Frequently Asked Questions at Canada Loan Depot :: Car Loans :: Truck Loans

Q: Is the service free?
A: Absolutely free!

Q: Who should use CanadaLoanDepot.com?
A: Anyone who is in the process of buying a vehicle, regardless of your credit history. In other words, whether you have an Excellent, Damaged or No credit rating at all, you will have the opportunity to obtain a new or certified pre-owned vehicle at a very competitive price and finance rate. Our commitment to you is to do everything in our power to obtain financing for you at the best possible rate and terms, regardless of your current situation.

Q: What is the procedure?
A: Complete our application. This application will go directly to one of our Automotive Finance Specialists and he/she will immediately go to work for you. Once we have received your application, we will contact you in order to review your application and explain the financing options. Once your loan is approved, our Automotive Finance Specialist will work with you to get you into the best possible vehicle that meets your needs and budget. The whole process usually takes 24-48 hours.

Q: Can I use my existing vehicle as a trade in?
A: Absolutely!

Q: What are the interest rates for an auto loan?
A: Interest rates are determined by the different actual lenders and financial institutions and are influenced by several factors, including the severity of credit problems, the amount of down payment, the vehicle age, employment stability and the degree of credit risk. The rates vary between 6.9% and 29.9%. Our Automotive Finance Specialists will explain all of these factors to you, and will tell you exactly what your interest rate will be after having received your application.

Q: Can you finance a vehicle that I have found at another dealer?
A: No. All vehicles must come from one of our dealerships. We have found that this is the only way that we can guarantee that you are getting a quality vehicle that will last you for years to come. We have access to thousands of vehicles - both new and used - across Canada.

Q: Can you finance a vehicle that I will purchase from a private party?
A: No.

Q: Do you finance motorcycles, boats, ATVs or RVs?
A: No.

Q: Do I need to have cash down in order to obtain the car?
A: Not necessarily. You may need to have between $500.00 and $1000.00 to put down as a deposit, and the more money that you are able to put down, the better terms and rates that we can offer you. In many cases it may be possible not to have to put any cash down at all.

Q: If I am bankrupt, divorced or seasonally employed can I obtain financing for a vehicle at competitive rates?
A: Absolutely!

If you have any other inquiries, please contact us using our online contact form here.