Auto Financing Frequently Asked Questions
What credit score is needed to finance obtain financing for a vehicle?
Currently, there are no minimum requirements for a credit score to obtain financing for a vehicle. We specialize in helping people with less than average credit get financing for vehicles, including, but not limited to, clients with a score in the 300s, recent (or multiple) vehicle repossessions, clients in bankruptcy or a consumer proposal, people who have been declined by their local dealership or home bank.
What are your minimum financing qualifications?
For us, the only minimum qualification we have is that you receive at least $1,600 in total monthly income. If you don’t have a driver’s license, we can still approve you. If you are self-employed, you should have at least six months of company history, but we can still push for an exception if this is not the case. If you are new to Canada and/or on a work permit, we can also help (which also means we can help permanent residents with zero credit history). Unlike traditional financing companies who require three months on the job and a driver’s license, we do not. This is a sector of the market we strive to fulfill.
How does refinancing work and why would it benefit me?
Refinancing is when you take the principal amount left owing on your current auto loan and refinance the balance at different terms. This means you can bring down the rate and payments, apply to purchase a new extended warranty (GAP protection or other after-market back-end product), and also change the term of the loan. At this time, you may also apply for promotional prizes and cash incentives* * We do not offer “cash back,” but by applying, you have a chance to win up to $5k. Apply now to discuss this with a Finance Manager today!
Do I need a job or to be self-employed to get approved?
Negative. You do not need to be employed or own a business to get approved. We accept all types of income here, including but not limited to AISH, WCB, retirement pensions (government and private), private disability, maternity leave payment, union letters, and cash jobs. If you have cash going into the bank, we can help.
Will I require a down payment?
The quick answer is not always. Most of our clients opt to go zero down, and we are almost always able to achieve that for them. If you do wish to put cash down, it will save you a tonne of interest and make the payments smaller.
What will my interest rate be?
First off, we do not believe in high interest. The only people who win with high interest are the bank – as the higher the rate, the higher your payments are (and the less they go towards the principle of the loan), and also the less the bank pays us for the business (if the rate is about about 25%, we have to pay the bank to take the deal vs vice versa). Our rates start at 0% on brand new and as low as 2.9% on used up to 34.9%. We will do everything we can to ensure you get the lowest rate possible.
How fast can I get the vehicle?
We have had clients apply in the morning and get their car the same night. We are here to move at your speed.
What models and brands of cars do you have access to?
We have access to thousands of cars in stock and tens of thousands more through dealer partners across the country. Whatever you want, we can easily find it.
Why should I choose you over my local dealer?
We have access to thousands of vehicles and every auto loan lender across the country – this means we can guarantee you the best terms for the financing. We also give more business to the banks than most dealerships combined, which means we can get exceptions where other dealers can not (i.e. time on the job, new to Canada, rate breaks, etc.).
Do you take trade-ins? Can you help with negative equity?
Yes, we will take any car as a trade-in, even if it’s not running (please let us know ahead of time). And yes can cover negative equity and even have exclusive programs with our lenders to help clients who are trapped with negative equity.
Do you deliver the vehicle?
Yes, we can deliver anywhere in Canada, to your home or work 🙂
Do you finance private sales or other dealer vehicles?
Yes, we can finance private sales and also dealership units. We need the vehicle to be inspected by a certified mechanic. We must review the CarFax and ensure the unit is lien free and approved by our lender. We also have our standard out-of-stock fees, which would apply to the sale.
Do you help with insurance?
Yes, our in-house team in BC can help organize insurance over the phone or in person. In AB, we can help you shop around quotes until you are happy (we have brokers who succeed in finding our client’s monthly payment options where others fail). If the approval and bank allow it, we can even look at including the insurance cost in the financing of the vehicle.
How does registering my car work?
Before delivery, our logistics team will reach out to help you coordinate registration and get everything sorted for you. We will make it super easy, and everything can typically be done over the phone.
Can I transfer my existing car plate to my new car?
100%! Our logistics team will reach out before your delivery or pick-up date, and ask you if you would like your current plate or a new plate. Just let us know, and we will take care of the rest.
Can you do Cash Back?
We do not do cash back. The banks do not allow it. However, we do have biannual promotions where you can win up to $5,000 (which has no relation to the purchase of the vehicle). Apply today to speak with a Finance Manager more about our promotional cash prize winnings. We also can directly pay off personal loans, bad debts, or other loans/debts up to around $10,000.
Do your vehicles go through a safety or mechanical inspection?
Yes, all of our vehicles go through a double 162 mechanical inspection before delivery or pick up.
Where are your vehicles located? Can I come and see them?
Our vehicles are mainly located at three super lots just outside of Vancouver, Calgary, and Toronto. These premises are not licensed for in-person viewings.
What if I want to come in person, where can we meet?
We have offices throughout Canada, but only a few are licensed for in-person visits. Currently, we have offices for in-person visits in Vancouver, Calgary, and Toronto.
Where is your inventory listed? Is it available online?
Because of our size, where we buy and sell over 200 cars a day, the logistics of maintaining a website of that size simply do not work. So that is where our trained and highly skilled team of Finance Managers come in – to show you fully qualified options via email presentation (10-12 photos of the vehicle, a financial breakdown, a list of all the features, company background, CarFax, mechanical guarantee and more).
Where is Approval Express currently available?
Currently, our 100% online experience is available in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and all three of the territories. If you live in a province outside the above locations, please apply with us, and we can refer you to a trusted partner in your home province.
What if my vehicle requires an out-of-province inspection?
If your new vehicle is coming from out of province, we will transport it on a flatbed (or rarely drive it) to your province. Once there, we will bring it to one of our shops for rigorous safety and out-of-province inspection. If anything comes up on the inspection, we will fix it and pay for it out of pocket. In rare cases, we may ask you to help cover the costs, or if the vehicle is unsalvageable, sell it at auction and find you a different vehicle.
How do I make my down payment?
The preferred method of payment is e-transfer, but we also take cash, bank drafts, or wire transfer. Please note that down payments are typically due before delivery.
