Finance

We work with many of Canada’s largest financial institutions to help every customer obtain the best financing rate possible for their vehicle. The factors that go into approval are Credit History, Down Payment, Application Information, and Vehicle Selection. Since your loan would be with a financial institution and not Pick n Drive directly, we cannot guarantee approval, but we always do our best to ensure customer satisfaction.

Yes, but slightly. Each time you submit a credit application, it will slightly affect your credit score by a few points for a short period of time.

If you have a trade-in, we will give you a trade-in value for your current vehicle. Your trade-in value is then applied to the purchase price of your new vehicle, prior to tax, so you also save the trade-in amount/value in tax as well. If you still owe money on the loan for your current vehicle, we can apply the negative equity amount to the new loan and refinance whatever amount is left.

Credit approvals usually come back with a decision within 24 hours. However, this sometimes varies based on credit history and score. If a customer does not have excellent or good credit, approvals can sometimes take a few days to a week for a final decision and the lender may ask for additional information i.e. proof of income/employment, a qualified co-signer, cash down payment, etc.

If you are new to Canada and do not have established credit, you may qualify for one of the special programs our lenders have made for people in this situation. You must have a working permit or have been given permanent residency in order to qualify for these types of loans. Unfortunately, students do not qualify for these loans. There are also requirements for these types of loans, such as proof of income and employment, copy of permanent residency card or working permit, a 10%-25% cash down payment for the full price of the vehicle after all taxes and fees, etc.

If you are unemployed and new to Canada you are not eligible for this type of loan.

If you are unemployed but are Canadian or have been in Canada for a long time (2+ years) you may still qualify for a loan as long as you have proof of income such as Employment Insurance, disability income, pension income and/or child and/or spousal support, etc.

Si vous êtes sans emploi et que vous venez d'arriver au Canada, vous n'êtes pas admissible à ce type de prêt.

Si vous êtes sans emploi mais que vous êtes Canadien ou que vous êtes au Canada depuis longtemps (2 ans et plus), vous pouvez tout de même être admissible à un prêt à condition d'avoir une preuve de revenu comme l'assurance-emploi, un revenu d'invalidité, un revenu de pension et/ou une pension alimentaire pour enfant et/ou pour conjoint, etc.

When we bring the vehicle and contract out to your home, the following items are required:

• Void cheque or direct deposit form for the bank account you want your payments to come out from
• Copy of your new insurance faxed or emailed to us with the loan holder indicated on it
• A valid driver’s license
A valid driver’s license

The minimum amount a bank can finance is $7,500 after taxes. If the amount is below this, banks are not able to finance a contract. However, after the vehicle is financed, you can put money down on the loan.

If you are bringing over debt from a previous car loan onto your new loan, it will be rolled into the total amount financed and added to your payments. When your new loan is paid off, it will also pay off your previous loan amount. When you bring over previous debt, we as the dealer will pay off the total amount of your previous car loan. You will not have anymore payments withdrawn from that loan. The remaining balance is added to your new loan.

If your personal banking and auto loan are with different banks, you can call the bank the loan is with and have them transfer money over the phone. The bank is also able to provide the payout amount and any other details you may require over the phone. If your personal banking is through the same bank as the auto loan, you will be able to view the loan through your online banking portal and pay it down online.