Frequently Asked Questions About Auto Financing Or Car Loans
Financing your new vehicle involves researching the different types of car loans as well as improving your understanding of the requirements needed for the application process. Unfortunately, a lot of information available about car loans is incorrect and can misguide you when applying for a loan. You may also have a ton of questions about the qualifications needed, downpayment, credit report, but find answers difficult to come by. To ensure you have all your doubts cleared and are armed with the most accurate information, Autoversal Corp has answered some of the most frequently asked questions about auto financing or car loans.
1. Why choose Autoversal Corp?
The answer is simple. When you work with Autoversal Corp, our stress-free process will save you time and money. Instead of running around trying to find the car you want in the hope that the dealer will get you approved, you can fill out the application form from the comfort of your home and one of our partners will get in touch with you.
2. Will I qualify for a car loan if I have bad credit?
Yes, you can qualify for a vehicle loan even with bad credit. While there have been many changes introduced to the lending process that lenders use to qualify customers, we can find and match you with the right lender to get you the car you need with the payment you can afford.
3. Is there an obligation if I fill up the credit app?
No, absolutely not. It is free to fill up the application, and you are under no obligation to purchase a vehicle.
4. Will I be approved for car financing if I filed for bankruptcy?
It is a common misconception that if you file for bankruptcy, you can’t get a car loan or any type of credit for a number of years. However, this is far from the truth. You can get approved for a vehicle loan right after you file for bankruptcy. There are financing companies that have programs designed for people that filed for bankruptcy or consumer’s proposal.
5. How much down payment is required for a car loan?
There are so many variables that determine your down payment amounts such as your credit score, your income, price of the vehicle, length of the loan, and the type of financing. At Autoversal Corp, we can help you understand the different options.
6. Will a car loan help with rebuilding my credit?
Yes, it is one of the fastest ways to rebuild your credit. A vehicle loan with a financing company that reports to the Credit Bureau along with clearing any outstanding debt, will quickly raise your score and enables you to get back into the good standing levels.
7. Do I need a co-signer to get approved?
You don’t need a co-signer to apply or get approved. However, in some cases, a co-signer can make a stronger application and/or gets you a higher approval amount to be able to purchase a more expensive vehicle.
8. Will I be able to pay off my car loan sooner?
Yes, all our finance partners (financing companies and lease-to-own companies) offer flexible terms and payment options.
If you have any more questions about auto financing or car loans, get in touch with the experts at Autoversal Corp. We are an auto finance company based in Ontario with several years of industry experience. We understand the needs of Canadians and can tailor a loan that fits your situation and budget. Our services include auto finance, car dealerships, car warranty and insurance, car repairs and detailing as well as auto dealer services.