Guide & FAQs
We all know that buying a new car is an exciting and important decision, but it can also be a little daunting. At Deal For Wheels, it’s important to consider all your options before moving forward with financing or purchasing a vehicle. This includes comparing interest rates and loan terms, as well as researching insurance coverage and other fees that may come up along the way.
Here you’ll find some of the most frequently asked questions regarding vehicle financing. Our goal is to help you make an informed decision by providing clear and comprehensive answers. Explore our resources to understand the nuances of auto loans and ensure you get the best deal for your new or used vehicle.
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Yes, we have an extensive network of dealership partners across Canada. To find the closest dealership partner to you, we match you with one in your area. Our dealer partners offer a wide range of new and used vehicles from various makes, models, and years. We’ll assist you in locating the most suitable dealership that can provide you with the financing you need and the vehicle that is best suited for you.
After you apply, you will be contacted by a nearby dealership to complete the application process during regular business hours. The dealership will already have most of the information needed to finalize your loan and get you driving immediately. You may also contact us to handle everything over the phone, and then you’ll be transferred to the dealership to take care of the rest. This can save you a lot of time.
The pre-approval amount depends on your financial situation. The good news is that we offer various loan options for different types of credit and financial statuses. We’re committed to working with your finances to help you get the vehicle you want at a fair price.
Our process takes just a few minutes. A Deal For Wheels loan specialist will contact you to go through your application, discover your requirements, and connect you with a dealership partner or lender that can get you approved and driving as soon as possible. Give us a call at (1-877-624-2781), and one of our loan specialists will take your information over the phone and connect you with the dealership immediately so that you can complete the transaction even sooner.
Your vehicle expenses should never exceed 10% of your income. For example, if you make $42,000 a year, your monthly car payments should not cost more than $4,200 a year, which is $350 per month.
An Annual Percentage Rate, or APR, is the cost of borrowing for your vehicle loan. It shows how much you’ll pay over the course of your car loan. There will be differences in APRs between dealerships and lenders. Factors influencing your interest rate include the type of automobile you’re purchasing, your credit score, and the lender’s prime interest rate. Unlike other forms of credit, auto loan APR does not make you pay more interest than the principal. If you trade or sell the car after three years, you would only pay interest for those three years, not for the entire loan term.
Yes! Even if you still owe money on your current vehicle, our dealerships and lenders will work with you. We may be able to use your existing automobile as a down payment for your new car to help lower your monthly payments in certain circumstances.
Yes, you can qualify for financing even if you haven’t previously financed a vehicle. If your current credit history prevents you from qualifying for other programs, such as those for recent college graduates, there are still options open to you. We offer fantastic new initiatives specifically designed and geared towards first-time car buyers.
You must be of legal age: 18 or 19 years old, depending on your province. Be a Canadian citizen or permanent resident who can provide proof of residence, such as utility bills or tax return statements. Have a current and valid Canadian driver’s license (some lenders accept learner’s permits). Proof of insurance is also required. A co-signer may be used to help support the loan. Income verification is required, making at least $1,800 per month. Self-employed individuals must provide two years’ worth of tax returns and a year-to-date profit and loss statement if available.
Not necessarily. While it’s beneficial to put down an amount to make your new loan payments lower and more affordable, it is not mandatory.
Yes, anyone should be able to get dependable transportation regardless of their bad or limited credit histories. We work with all kinds of credit and finances to find the best loan and vehicle for you. Over 50% of our approvals are for Canadians with poor credit. Get auto loan pre-approvals in minutes, no matter what your credit score is!
Your monthly auto loan payments are determined by three factors:
- Principal: The total cost of the automobile, including fees, vehicle price, modifications, and taxes.
- Term: The length of your car loan. Deal For Wheels provides loans that last from 12 to 36 months. The shorter the duration, the less interest you’ll have to pay.
- Interest Rate: The cost of borrowing money, determined by various criteria. Each applicant’s interest rate is calculated separately. If you have poor credit, your interest rate may be higher, but timely monthly payments will improve your credit score.
At Deal For Wheels, we specialize in providing personalized auto loan solutions tailored to your financial needs. Our extensive network of lenders ensures competitive interest rates and flexible terms, making it easier for you to drive your dream car.
We understand that everyone’s financial situation is unique. That’s why we offer fast approvals, low down payments, and expert guidance throughout the loan process. Choose Deal For Wheels for a hassle-free car loan experience.