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Car Buying Frequently Asked Credit Questions Title and Red 2017 Ford F-150

Car Buying Frequently Asked Credit Questions Edmonton AB

The car buying process can be an overwhelming endeavor, especially when determining how to finance your vehicle. However, with the friendly and knowledgeable associates in our finance department at Go Auto Express, we make things simple and easy for Edmonton-area car shoppers. We offer convenient in-house financing, in which we help get you a loan that best meets your needs, and once you secure a loan, we'll report it monthly to the major credit agencies in Canada to ensure you maintain a good credit score. Also, we can work with car buyers in nearly every credit situation, including those with bad credit, no credit and first-time car buyers

To help get you started, we've compiled this "Frequently Asked Credit Questions" list for car buyers, such as the things you'll need for your finance appointment, budgeting for car payments, credit score determination, the car loan approval process, and car loan payment calculation. Our financing process is easy. Just find a vehicle and then fill out a credit application online or contact us at our dealership!

 

Apply for Financing at Go Auto Express

Credit Score Title on Computer Screen and Hand Typing on a Comptuter Keyboard
All buyers should bring:
  1. Valid government-issued drivers license
  2. Current paystub
  3. Voided cheque
  4. Contact a Sales Consultant for a complete list of what you'll need to buy or trade in a car with Go Auto Express.

Four main factors determine whether you get approved for a car loan:
  1. Vehicle selection—Cost, age, and mileage
  2. Application information—Employment history, residence, and income
  3. Credit history—Information contained in your credit file
  4. Down payment—total of cash and trade equity
Tip: For the best chance of approval, and the lowest monthly payment possible, try to select a vehicle that fits your budget and provide as large of a down payment as you can.

On approval, three factors will affect your monthly payment (in order of importance):
  1. Amount financed
  2. Term or length of contract
  3. Annual Percentage Rate (APR)
We offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile. You can learn more about your personal finance options at any Go Auto dealership.

The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment.
For example, if you make $2,000 a month you should spend no more than $300 on your car payment. Monthly payments normally range from $20 - $25 per $1,000 financed.

Your credit score helps financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it's meant to forecast how (and if) you will pay your bills.
The higher your credit score, the greater your chance of receiving a better financing offer from Go Auto Express.

Your credit score is a number that ranges from about 350 to 850. In general, the higher the number, the lower the risk. The systems that generate your credit score look at your credit report and take several factors into account including:
  • The timeliness of your payments, including late payments
  • The amount and type of debt you have
  • The number and age of your credit accounts
  • Inquiries created by applying for credit
  • Public records such as liens and judgments

Do you prefer to drive a new vehicle every few years and have it always be under warranty? That's one advantage of leasing. Do you prefer to build up equity and drive one car for a long time? Then consider financing.
There are all sorts of factors to consider when choosing between financing and leasing. Luckily, we have a team of finance experts who are Happy to Help you find the best option for you. Call 780.777.7777 or any Go Auto dealership to schedule a free consultation.

Many Go Auto customers qualify for financing on their first vehicle purchase.
If a normal credit determination cannot be made based on your current credit history, you may still qualify for other programs, like those for recent college graduates.
Stipulations for college students vary for each finance company. Check with a finance professional at any of our Go Auto dealerships for more information.