Auto loans are actually pretty simple. Your principal is the amount of cash you borrowed to buy a vehicle. The principle is then broken up into payments. The interest on the loan is a fee you pay for borrowing cash to buy a new vehicle. The term is the amount of time you are given to pay back the auto loan. The term also determines amount of each payment.
The total amount of money you borrowed to purchase a new or used vehicle.
The payment is calculated by dividing the principle up in to monthly or bi-weekly instalments. The amount of your payment is determined by the term and interest.
The fee or cost to borrow money. The fee is presented in a percentage called an Interest rate. This fee is can increase or decrease depending on your credit history.
The term is the amount of time you are given to pay back the auto loan. The term is usually presented to you in months rather than years.
Your current address is required for your loan documents, please have this available.
You must have a valid driver’s license and be the age of majority in Alberta.
You need to be at your current job for at least 3 months and make over $1500 a month. Please include other types of documented income, for example: government assistance.
Payments are set to auto-pay from your bank account each month. This is the most convenient way to make your payments. Once approved, we will need a void cheque or pre-authorized payment form.
Ready to apply for a car loan? Just click the button below, enter your name, email and phone number, then click submit. Our finance expert will call you and do all the rest. You could be fully approved for your new vehicle in less than 24hrs.