About lender
Go Auto is a large corporation dealing with a wide range of services for car owners. The corporation combines dealerships, insurance offers, and financing options such as auto financing, and provides maintenance services, selling, and trading-in. Go Auto comprises more than 50 dealerships, multiple repair and service centers, several reconditioning facilities, in-house finance and insurance departments, a loyalty and rewards program, and more.
The corporation's history goes back to 1960. Go Auto as it is now was established in 2008. The corporation specifies an end-to-end circle of services for current and potential car owners, it is keen on the provision of excellent services and covers all customer's needs relating to their vehicles.
Pros and cons
Pros
The corporation owns and operates dealerships for 22 new-vehicle brands to offer to interested Canadians, and works with more than a dozen lenders.
Lots of loan options are available for first-time car buyers, including assistance with credit score establishment, which is an advantage.
Go Auto combines a lot of its resources to accommodate most credit profiles, even those with past problems may get the required credit for a car.
There is a service of buying out the client's loan and refinancing it at a better rate and/or lower payments.
The service of a personal shopper is available to help to explore vehicles, compare their value, find the best deals, book appointments, and more.
Leasing service is on the list for those clients who prefer to drive a new vehicle every few years.
The company site is the largest inventory and auto outlet in Canada, it has over 7,300 vehicles, and continues to grow.
Customer service is available for 7 days, 24 hours.
The corporation states that there are no extra fees.
The Go Card Rewards and referral programs allow saving money on service and part bills and earning money on purchases of new cars following references.
Loaner vehicles are provided for free while the car bought at the company’s auto outlet is under the service.
In case of some issues with brand-new automobiles bought with Go Auto, a 30-day exchange privilege is offered with no extra charge.
Go Insurance division of the corporation except auto insurance offers home, travel, and commercial policies, their combination also saves a valid amount of money.
Go Finance in-house division introduces a wide range of loan programs, refinancing schemes, and financial solutions to meet the needs and living conditions of the client.
Cons
The interest rate could be up to 29.99%. This is a high percentage that is added to the cost of the vehicle annually.
The lowest rate offered for buying a pre-owned vehicle is 4.99% annually.
Go Auto uses the client's credit score to verify the reliability of the potential borrower, which may lead to less favorable conditions for those with not enough scores.
Car loan conditions and terms are not clear and transparent.
There are some negative reviews about the customer support team.
There are a lot of advantages Go Auto offers to their clients. Within an auto outlet, the corporation renders sell, purchase, and service, financial support, insurance coverage, car maintenance, and some others. As a lender, Go Auto provides a wide range of options and declares responsible policy, pushing the clients to understand the benefits available and choose the one bringing at least some benefits and making the person a happy vehicle owner. Customer service is available 7 days per week, which can make sense for many. The company, based on the circumstances, may agree to review the already provided financing scheme and search for more affordable complex solutions, the proficient team of the company's divisions would be happy to improve the options for the client.
Go Auto incorporates more than 50 dealers, giving the advantage of choosing the model with the specifications required among the cars in the inventory. Rewards and referral programs are marketing the corporation, giving support, and helping to save. Among the options, leasing is offered. This is a nice opportunity if the person prefers to drive a new vehicle and learn a new model. Besides, in case of some problems with the brand-new car, a 30-day exchange is offered with no extra charge.
In general, the corporation is marketing itself free of any extra fees or hidden commissions.
Meanwhile, among all goods, there are also disadvantages identified. One of the most vital is the annual interest rate. It is quite high and may reach up to mostly 30% of the borrowed amount. For pre-owned vehicles, the rate even starts from 4.99%. It is also a disadvantage that Go Auto, when proving its financing facilities, nevertheless verifies credit scores and is ready to help based on that data. So, the access of the interested customer to the loan may be limited by credit score anyhow. Like many companies and corporations, Go Auto is not very transparent with its content on loan terms and conditions as well as with its criteria for selection. The website does not tell much about this.
Loan conditions
Conditions for the first loan
Go Auto has a variety of loan options even for those who explore the possibility to buy their first vehicle and have no adequate credit score. There are several requirements that the customer should meet, including minimal annual income depending on the amount of the requested loan, valid driving license or identification documents, bank statements, and other information. Every loan is considered separately and conditions may change. The best way to understand what can be offered and calculate savings is to select the desired automobile and fill in the online form for pre-approval. The team initially works with the clients online, they check the status and current circumstances of the customer and offer the deals of the most possible value among the programs the enterprise practices.
Conditions for following loans
Go Auto supports a client-oriented policy, offering a payment scheme that the client can afford. The conditions for the following loans can be better, subject to some details and issues. The customer should follow the payment schedule to the full extent and inform the lender about any emergencies preventing this.
As no clear and transparent criteria for following loans are published, it is difficult to pick out some specific advantages.
Methods of a loan funding
Go Auto within its policy manages the process as a whole. Funding of the money necessary to buy the vehicle that the client wishes to get, assessment of the vehicle the client wishes to sell or change, looking for and providing proper and required funds for the vehicle, final registration, and services – all these actions are integral components of car purchase proceedings. Go Auto is not interested in making this process long and tries to speed it up. But there could be circumstances influencing the way it goes.
