Car Approve Loan | TORONTO used car dealer

155 Champagne Drive, TORONTO, Ontario, M3J 2C6

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Understanding Car Loans

Car loan payments are determined using three key components

Principal

The principal amount encompasses the total expenses of a vehicle, covering any fees associated with the car loan from the lender or dealership. It also includes the cost of any selected options or add-ons. Understanding the principal ensures clarity on the financial commitment involved in purchasing your vehicle.

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Term

The term refers to the duration over which payments are scheduled. Typically ranging from 36 to 72 months (with potential for shorter or longer terms), it outlines the period during which you'll repay your vehicle financing. Understanding the term helps you plan your budget and financial obligations accordingly..

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Interest Rates

Interest rates denote the percentage charged by the lender for borrowing money, and they can vary depending on the vehicle, loan term, and the borrower's financial circumstances. Knowing the applicable interest rate is crucial for evaluating the total cost of your loan and making informed financial decisions..

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Requirements for Applying for a Car Loan

Employment & Income

Typically, you should have been at your current job for three months or more, with a minimum monthly income of at least $1800. Some forms of government assistance may also be considered as income.

Driver’s License

You must possess a valid driver’s license and be of legal age in your province or territory of residence. Lenders require this to ensure borrowers are legally able to drive, which correlates with their ability to repay the loan.

Bank Account

A bank account is necessary to deduct monthly payments. Providing a void cheque or a stamped pre-authorized payment form simplifies this process.

Down Payment

While not always mandatory, a down payment can strengthen your loan application. It reduces the amount financed, making approval more likely.

Current Address

When completing loan documents, you must provide your current address, including your monthly rent or mortgage payment details.

Contact Details

To apply for a car loan, you'll need to provide your full name, date of birth, phone number, and email address.

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