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Bad Credit Car Loans FAQ

A car loan, especially one if you have bad credit, can be very confusing. We want to make understanding car loans as easy as possible.

Payments on Car Loans for Bad Credit or Good Credit are calculated using three main things: Principal, Term, and Interest Rate.

Principal: Is the total cost of the vehicle including any fees the lender or dealership may have for the Car Loan

Term: This is the length of time that payments are made for. Typical terms run between 36 Months ( 3 years ) and 72 Months ( 6 years ) although you can get car loans for bad credit with shorter or longer terms.

Interest Rate: This is the Percentage (%) that the lender is charging for you to borrow the money. Interest rates can vary depending on whether the vehicle is new or used and the perceived risk the lender sees in lending the money. Car loans for bad credit can still be available at competitive interest rates.

Apply Now and let one of our car loan experts help you select the right vehicle and get you the best deal on payments!

What am I going to need to get my Car Loan?


Employment or Income: Typically if you want a car loan you need to be at your current job for three or more months and make at least $1500 per month. This shows you have some income to afford payments and that if you’ve been at a job that long, you’re more likely to stay there. In some cases the lenders may accept alternative incomes such as different types of government assistance.

Driver’s License: It might seem obvious when getting a car loan for bad credit, but you do need to have a valid driver’s license and be of legal age (18 years in Canada). Lenders know that customers are more likely pay back their car loan if they can legally drive the vehicle.

Current Address: Lenders want to know where you live and this will be necessary for documents on your Car Loan.

Bank Account: When you get your car loan you will need to make payments and the lender wants to be able to take the payment out each month from your bank account. The easiest way to do this is to get a void cheque or stamped pre-authorized payment form.

Down Payment:You don’t necessarily need to have a down payment when getting a car loan for bad credit, although it can sometimes help. The less you have to finance, the more likely the lender will be to approve your car loan. Ask about zero down finance programs that may be available.

One of these easiest ways to help understand car loans for bad credit is to get connected with one of our affiliate dealerships from across our Canadian network. They will be able to walk you through all the steps and make sure you find a vehicle and a payment you’re happy with – Online Application – Fast, Easy and Secure!