How Long Will It Take To Get Approved For a Car Loan?
If you are in desperate need of a car because of the nature of your job or lifestyle, you might be wondering how fast or slow will the approval process for an auto loan entails. Everything is just easier and faster when you have your own car that is why owning one has become a necessity. Moreover, acquiring vehicles nowadays are made easier and faster thanks to auto loan lenders that offer a wider selection of financing options. Even people with bad credit or no credit can still get a car loan that is affordable.
The speed of the approval process varies depending on the type of car loan the client wants and his or her credit score. In New Car Canada, you can get approved in less than 24 hours regardless of your credit score. Our application is FREE and you can even request for a quote on any vehicle that you want so that you will have a comprehensive idea on the expenses involved in your chosen loan.
Applicant With Good Credit
As you might already know, credit scores are provided by 3 credit agencies specifically, Experian, TransUnion and Equifax. They evaluate your credit report and will assign a numerical value on your report. Credit scores range from 300 to 900 – 300 being the lowest and 900 as the highest attainable scores. Generally, a score above 700 is considered a very exceptional credit score, which makes you eligible to apply for a prime loan with a prime interest rate on any car that you like. Applications like these usually end up way much faster than other types of auto loans. You may even get an approval on the spot. Another perk is that you get to enjoy the best deals possible with interest rates as low as zero percent! Having a credit score this good will surely give you leverage and bargaining power.
Applicant with Bad Credit
Bad credit are quite rampant due to a number of reasons. You might experience a recent job layoff resulting to delayed payments or you were involved in an accident that led to very expensive medical bills. No matter the case, bad credit car loans (or subprime loans) usually take longer time to process compared to prime loans. However, if you just work with a lender that specializes on helping people with bad credit, then you might get lucky and get a fairly fast approval. Additionally, if you are in this situation, it would be better for you to prepare all the necessary requirements ahead of time. Some requirements include proof of income, work history, and recent electric bills just to verify your address.
Applicants with No Credit
Individuals that fall into this category are usually students or immigrants that have not build any credit yet. Most think that they can’t even apply, well think again. As with lenders that specialize in bad credit, there are also those who provide no credit car loans. Applicants with no credit takes a long time since you don’t have any official record backing up your creditworthiness (which is the main purpose of credit scores). Also, no credit car loans usually involve more added requirements so your lender can ascertain your credibility as a borrower. For immigrants, lenders might require you for any proof of residence in Canada.
It All Depends on the Lender
What we have mentioned so far are just general trends. However, if you think of it, how quickly you can get approved all depends on your chosen lender. Customer service is the key to every business, that is why most lenders are going online in order to increase accessibility and availability. With the advent of online application, clients can submit their application anytime, anywhere. To add, it also hastens the entire process since every transaction is done in just a few seconds with very minimal steps involved.
Looking for a lender can be quite a lengthy process. If you want to get the best deals possible without the hassle of waiting weeks for an approval, then New Car Canada is the right lender for you. We pride ourselves with excellent customer service and flexible auto loan options. Any car you want, we can provide. We only need 3 very simple requirements: minimum monthly income of $1,800, valid driver’s license and can apply for insurance. Start making your car dreams come true today by filling out our 1 minute online credit application. No down payment or cosigner required.
We provide free service in 8 provinces, Ontario, Nova Scotia, New Brunswick, PEI, New Foundland, Manitoba, Saskatchewan, and British Columbia. We service everyone from Toronto, Ottawa, London, Hamilton, Mississauga, North Bay, Thunder Bay, Sudbury, Sault Ste. Marie, Barrie, Oshawa, Brampton, Kitchener, St. Catharine’s, Niagara Falls, Belleville, Windsor, Bracebridge, Gravenhurst, Collingwood, Orillia, Peterborough, Nepean, Cornwall, Kingston, St. Johns, Saint. John, Moncton, Winnipeg, Brandon, Red Deer, Calgary, Edmonton, Saskatoon, Regina, Kamloops, Victoria, Surrey, Kelowna, Vernon, Prince George, Nanaimo, Fort McMurray, Banff, Moose Jaw, Prince Albert, Swift Current and the rest of Canada. Our dealer network is one of the largest in Canada and always provides free finance to own quotes.