Everything You Must Know About Ontario Car Loan Approval [Updated 2019] - Approval Team Canada - Under New Management
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Everything You Must Know About Ontario Car Loan Approval [Updated 2019]

Buying a new car using a car loan doesn’t have to be a headache. If you break down the process, you can easily find yourself in a new car quickly and without stress.

How Are Payments on Car Loans Calculated?

Car loan payments are determined using the following variables:

Principal

The total cost of your car including any fees you may incur due to the lender, dealership or special options.

Interest Rates

The percentage in which the lender charges you for borrowing money to buy your car. Interest rates vary depending on the risk involved with loaning you money.

Term

The length of your car loan, and how long you’ll need to make payments for. Typically, terms are 36 to 72 months but can sometimes be shorter or longer.

 

In general, you’ll be making payments to a lender and not a dealership, but some do offer these options. This may allow you to obtain a loan with bad credit and have you making payments to the dealership.

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WE’LL APPROVE YOU FOR THE VEHICLE YOU WANT!

What You’ll Need to Get a Car Loan

  1. Employment income, typically for longer than three months and making at least $1500 a month.
  2. An Ontario Driver’s License is necessary to own and operate a vehicle in Ontario.
  3. A bank account to make payments from each month to the lender of your loan.
  4. Your current address will need to be provided to the lender.
  5. A down payment is usually necessary and will always help to get you a better payment plan and improve approval rates.

While the process can be straightforward, if you are new to Ontario it can still be difficult to navigate. We can help you get a great car with as little stress as possible.

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GET ONE STEP CLOSER TO GETTING APPROVED FOR THE VEHICLE YOU ALWAYS WANTED

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