We offer a portfolio of innovative products designed to allow consumers that may not qualify for bank or dealer finance programs to purchase new or previously owned vehicles.
We recognize the fact that many vehicle purchasers do not fit a traditional lender's criteria. We aim to be as flexible as possible. There are certain minimum requirements that a customer must meet. We will entertain applications from customers who may have less-than-perfect credit histories.
How can Carfinco help me purchase a newer vehicle?
We offer consumers a convenient payment plan for purchasing new and previously owned vehicles.
What if I have poor credit or no credit at all?
We have flexible credit requirements. We have been able to help many people restore their credit status with the purchase of a newer vehicle. In addition to your ability to repay the loan, we look at your recent credit history, your employment and residency stability. We can register a lien/security interest against your vehicle with the credit bureau, giving you an opportunity to improve your credit status. Other requirements that that may also be required include additional security or a co-signer.
Will borrowing from Carfinco help me build my credit profile?
A vehicle loan is an excellent way to either build or re-build your credit. As you repay your loan on time, you will demonstrate a positive track record of making repayments.
What requirements do I need?
We recognize the fact that many vehicle purchasers do not fit a traditional lender's criteria. While we want to remain as flexible as possible there are certain minimum requirements that a customer must meet. We will review applications from customers who may have had problems in the past and are looking to improve their credit profile. You must be fully discharged from any bankruptcy proceedings or have met your trustee's conditions and are awaiting your discharge. You must not have any current substantial outstanding past due debt.
Income - You must have a minimum income of $1,800 per month. You must also be able to meet your debt servicing requirements. We will calculate a debt service ratio that takes into account your total monthly payments including vehicle payment, vehicle insurance, rent/mortgage payments and any other liabilities you may have.
Employment - Minimum three months on the job. Exceptions to this requirement can be made when you are taking a new job in the same or similar field of employment, and you were at the previous job for at least one year.
Residency - Minimum three months, unless there is a correlation to your employment situation.
What kind of vehicles will you finance?
- Vehicle Age - We will finance vehicles that are up to ten (10) model years old. The maximum number of kilometers on a funded vehicle is 180,000 kilometers.
- Vehicle Usage - All vehicles funded by us must be for personal use only. Vehicles intended for commercial use are not eligible.
How much down payment do I need?
Depending upon the age of the vehicle you are purchasing a down payment may be required. A combination of cash or a trade-in may be used for your down payment if required.
How do I apply for Carfinco financing?
Select a vehicle from one of the vehicle dealers who use Carfinco’s services. They can provide you with the necessary credit application to complete and they will then submit it to us so we can review.
What kind of information will you need?
In addition to standard credit information, we may do an employment and income verification check. When the final documents are signed, you will also need to provide residency verification. This can be done by sending us a telephone or utility statement.
Is there anything else I require?
Should we be able to approve your loan we will also require you to provide proof of insurance coverage including collision and comprehensive coverage.
How do I find out what dealers use Carfinco’s payment plan?
You can contact us toll-free or by email to learn more.
How long does it take to receive an answer to my application?
We aim to process your application as quickly as possible.
How long can I take to pay for my loan?
The age of the vehicle and the number of kilometers will determine the term of your loan. The maximum term we offer is upto 84 months on newer model vehicles.
What will my monthly payment be?
That will depend upon the amount you finance. Please work with your dealer to get detailed repayment amounts.
What if I want to pay my loan out early?
Our loans are declining balance loans and you can pay it out at any time without any interest penalty. We simply recalculate the interest to the date of the payout.
How do I make my payments?
We use a convenient pre-authorized payment system to take your payments. Select the most convenient date for your payment to be made and we will automatically withdraw the payment from your account. Just ensure your payment amount is in your bank account prior to your payment date. We also accept payments via Visa Debit and Mastercard alongwith MoneyGram and Western Union.
What if something goes wrong with my vehicle?
Hopefully this is not the case. Check with your dealer at the time of purchase about an extended warranty. These warranties can cover major power-train repairs. Remember, your signature on the Finance Agreement and the Bill of Sale is your consent and release to Carfinco to pay the dealer for your new vehicle on your behalf.