Questions and Answers

How much can I get preapproved for?

The loan amount that you will get pre-approved for is based on a number of factors. Your gross monthly income, the amount of debt you currently have, your credit score and the year and mileage of the vehicle

What is a beacon score?

They're a single number that summarizes your credit situation and shows lenders what kind of risk you're likely to be as a borrower. Credit scores are based on a complex formula. They range from 300 to 900, with 700 being near average. Individual scores can change every month. While no one knows the exact formula, Beacon scores are roughly based on:

• Previous payment history (About 35% of score)
• Current level of indebtedness (About 30% of score)
• Length of credit history (About 15% of score)
• Number/frequency of new credit enquiries (About 10% of score)
• Types of credit you have (About 10% of score)

When I qualify home much down payment will I need?

Most of our approvals can be obtained with as little as $0 down.

Will inquiries affect my credit rating?

If you're shopping around for an auto loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult.

Will a cosigner help?

A Cosigner may be considered for a buyer who does not comply with all the credit requirements. The income of the buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.

What are the interest rates?

We have rates that start as low as 0%. Rates are based on your credit profile and the equity position of the loan. We will get you the best rate based on your credit profile. The higher your credit rating and sometimes the newer the age of the vehicle the lower your rates may become. Also the model year of the vehicle plays an important role. Sometimes an older car can cause your rate to go up.

What are the monthly payments?

Monthly payments are based on your credit profile and the vehicle you are purchasing. Newer, lower mileage cars qualify for extended terms which will create lower payments. The best payments are on less expensive cars that have less than 45000 kilometers.

I had a bankruptcy, can I get a loan?

As long as the bankruptcy is discharged, or you have an Authorization to Incur Debt from your trustee we can help.

I had a repossession can I get a loan?

If there are only a single repossession you may still pre qualify.

Should I find a car first before getting pre approved?

We recommend that you obtain a pre approval first. This way we can determine how much you qualify for before you start shopping which lets us show you vehicle that will fit the financial lenders approval. This method will increase your chances of approval and decrease the number of inquires on your credit report. Inquires may have a negative effect on your credit rating.

How secured is my personal information?

All data is protected using the most advanced encryption method available. We take every precaution to protect our user’s information. When users submit sensitive information via the website, your information is protected both online and off-line. This site uses a Secure Certificate to offer secure communications by encrypting all data to and from the site.