How it Works

Applying for an auto loan can be a great way to make your car-buying dreams come true. With this type of loan, you’ll have the chance to purchase the vehicle you’ve been wanting by borrowing the money you need to purchase a new car, while building credit and repaying the borrowed sum over a predetermined set of payments. Working with a lender to secure an auto loan allows you to enter into an agreement that benefits both parties: you get the vehicle you painstakingly researched, and they receive their payment back plus interest. Take advantage of an auto loan today and enjoy all it has to offer!

Pre-approval for a car loan requires little effort and just a few steps. First, you need to verify information about yourself such as your name, age, and income. After this basic information is taken into consideration, you will typically be provided with an amount that the lender believes you can afford. This can help save time when it comes to shopping for a car as you know exactly how much you have to work within a budget. Additionally, pre-approval may offer more competitive interest rates so that savings can add up over time. When applying for a car loan it’s important to fill out the application with accuracy and make sure your finances are in order before going to apply for the loan; pull your credit reports ahead of time, know what debt you carry monthly and be prepared to provide proof of income. This will help speed up the process considerably and give you optimal approval chances.

Fortunately, submitting the application does not mean that your credit score will take a major hit. Your credit score will only be impacted by a few points once we do a hard inquiry for the application when you have confirmed to continue with the loan process. We’ll advise you before we submit any hard inquiries for your account. Keep in mind that you should refrain from applying with multiple dealerships as this can affect our ability to get you the best approval. By only applying with us, you can create a much smoother borrowing experience and ensure that your hard-earned credit score is not affected negatively by applying for an auto loan.

Generally, your interest rate will be based on your credit score, the type of vehicle you are buying, the loan amount and duration, and any existing promotional offers offered by the lender. It is paramount to know that even if you have excellent credit, other factors such as the specific car model and loan terms can cause fluctuations in rate. Essentially the higher your credit score is, the lower your interest rate offer will be. Your lender may also use other data points like your income and other financial information like your debt-to-income ratio. By using these criteria, lenders can make sure they are providing loans that work for both parties, so that it’s reasonable for you as a borrower to pay back the loan within an appropriate time frame and reasonable for lenders to provide financing at terms that make sense for their business model. Furthermore, we will shop around with every major lender to find you the absolute best deal possible based on your credit score and budget.

Though it’s not mandatory, a down payment is recommended as it will show the lender that you’re serious about getting a vehicle, and expand your vehicle options – while helping to lower your monthly payment and interest rate appreciably.

If you have outstanding debt from your previous car loan, don’t worry! You can still get approved for a new loan. Thanks to the numerous options available, you can find the perfect auto loan that matches your needs even with past debt. If you’ve been responsible with your previous loan payments, and have built up a good credit score, lenders will be more likely to approve you for another auto loan. With competitive rates and flexible payment schedules, you can get into a brand new car and start fresh with manageable monthly payments while working towards eliminating your current debt. We will determine the value of your vehicle that you’re trading in, and assess the amount you’re still owing. Our finance department offers top dollar for trades and can help maximize your profit. We help pay off old loans in full before starting new car loans – so you know you will never be double billed.

At First Nations Car Financing, we do not require a cosigner to get you approved on a vehicle loan. It is possible to qualify for a loan without one! It usually is dependent on your current credit score and financial situation. It will help if you can pay a down payment or provide additional documentation as proof of income or creditworthiness. Different lenders have various requirements when it comes to allowing someone to finance a vehicle.

While not always necessary, a cosigner may get you better loan terms and rates if your credit score is low or you have no credit history yet. It’s important to remember that if you decide to get a cosigner, they will be held legally responsible for your debt should you fail to make payments on time or default on your loan. Therefore, taking out this kind of loan requires serious consideration and understanding of the pros and cons involved.

We include a complimentary seven day intern sticker which gives you temporary insurance for a week, allowing you enough time to get your vehicle registered and insured in your name.

Worried you’re going to have to pay tax? At First Nations Car Financing, we specialize in helping the Aboriginal community confirm their Treaty status with lenders and get their vehicles delivered tax-free to their Reserve land. That’s right – no taxes on your vehicle purchase. This means substantial savings on your next vehicle purchase. This is an incredibly exciting benefit and one that those in the First Nation/Treaty community should definitely take full advantage of!