If you’ve made your way here you’re probably one of the millions of Canadians who currently have bad credit. We’re here to help. Bad credit car loans have become increasingly more common with some studies saying that more than 20% of Canadians have a credit score of less than 680. We’re sure you have questions. And we surely have the answers. If you’re questions aren’t answered below, feel free to give us a call and a member of our knowledgeable and friendly financing team will gladly help.
Frequently Asked Questions From Our Customers:
How long will it take to get my car loan?
Once you submit your application, the process moves very quickly. We’ll typically have your loan approved within 24-48 hours.
I’ve been turned down for an auto loan before. Can you help?
Yes. Our business was started to help ensure that everyone, regardless of credit history, can have a good vehicle to get around in.
What type of information do I need to provide?
We ask for your contact details, place of residence, and some basic employment and income information. Unlike many other car loan services, we don’t pull your credit or ask for references before meeting with you to discuss your needs.
How do you decide how much auto financing I’ll qualify for?
We look at your income and credit history to build a financing package that meets your comfort level.
How are my payments calculated?
Your monthly payments will be calculated based on the size of the loan, the interest rate, and the length of the term.
Can I get a car loan even if I have bad credit?
Downey Credit Solutions was created to allow everyone an equal opportunity to drive a safe and reliable vehicle. Don’t let credit concerns keep you from your next vehicle. We have the experience and resources to help with all types of credit situations:
- Bad credit
- No credit history
- Slow, late or missed payment history
- Past/current bankruptcy
- Consumer proposal
- New to Canada
- Low income
- Orderly Payment of Debt
- Poor credit due to unexpected events
I just arrived in Canada and have no credit history. Can I get a car loan?
Yes. Downey Credit Solutions specializes in helping new Canadian residents secure a car loan.
If this is my first vehicle purchase, can I still qualify for financing?
Yes. We regularly secure vehicle financing for new drivers.
Will I need to provide my Social Insurance Number when I apply?
No, we don’t need your SIN to get started. You might, however, be asked for your SIN later on in the process once you’ve been pre-approved for financing.
What’s required to qualify for a car loan through Downey Credit Solutions?
You must have a valid driver’s license, be a resident of Canada, and have an income of at least $1,500 per month.
Do I need to make a down payment on the vehicle?
Down payments are generally not required.
How will I choose my new car?
Let us know the type of vehicle you’re looking for when filling out your application. From there, you’ll be able to select a vehicle from one of our many dealerships.
What will the interest rate on my car loan be?
The interest rate you’ll pay depends on a number of factors, including your income, your credit, and the size of your loan.
How does the length of the car loan affect my payment?
The longer your loan, the smaller your monthly car payment. Just remember that you’ll end up paying more interest if you take out a longer loan.
If I declare bankruptcy, how long before I can get credit?
It is very possible to get credit from day one after filing for bankruptcy without having to wait to be discharged.