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Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Go Auto's application

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How to apply

Requirements are quite a disturbing aspect of every loan and for every borrower. So, let's see, what do you need to apply for a loan with Go Auto. Practically, the list is not dramatic. It includes:

  • a valid government-issued driver’s license,

  • last paystub,

  • a void cheque,

  • some other data, depending on the specifics of the purchase.

To be sure that everything is fine and verified, just give a call to a Sales Consultant.

Application details

The loan application process is quite easy as soon as the vehicle is selected and confirmed. It is required to fill out an online application, give your contact information, specify the desired vehicle, discuss with Go Auto financing details, agree to a credit check Go Auto is going to provide and receive your payment schedule.

Make sure you comply with the following requirements:

  • Be a Canadian resident of the majority in your province

  • Have a valid driver’s license

  • Have a steady income to cover loan repayments

  • Have an active bank account

Requesting a loan is not the first step in the process of the vehicle purchase or lease with Go Auto. First, the desired car should be selected from the huge variety offered in the company catalog and, in case of trade-in, the trade-in vehicle is assessed. When this step is done, it is clear what amount is requested.

To initiate this process, the client is requested to fill in the application for financing. To get the form, click on the "FINANCE" tab in the main menu of the header. Then, click on the "GET PRE-APPROVED" tab. The “APPLY FOR FINANCING” form will appear.

The client should indicate contact information, like the first name, last name, phone number, e-mail address, date of birth, annual income (the range from the drop-down list), and address information including city, province, and postal code. It is also required to identify the driving preferences like car brand and car condition (new or used). The comments may be written in the dedicated text field. A convenient time to contact should be selected with the period from 8 a.m. till 9 p.m.

Having filled in all the information, press the “Apply for Credit” button to submit the request. When the Go Auto expert calls you back to verify the information, do not forget to discuss any special offer for savings and possible compensation.

FAQ

Reasons for rejection

If the client provides the necessary documents, meets the formal requirements for income established by the company, and is reliable, there should not be any rejections. Providing incomplete or false documents and information normally results in rejection and bad records for the future.

 Apart from the above, the acceptance criteria in many aspects depend on the internal decisions of the company, and they are not transparent enough.

How long does it take to get approved by Go Auto?

 Normally, the loan decision is quite quick. But, it depends on credit check results and the reliability of the client.

How trustworthy is Go Auto?

You can trust Go Auto. The company has been on the market for a very long time already. It has a lot of dealerships, it provides its finance and insurance. The vehicle bought here may be serviced at certified stations with a discount. The company offers its clients a referral program. The company is involved in social activities and charity programs. Go Auto got an award of Canada's Most Admire Corporate Culture by Waterstone in 2018, entered into 10 top Brokerages by Insurance Business Canada, and for the third year in the raw was recognized as one of Canada’s Best Managed Companies in 2021.

Meanwhile, there are some complaints of the client on the Internet, including moans about poor service rendered by the customer support team.

Does Go Auto verify income?

Go Auto does not declare on the website that it verifies the income the client announced. But the company does make credit checks, so the income will be verified within the procedure.

The information submitted to the company should be true, accurate, and complete. To provide due information is the responsibility of the customer.

Does Go Auto hurt your credit score?

Yes, indeed. The lender verifies the credit score and other personal information when deciding to grant a loan. The loan payments are reported to the main credit bureau and any missed payment could damage the credit report.

In case of issues and difficulties, appeal to Go Auto in advance and try to settle the complications faced. The credit score is normally hurt not by the lender, but by missed payments.

Calculate loan payments in Go Auto

Go Auto calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
1000 $
50000 $
Loan term
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Specify the loan term for the calculation

months
days
12
60

What to pay attention to when applying for a loan from Go Auto

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Go Auto from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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All Go Auto’s reviews by September 2022
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