Got Questions? We’ve Got Answers.

1. I have never had a loan before, will this be a problem?

At GreatRateCarLoans.com we deal with specific lenders who specialize in first time buyers and will
provide the best loan approval possible. Lenders will look at many different factors when it comes to
car loans and credit history is one of them. So if you have no history, it will be considered but most
likely not a deal breaker.

2. Does a bankruptcy prevent me from getting a car loan?

A bankruptcy can definitely be a hurdle to overcome when getting a car loan but in many cases not a deal breaker. This may put some constraints on which vehicle you choose, however, many of our customers use a car loan to rebuild their credit post-bankruptcy. This allows them to buildup to
reaching their dream car.

If you are still in receivership or bankruptcy, unfortunately, we legally cannot provide you with a loan, but would be happy to look at your credit history and help guide you coming out of receivership and looking toward the future.

3. Can I ruin my credit by submitting a loan application?

While one or two credit applications will almost certainly not discourage the banks from approving
your loan, you do want to stay away from becoming a ‘credit seeker’. This may dissuade a lender
from giving out a loan if you have 10+ inquiries for a loan. In many cases, if you have a good reason
the lender will most likely work with you.

4. Does it matter if I am new to the country?

This is a common problem when an immigrant arrives and is in need of a vehicle. The issue of
someone new to the country is that his or her credit history will not pull from the previous country.
Our team of experts are familiar with dealing with these applications and are skilled at getting the
best approval possible. There are a few lenders and manufacturers that are good at dealing with
new immigrants and we have developed strong relationships with them

5. How do I know my interest rate?

This is difficult question to answer, as many people will have a different interest rate. It will depend
on your credit history, your income, your current loans and even the vehicle that your choose! The
interest rate is an important factor to our customers but we also focus on getting them the right
vehicle and the right term. All the factors come together to get a payment that works for the
customer and the lender as well.

6. Is it safe to give my financial information online?

This will depend on where you give your information online. At GreatRateCarLoans.com we guarantee that our team of experts will personally look after your credit score and your information will not be sold to a third party. It is secured and will only be used to try to provide you the best car loan approval possible.

7. What do I need to do to prepare for a car loan?

We try and make it as simple and painless as possible for you. If you fill out our express car loan we should have everything we need to get your application started. In some cases, we may need more information such pay stubs or references but we will ask only if it’s needed.

8. I got divorced, does that effect my credit?

The short answer to this question is no. However, a divorce can put a strain on individuals’ current
financial position. Sometimes the car payment needs to be reduced or we have to look at a car loan
with only one income. We can help in whatever situation you find yourself in.

9. What can I do to help my credit?

Typically, the best way to get your credit to the point where you can purchase a vehicle is to have a
loan. There are two types of loans: revolving loan and installment loans. Both are a great way to
show the bank your ability to pay your debt. A revolving loan would be where you pay down your
loan without set payment dates. A good example of this would be a credit card or a line of credit.
An installment loan would be where you pay your loan on a certain day of each month or bi-weekly.
A car loan is a great example of this, so are mortgages. While a loan is a good thing, paying them on
time and having the monthly income to support the loan is important. If those two things are
consistent, this should provide a great opportunity to get your next loan.

10. What if I owe money on my current car? What if it I owe lots of money on my current car?

This happens from time to time as vehicles can depreciate faster than we are paying them off.
Lenders will allow for this on many of the loans but they will also consider your credit history and
income. While we cannot guarantee that we will get you approved, we believe we are your best

11. I don’t live in Alberta, can I purchase a vehicle from you?

Absolutely! We provide vehicles to people all over Canada. Let us try and get you approved and we
will do our best to get you the car you deserve!