Guaranteed Car Loans in Canada: Everything You Should Know

You may have seen the term ‘Guaranteed Auto Loans’ around when looking for cars or at car finance. But what are they and how can someone guarantee you a loan without knowing your personal circumstances or even your credit score?

Unfortunately, there are no guarantees in finance. In most circumstances, the 'guarantee' is just a hook to get you inside the doors of their dealership—a marketing ploy designed to peak your interest and get you inquiring about auto loans.

We would suggest ignoring any mention of guaranteed auto loans and avoiding anywhere that promotes them. You don’t see them often but they appear every now and again.

Better Auto Loan Alternatives

Instead, we recommend working with our auto loan team. We can find the most competitive car loans regardless of your situation. We work with a range of high-quality lenders to deliver the widest range of auto loan options to our customers.

It’s what we do!

Standard Car Loans

Just looking for a great deal on a car loan? We can help. We work with multiple lenders across the market, all of whom want your business. We have access to some great rates and fair terms and can find the perfect fit for you.

Bad Credit Car Loans

If you need an auto loan with bad credit, we can help you too. Our lenders offer a range of auto loan solutions with people in all kinds of financial situations.

No matter what your credit score, we work with lenders who genuinely care about their customers and who offer affordable bad credit auto loans to anyone who can afford them.

Nothing is Guaranteed

Our lenders are fair and impartial but nothing is guaranteed. Your loan offer will depend on affordability and your credit score. As long as you can prove you can afford the loan, we can get you one.

You will need:

• Proof of ID and address
• Proof of income or employer offer letter for new employees
• Trade in or down payment
• 3 months’ bank statements (not all lenders require them but some do)

If you’re self-employed or a contractor, you’ll need your latest tax return and bank statements to prove your income. If you have been in business a while, this should be sufficient. If you’re a new freelancer or contractor, you may have a little more work to do. Contact us if that’s the case.

A Down Payment Will Help

We listed a trade-in or down payment as something you need, but technically you don’t. We can secure no money down car loans in Milton but we think down payments are the preferred option if at all possible.

It will certainly increase your chances of being accepted for a loan when a lender sees you putting your own money down. Again, nothing is guaranteed but the lenders we work with view down payments entirely positively.

If you're ready for a car loan, we'd love to help with that! simply fill in the form below to get started.