How to apply for a loan?
Once you access the Canada Drives website, scroll through the company's certified inventory, which comprises information about all types of cars and registered trademarks in Canada Drives possession. Then, make your choice depending on the categories the cars are grouped. These categories include color, lifestyle, make & model, year, transmission type, kilometers, drivetrain, fuel type, and the number of seats.
The entire process from choosing a vehicle to receiving funds is implemented completely online and can be finalized within the same day.
Next is the payment procedure. The company offers three payment options. They entail using a credit or debit card, financing with your bank, and financing with Canada Drives. Choose the preferred payment method. If you would like to purchase a car using your bank account, the down payment will be made by a credit card; if not, it will be done by an online e-transfer. The rest of the payment will be made once the car is delivered.
Financing with Canada Drives is safe and secure, as the company puts great value on combining technology and price transparency. It is also reliable since the organization cooperates with all leading banks in Canada, making the payment process more accessible.
After signing the bill of sale and completing the down payment, the final stage is picking a delivery date. Remember about the company's feature as same-day delivery. Ensure you give detailed information about the place and when you want the new car to be delivered.
Options to apply for or be given a car loan in Canada
Use of banks
These are the safest but not the most accessible place to get loans in Canada. You should expect lots of paperwork. Banks also favor people with higher credit scores and make hard credit checks. If you fall under that category, you can get finance with this method. If not, try the following option.
Use of online car dealerships
They offer both the cars and the financing at the same place. The dealerships always have convenient finance options that will enable you to own a car and continue paying for it at your convenient time. However, dealers have a habit of adding some extra additional fees.
Canada Drives has ensured such habits are made away by having no hidden fees and additional costs on the price displayed on the cars the customers wish to purchase.
The most trying part of applying for a loan is getting approved. Canada Drives requires the applicants to fill out some online form that will aid in organizing the financing of the car needed. All these are just by following three simple steps.
Fill in the lender's car loan application with personal and financial details.
Submit assessment notices of the income, expenses, debt, and car choice to Canada Drives official website.
Wait for approval from the lender. It may take 2 minutes; however, getting finance from an external source may take some time, depending on the lending company.
Reasons for rejection
There are special occasions when the application for a loan can be declined. They include:
- Debt to income ratio. When you have other debts, and the income cannot cater to all of them, including the one you are about to acquire, then qualifying for a loan at Canada Drives will get hard.
- Income. You need to earn at least $1,800 per month to be eligible for a car loan at Canada Drives.
- The income should also show consistency. If you don't have a steady income for at least the past three months, this could disqualify you from getting a loan for your next car.
- Your credit history. If your credit history shows that you had outstanding debts and experienced bankruptcy at some point, it becomes a warning sign to Canada Drives.
- Incomplete application.
When filling out the company loan application form, ensure all required details are given by filling all the blank spaces specifically meant for you as an applicant.
