How to apply for a loan?
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.
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.
