FINANCING

Car financing is easier than ever

Get approved for the car that you want in under 24 hours – completely online.

Get pre-approved
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Quick and easy

Enter a few pieces of information for an online decision.

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No hidden fees

Know up front exactly what you’ll owe, with no hidden fees or surprises.

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Best rate

Rest assured we will work to provide you the best financing rates possible.

HOW IT WORKS

1.

Get prequalified

Find out if you qualify for a car loan in minutes, with no impact on your credit score at all.

2.

Browse vehicles

Find your next dream car by exploring our inventory and checkout online when you’ve found your fit.

3.

Get financing

Apply for a loan through our online application and get approved in days.

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Our Lenders

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Scotiabank Dealer Advantage logo
IA logo
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Have questions about financing?

Will I get approved for a car loan?

We work with many of Canada's largest financial institutions to help every customer obtain the best financing rate possible for their vehicle. Four main factors determine whether or not you get approved for a loan. The four main factors include Credit History, Down Payment, Application Information, and Vehicle Selection. Since your loan is with one of our financial institution partners, we cannot guarantee whether or not you'll get approved but we always do our best to get the best outcome for our customers.

Applying is an easy and completely online process. Click the Apply for financing button on any vehicle and you'll be guided through all the steps. After you’ve completed your application, we send it to our credit team who will review and be in touch if there is any more information required before we submit it to our partner banks.

Each time you submit a credit application, it will slightly affect your credit score by a few points for a short period of time.

Gross income should be your total monthly or yearly income before any taxes are deducted. This amount is higher than your ‘net pay’ or ‘take home’ pay.

If you are paying a mortgage, please select ‘buying home’ and input your mortgage amount without property tax.

Your SIN is not mandatory; however, it can help move your application along faster. It allows the bank to pull your credit history more efficiently. Often, if you do not enter your SIN, the bank may come back and ask for it since their initial pull might not be able to locate your credit history.

Auto loans are ‘open-ended’ loans that can be paid off at any time without penalty. You are also free to put as much money down on the loan as you’d like. You can also call the bank and ask them to increase your payments to any amount to pay off your loan faster. However, you are not able to have your payments reduced.

Interest is calculated on a per payment basis. This means if you pay the loan off early you will not be charged the remaining interest. For example, if you are on a 60 month loan and you pay it off in full at 36 months, you would save 24 months worth of interest. Note: If you decide to place extra money down on the loan after you take possession of the car, it will not lower your payment, it will shorten the length of the term of the loan.

Payments will either be 7, 14 or 30 days after delivery based on weekly, bi-weekly or monthly payments. You can change your payment date by contacting the lender after your first payment.

Your loan does not need to be through the same bank as your personal bank account. However, you will need to provide a void cheque or a direct deposit form for the account you want your automatic payments to be withdrawn from. Note: You cannot have payments come from a credit card account.

If your personal banking and auto loan are with different banks, you can call the bank the loan is with and have them transfer money over the phone. The bank is also able to provide the payout amount and any other details you may require over the phone. If your personal banking is through the same bank as the auto loan, you will be able to view the loan through your online banking portal and pay it down online.

If you are bringing over debt from a previous car loan onto your new loan, it will be rolled into the total amount financed and added to your payments. When your new loan is paid off, it will also pay off your previous loan amount. When you bring over previous debt, we as the dealer will pay off the total amount of your previous car loan. You will not have anymore payments withdrawn from that loan. The remaining balance is added to your new loan.

This is common if you have a previous car payment scheduled to come out within a few days of taking possession of your new vehicle and loan. Do not be alarmed! We always tell customers to be prepared for a possible payment to be withdrawn for their previous loan as it can take banks up to 10 business days to pay off the previous loan once the cheque is received. If a payment does come out, you will be reimbursed. Once the bank receives the funds, they will be ‘overfunded’, whereby the difference will be deposited back into your account.

The minimum amount a bank can finance is $7,500 after taxes. If the amount is below this, banks are not able to finance a contract. However, after the vehicle is financed, you can put money down on the loan.

The PPSA fee is a fee that is imposed by the bank, not Clutch. It is the bank’s registration fee for the contract. The amount varies depending on the bank and the term of the loan - it usually ranges from $55 - $170.

When we bring the vehicle and contract out to your home, the following items are required:
- Void cheque or direct deposit form for the bank account you want your payments to come out from
- Copy of your new insurance faxed or emailed to us with the loan holder indicated on it
- A valid driver’s license

If you are new to Canada and do not have established credit, you may qualify for one of the special programs our lenders have made for people in this situation. You must have a working permit or have been given permanent residency in order to qualify for these types of loans. Unfortunately, students do not qualify for these loans. There are also requirements for these types of loans, such as proof of income and employment, copy of permanent residency card or working permit, a 10%-25% cash down payment for the full price of the vehicle after all taxes and fees, etc.
If you are unemployed and new to Canada you are not eligible for this type of loan.
If you are unemployed but are Canadian or have been in Canada for a long time (2+ years) you may still qualify for a loan as long as you have proof of income such as Employment Insurance, disability income, pension income and/or child and/or spousal support, etc.

Credit approvals usually come back with a decision within 24 hours. However, this sometimes varies based on credit history and score. If a customer does not have excellent or good credit, approvals can sometimes take a few days to a week for a final decision and the lender may ask for additional information i.e. proof of income/employment, a qualified co-signer, cash down payment, etc.

If you have a trade-in, we will give you a trade-in value for your current vehicle. Your trade-in value is then applied to the purchase price of your new vehicle, prior to tax, so you also save the trade-in amount/value in tax as well. If you still owe money on the loan for your current vehicle, we can apply the negative equity amount to the new loan and refinance whatever amount is left.

Learn more about Clutch

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