What is a car loan ?
Taking out a car loan means that the
lender purchases the vehicle for you and gives the opportunity to pay
the full price over a period of years. In exchange, by paying interest
each month, you compensate the lender services. Car loans in Canada very
often use simple interest. It is calculated only on the principal and
does not compound increasing your balance.
It is also important to remember that the amount that will be paid
each month may vary. The reason for this is that some car loans are
paid down through amortization. In this case, you always pay more at the
beginning than at the end of your car loan.
What are the most common types of car loans?
Simple Interest Loan: The interest
rate is based only on the outstanding balance. That gives the borrower
the option to pay more than the standard monthly payment and thereby
save on interest cost.
Pre-Computed Loan: All interest and principal payments are
negotiated before the paperwork is signed. Payments are pre-calculated
in advance, which excludes the possibility of early repayment.
What are the available terms for a car loan?
Most of the car loans in Canada are
structured with 12-months increments. They last somewhere between two
and seven years. Depending on whether you are planning to buy a new or
used car, you will find loans between 12 months and 84 months. The
average used car loan lasts between 36 months to 48 months. The average
for new car loan lasts between 60 months to 72 months.
What is better: Short-term car loans vs Long-term car loans?
Everything depends on the personal
preferences of each borrower. A long-term car loan comes with an
increased interest rate. That means that your monthly payments will be
lower, but in the end, your total loan cost will be higher. However,
with the short-term car loan option, your monthly payment will be
higher, but will also come with reduced interest and total overall
What is the difference between a secured and unsecured car loan?
Secured car loans mean that the borrower
offers the lender collateral or assets to secure the loan. Usually, this
kind of loan used by people who recently went through bankruptcy. In
most cases, the car itself is used as collateral. Unsecured car loans
are the opposite, with no assets to recover in the event of default and
with a higher car loan interest rate.
How it Works
Why choose Credit Auto Express?
Our customers choose Credit Auto Express
because we are one of the most trusted and experienced company
in Quebec. We have helped thousands of people including those with bad credit and no credit
find affordable cars, vans, trucks or SUVs.
Where is your office located?
Our Main office is in Laval,Quebec.
How much will it cost me?
Our application process for the car loan
is free! We work hard to provide you with the best service, guidance,
and options available, even if you have bad credit. You do not need to
commit to anything until you’re ready and have found a plan that suits
What kind of personal information do you need?
We ask our customers only for the
information that we need to help their get approval, including necessary
information (first name, last name and date of birth), your location
and financial circumstance.
Do you take trade-ins?
Yes, of course. It is possible to use your
trade-in as a down payment or to help lower your monthly payments for a
new or used car loans.
What are your terms and conditions?
You can find our terms and conditions here
Conditions can vary for each person depending on the type of
information from your application and financial circumstances (bad
credit, no credit, bankruptcy).
Application and Approval
What are the minimum requirements?
You must be of legal driving age in Quebec province. You also need to be employed for 3+ months and
make at least $2000/month to qualify for a car loan.
How much money do I need for a car payment?
We have many $0 down options to suit your
financial needs, and we do not require a down payment to get you
qualified. Although, a down payment will decrease the amount you borrow
and can shorten the loan’s term.
Do I have to do a credit check?
Yes, we will need to do a credit check for further processing of your application.
How much auto financing can I qualify for?
We understand that everyone's financial situation is personal. After your application has been submitted, your dedicated representative will contact you to discuss how much financing you qualify for. He will help you find the best solution to accommodate your average monthly budget. People with bad credit or no credit also qualified!
Can you help me, even if I’ve been turned down for a car loan before?
Absolutely! Our partners have years of experience helping people
get car loans in Quebec even if they have been turned down before.
Having bad credit or no credit? Call us, and we will try our best to find the best option for you.
How long does the process take?
You need less than three minutes to fill
out our application. After submitting it, you will be matched with an
experienced representative who will contact you as soon as possible.
Depending on the day, it may take up to 24 hours to be in touch with you.
Can we be reached over the phone?
Our team of experts will be happy to answer any questions you may have. You can contact us at 1-888-292-0017 from Monday to Friday 9 AM - 11 PM (EST) and from Saturday to Sunday from 9 AM - 9 PM (EST).
Vehicles and Payment Details
Do I get to select the car I want?
Yes. After your pre-approbation, we will contact you to discuss which vehicles are available
and assist you in picking the best for your needs and budget.
Where can I view your inventory?
We have partnerships with lots of dealers across Quebec,
so we cannot provide you with a single inventory with all vehicles
since the choice is huge! Once you have completed the application for
a car loan, our partner will give you the access to their inventory to
pick the vehicle that works for you.
What types of vehicles do you have to offer?
We provide car loans to virtually all
types of vehicles including cars, vans, trucks, and SUVs. The choice may
differ depending on the dealer.
What are the interest rates?
We do not provide financing to the borrowers, so we cannot maintain average car loan interest rates. It will be calculated for each person based on several factors, including the term and amount financed.