General Questions
What is a car loan?
What are the available terms for a car loan?
What is better: Short-term car loans vs Long-term car loans?
What is the difference between a secured and unsecured car loan?
How it Works
Why choose Apply 2 Drive?
Where is your office located?
Am I obligated to purchase a vehicle if I apply?
What kind of personal information do you need?
Do you take trade-ins?
What are your terms and conditions?
Application and Approval
What are the minimum requirements to apply?
How much money do I need for a car payment?
Do I have to do a credit check?
How much can I get preapproved for?
Can you help me, even if I’ve been turned down for a car loan before? How can you help?
How long does the process take?
Can you reach us by phone?
Vehicles and Payment Details
Can I select the car I want?
Where can I view your inventory?
What types of vehicles do you have to offer?
What are the interest rates?
General Questions
What is a car loan?
When you take on a car loan it means that the lender purchases the vehicle on your behalf and gives you the opportunity to pay back the purchase price of the vehicle over a period of years. In exchange by paying a monthly, weekly or biweekly payment with an interest charge.
It is also important to remember that the amount that will be paid each week, biweekly or monthly may vary. The reason for this is that some car loans are paid down through amortization.
What are the available terms for a car loan?
Most of the car loans in Canada are structured with 12-months increments. They last somewhere between two and seven years. Depending on whether you are planning to buy a new or used car, you will find loans between 12 months and 84 months. The average used car loan lasts between 36 months to 48 months. The average for new car loan lasts between 60 months to 72 months.
What is better: Short-term car loans vs Long-term car loans?
This depends on the personal preferences of each borrower. A long-term car loan comes with an increased interest rate. That means that your monthly payments will be lower, but in the end, your total loan cost will be higher. However, with the short-term car loan option, your monthly payment will be higher, but will also come with reduced interest and total overall credit cost.
What is the difference between a secured and unsecured car loan?
If you have a personal loan for a car, you may have heard that it is unsecured debt. Car loans, though, are different from personal loans in that the creditor uses the vehicle itself to secure the loan. Because the lender for your car loan uses the vehicle as collateral, it considers the debt and is used to secure the loan.
How it Works
Why choose Apply 2 Drive?
Our customers choose Apply 2 Drive because we have simplified our process for getting an auto loan. We have had 15 years of experience helping Canadians like you get auto loans regardless of your current credit situation.This is why people have choose Apply 2 Drive to help with bad credit and no credit auto loans for cars, vans, trucks or SUVs.
Where is your office located?
You can find our office in St. Albert, Alberta. Our service is available across Canada in plenty of cities and towns in Canadian provinces, and it is more than likely that we have dealer partner located near you. Apply 2 Drive today It’s Simple!
Am I obligated to purchase a vehicle if I apply?
There is no obligation to purchase. Our dealer partners will work hard to provide you with the best service, information, and options available, even if you have bad credit. You do not need to commit to anything until you’re ready.
What kind of personal information do you need?
We only ask our customers for the basic information that we need to help get approval, including necessary information (first name, last name and date of birth), where you reside (home address and city and province) and your current financial circumstance. We do not ask you for your SIN.
Do you take trade-ins?
Yes, we are always happy to work with trade ins, even if there is money still owed on your current vehicle. It may also be possible that your trade in may help lower your monthly payments. We are happy to accept your trade.
What are your terms and conditions?
We understand that you want to know what you are signing up for. You can find our terms and conditions here. The terms for each person’s approval will vary due to the information provided within the application. Please see our privacy statement on the type of information from your application and financial circumstances (bad credit, no credit, bankruptcy) how it will be shared. Please take a minute and view our privacy statement.
Application and Approval
What are the minimum requirements to apply?
Our minimum requirements are that you are legal age majority in the province that you reside in and must be a permanent resident in Canada. You also need to be employed for 3 plus months or longer and make at least $1600/month to qualify for a car loan. No matter you credit situation we will accept your application.
How much money do I need for a car payment?
A down payment will not always be required as there are programs that have $0 down payment options. With a down payment it will decrease the amount you borrow and lower your payments while shorting the time it takes to pay back the loan.
Do I have to do a credit check?
Yes, a credit check will be part of the approval process.
How much can I get preapproved for?
The amount that you will get pre-approved for depends on several factors. After your application has been submitted, your dedicated dealer partner will contact you to discuss how much financing you qualify for. The dealer representative will work closely with you to match you with the right vehicle that fits your monthly budget.
Can you help me, even if I’ve been turned down for a car loan before? How can you help?
Absolutely! Our dealer partners have years of credit experience and have helped people get car loans across Canada even if they have been turned down before. Having bad credit or no credit? Once you apply online or call us we will work with our dealer partners and they will contact you to go over your options.
How long does the process take?
You need less than three minutes to fill out our application. After submitting it, your application will be matched with an experienced dealer partner who will contact you as soon as possible. Depending on the day, it may take up to 24 hours for our partners to be in touch with you.
Can you reach us by phone?
Our team of experts will be happy to answer any questions you may have. You can contact us at 1-888-934-3434 from Monday to Friday 9 AM – 7 PM (MST) and from Saturday to Sunday from 9 AM – 5 PM (MST).
Vehicles and Payment Details
Can I select the car I want?
Yes. Once have been matched off to one of our dealer partners with your application, they will contact you to discuss which vehicles are available and help you in picking the best vehicle for your needs and monthly budget.
Where can I view your inventory?
Our dealer partnered network is linked into thousands of vehicles across Canada, so we are unable to direct you to a single inventory of all the vehicles since the selection of vehicles is so large! Once you have completed the application for a car loan, our dealer partner will give you the access to their inventory to pick the vehicle that works for you and your monthly budget.
What types of vehicles do you have to offer?
We provide car loans for all types and makes of vehicles including cars, vans, trucks, and SUVs. There may be more choices depending on the dealer partner.
What are the interest rates?
We don’t maintain average rates because we do not provide the financing ourselves. The interest rates are typically determined by many factors, including the amount financed, the term, and the approval that each individual qualifies for.