Financing
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here is our
frequently asked questions
WILL I GET APPROVED?
We collaborate with major Canadian financial institutions to facilitate auto loans at competitive rates. Approval depends on various factors like credit history, employment, residency, down payment, co-applicants, and vehicle selection. While we can't guarantee approval since it's determined by the financial institution, we always strive to secure the best outcome for our customers. We make sure your auto financing experience is as smooth as possible.
HOW DOES THE APPLICATION PROCESS WORK?
Applying for financing is a breeze – all done online. Choose 'Financing' during checkout, and follow the easy steps to complete your application. Once done, we send it to potential lenders for approval. If they need more info, we'll reach out and guide you through the process. We simplify your financing application for a hassle-free experience.
HOW DO I KNOW WHAT MY INTEREST RATE WILL BE?
Discovering your interest rate is straightforward. Begin by selecting 'Financing' during checkout, and fill out the financing application. Potential lenders will then determine the rate you qualify for. For a quick estimate even before choosing a car, fill out our payment calculator. It takes less than a minute and provides an instant estimate of the amount you can finance and the interest rate.
DOES APPLYING FOR FINANCING IMPACT MY CREDIT SCORE?
We value transparency. Applying for financing may have a slight and temporary impact on your credit score by a few points. Our pre-approval tool is a soft check, but submitting your information to potential lenders could result in a potential hard check. We ensure you are fully informed and confident throughout the financing process.
IS MY AUTO LOAN OPEN TO BE PAID OFF AT ANY TIME?
Flexibility is key. Yes, your auto loan is open to being paid off anytime without penalties, subject to your lender's terms. If you opt for financing your next car, keep in mind a minimum borrowing amount of $7,500 for the contract. We provide transparent and flexible options for your financing needs.
HOW DOES THE INTEREST WORK ON MY LOAN?
The interest process is straightforward. Calculated per payment, (bi-weekly or monthly) paying off the loan early means no remaining interest charges for the term of your contract. Keep in mind, putting extra money down will reduce your payments and your amount of your loan.
WHEN DO MY PAYMENTS START? CAN THEY BE CHANGED?
Payment timing is hassle-free. Whether biweekly or monthly, payments start 14 or 30 days after delivery. Need to change the date? Simply contact your lender after the first payment.
WHAT ITEMS DO I NEED WHEN FILLING OUT MY FINANCE APPLICATION?
Applying for financing is straightforward. For the finance application, all you need is a valid piece of Canadian ID. If you have a co-applicant, they'll also need to fill out the section and provide Canadian ID. This can include a driver’s license, passport, citizenship card, or permanent resident card. In some cases, we may ask for additional details like proof of income or address. Simplifying your financing application process for a smooth experience is our main priority.
WHAT IF I AM NEW TO CANADA?
We welcome newcomers to Canada. Certain lenders have special programs for financing, subject to specific conditions. If you don't have a fixed income, consider applying with a qualified co-applicant. We make financing accessible and straightforward for everyone, including those new to Canada.
CAN I GET FINANCING ON A WORK PERMIT?
We understand unique situations. In some cases, we can offer financing to customers on work permits.
DOES MY LOAN REQUIRE A DOWN PAYMENT?
Down payments are typically not mandatory. While most cases don't require one, some lenders might request it for approval. If you opt for a down payment, feel free to contribute any amount you're comfortable with, as long as the minimum financed is $7,500. We offer flexible financing options that suit your preferences.
MY PREVIOUS APPLICATION WAS DECLINED. HOW CAN I QUALIFY?
If your previous financing application didn't qualify, consider adding a co-applicant. This can boost your profile and improve your chances of approval. Reach out to us via email support@sourcemyride.ca and we'll guide you through the process. We offer solutions to make financing accessible and achievable for you.
WHAT IS A SOFT CHECK/INQUIRY? WHY IS ONE NEEDED?
A soft inquiry is a gentle way to assess your credit score, income, and debts. It helps us determine the credit amount and interest rate you may qualify for. Importantly, as it's not a formal financing application, a soft check will be considered as an inquiry on your credit report with the least amount of impact. We ensure a transparent and smooth process for understanding your financing terms.
