Canada Auto Finance offers online loans ranging from $5,000 to $45,000, with terms spanning 36 to 72 months. The borrowing process involves three steps: budget discovery, financing approval, and vehicle selection. To qualify, applicants must be Canadian residents, aged 18 or older, and earn a minimum monthly income of $1,500 if their credit score is below 625. Those with bankruptcies must be discharged, and no repossessions should have occurred within the past year. As an example of repayment, a $5,000 loan with a term of 12 months would result in a total payment of $6,995, inclusive of a $1,995 fee.
Canada Auto Finance review
Canada Auto Finance offers a rather versatile range of loan amounts, spanning from $5,000 to a substantial $45,000. The terms of these loans are equally flexible, with options ranging from 36 to 72 months. This allows borrowers to tailor their loan to their specific needs and repayment capabilities.
The process of obtaining a loan from Canada Auto Finance is straightforward and involves three key steps. First, there’s the Budget Discovery phase, where potential borrowers identify their financial constraints. Next, there’s the Financing Approval stage, where the loan is approved based on the borrower’s financial situation. Finally, there’s the Vehicle Selection stage, where borrowers choose the vehicle they wish to finance.
Of course, there are certain prerequisites to be met for loan approval. Applicants must be Canadian residents and at least 18 years old. Additionally, if an applicant’s credit score is less than 625, they must have a monthly income of at least $1,500. Bankruptcies are not outright disqualifiers, but they must be discharged. Furthermore, applicants must not have had any repossessions in the past year.
To give a clearer picture of the repayment structure, let’s consider a loan of $5,000. If this loan is taken out with a term of 12 months, the total payment would amount to $6,995, inclusive of a fee of $1,995.
In conclusion, Canada Auto Finance provides a comprehensive and flexible solution for those looking to finance a vehicle. With its range of loan amounts, flexible terms, and clear prerequisites, it offers a viable option for potential borrowers.
Table of repayments
| Amount | Fee | Total payment | Term |
| $5.000 | $1 995 | $6 995 | 12 months |
If you will get the loan of $5.000 with the term of 12 months, your totally payment would be $6 995. The fee is $1 995.