F.A.Q. – Frequently Asked Questions

How much will I get approved for?

The total loan amount you will get approved for is based on a number of different things. It mostly depends on your income and credit. The higher the income, the higher the amount we can approve you for.

Can I trade in my current vehicle as money down?

Yes! Trading-in your existing vehicle is a very popular option. The trade-in can be used as down payment. In some cases, you may qualify for cash-back as well

How much does it cost to submit an application?

All applications are 100% free, also there is no obligation to purchase anything.

Will credit inquiries effect my credit rating?

Every time your credit is checked a mark is made on your credit report. A couple marks usually won’t hurt, however applying at too many places at the same time may be interpreted negatively by some creditors.

I’ve had a repossession, bankruptcy or no credit. Can I still qualify?

Yes! We can still approve you!

Will Co-Signers help my chances to get approved?

Yes! If you don’t meet income requirements ($1,800 per month) adding a co-signer will help us get you approved.

What are the monthly payments going to be?

This is dependent on the terms of your loan. It’s usually less expensive cars with less than 50,000 miles have the best monthly payments available. Please feel free to use our Loan Payment Calculator to estimate what your monthly payments might be.

What are the interest rates?

All rates are based on your credit report and the equity of the loan. Our team of experts at New Car Canada works hard to find you the best possible loan. The higher your credit rating is the lower your rates will be.