
Interest Rates
These rates are used to calculate how much it costs to borrow money from a lender such as a bank or a credit union. It is based on a percentage of the principal (i.e. your new vehicle) the lender considers fair for you to borrow money to finance your vehicle. Interest rates differ based on the lender and can vary from 0% and up depending on the vehicle and the risk the lender perceives to be repaid.
Ready to get into your dream car?
If you still have more questions or aren’t sure if you’re ready to give up the back and forth dealership negotiation dance, we’d love for you to talk to us directly. We happen to love putting people behind the wheel of their dream car and we’re dedicated to providing the best deal for you. Just like cars, dreams come in all sizes!
We pride ourselves on the highest level of customer service and finding the best option to fit your needs.
What do you need to get started?
Employment and Income
Ideally, you should be at your current job three (3) or more months. Previous employment history can also help if you just started a new job or recently moved from another area.
Driver's Licence/Age
The piece of identification establishes age of majority in the province where the car is being sold. Lenders tend to assume that the vehicle is more likely to be used if there’s a valid driver.
Current Address
To complete the legal documents for vehicle ownership you will need a current address. This is typically where you receive your mail or the address on your Driver’s Licence.
Bank Account
Lenders prefer Direct Withdrawal or Pre-Authorized Payment arrangements. You can provide a void cheque or complete a Pre-Authorized Paymenty through online banking.
Down Payment
Saving for a down payment can have several benefits including lower interest rates. This can reduce the amount you need to borrow so you’ll pay less interest overall.
How long does the application take to complete?
Our goal is to get you driving as soon possible and you can get an instant pre-approval here on our website, right now, in a few short minutes. Once you have your pre-approval, the process moves very quickly and we typically have most customers driving within 48 hours.
Do I need to know my social insurance number?
We understand that financing a new vehicle comes with a lot of questions. We have a lot of helpful information, tools and other resources that you can use to answer any questions you have or find any information you need. We don’t require your SIN number upfront to start helping you through the process and you can even get pre-approved without your SIN number here on our website. However, should you find a vehicle that you’d like to buy, you will be required to submit your SIN number as a part of the financing process
Will you help me choose my vehicle?
Absolutely. We have over 25+ dealerships across Western Canada and over 30 different vehicle brands to reach to, so you’ll have a lot to choose from. Our team is here to help you pick a vehicle that fits your budget and your lifestyle. If you have any questions about different makes or models, our team is here to guide and provide you with the proper information you need to make the right choice.
I've been turned down for a car loan before, can you help me?
Yes. In fact, our In-house vehicle financing and car loan service was designed to help people who have faced credit challenges in the past but still need a newer vehicles.
What are the interest rates for my auto loans?
Interest rates are determined by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk.
However, we can tell you we have the best rates in the industry!
