Frequently Asked Questions
The amount a bank will finance is dependent on the book value. Banks in Canada use Canadian Black Book to determine the car’s value. Get pre-approved in seconds by clicking here.
Yes, you definitely can. Over 70% of our approvals are for Canadians with less than perfect credit. Get pre-approved in seconds by clicking here.
Yes, you can. In Canada most car loans are open-ended. This means that you can pay off your loan early without any penalties. Get pre-approved in seconds by clicking here.
Financial institutions typically take four major factors into account:
- The Down Payment
- Vehicle specifics (model, style, age, mileage, and cost)
- Application information such as income, current job, etc..
- Your Credit history
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The Easy Finance™ process at Carbooth is simple: Start by submitting a pre-approval application (takes a minute). We will review your application with our network of lenders, and, once approved, they will help you decide which vehicle, finance offer and payment plan suits you best – no matter your credit. Get pre-approved in seconds by clicking here.
The interest rate is the amount of money a lender would charge you to lend money. Depending on your credit, interest rates in Canada can range anywhere from 0% to 24%. If a lender believes that the loan is a higher risk, they would charge a higher interest rate. It is important to maintain a strong credit profile to avoid this. Get pre-approved in seconds by clicking here.
APR stands for Annual Percentage Rate. This indicates the total cost of borrowing for your auto loan. For example, if you purchased a $10,000 car, with a 5-year loan and your interest rate was 10%. Your total cost of borrowing would be $2748.23, and you would end up paying a total of $12,748.23 for the car. Unlike mortgages, auto loans are not front-loaded. This means that you do not pay more interest than principal upfront. Get pre-approved in seconds by clicking here.
Yes, you can! We would need to secure you a new approval with a lower interest rate. From there, a new lender with a new rate would pay off your existing lien in full. After that, you would be able to move forward with your new loan. Keep in mind, if you rolled in negative equity on your original loan and your loan is over book value, you could be asked to put money down. Get pre-approved in seconds by clicking here.
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Whether you're looking for your first car or upgrading to a new one, we're here to help you every step of the way.
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