FREQUENTLY ASKED QUESTIONS
Still not sure whether financing is for you? Take a look at our frequently asked questions and make an informed decision to purchase your next vehicle from Go Auto.
We’ll lend you the money to purchase a new vehicle!
Most car buyers don’t have the ability to pay for the full sum of their vehicle in cash. That’s where Go Auto Outlet financing comes in handy. Apply for financing and we’ll lend you the amount needed to pay for it after you’ve been approved. You can then make smaller, more manageable monthly payments to us until your car has been paid off. This is a great way to build your credit for future borrowing, or to maximize your used vehicle trade-in value. If you still have questions, read a more in depth explanations in this blog post.
We offer in-house financing, work with any credit levels, and offer quick pre-approval. So why finance anywhere else?
Go Auto Outlet offers an in-house financing solution, offering you a one-stop-shop for all your purchasing needs. Our financial advisors have access to dozens of lending institutions in order to offer you competitive rates on your loan. We accept any level of credit, and can start finding solutions for you within 24 hours of your request. Still not sold? Read about what makes financing different at Go Auto Outlet here.
In short, anyone can apply.
It is our goal to help everyone purchase the vehicle you want, at a Go Auto payment that you can afford. Anyone can book an appointment with a Go Auto lending specialist, and we’ll try to find the best lending offer possible.
With access to dozens of lending institutions, Go Financing is a one-stop solution for any credit situation. Whether you have bad credit, no credit, or a short credit history, we strive to find an affordable plan for you. Individuals who have recently declared bankruptcy or declared a divorce are welcome too!
You can read about how we service customers with outstanding debts here. And if you haven’t already, apply here to book an appointment with a Go Auto lending specialist.
It’s very likely!
Go Auto Financing works with a variety of lenders- each of which accepts varying credit situation. Luckily, that means you have a much greater chance of being approved than if you go to just one lending institution.
There are four main factors determine whether you get approved for a car loan:
- Vehicle selection—Cost, age, and mileage
- Application information—Employment history, residence, and income
- Credit history—Information contained in your credit file
- Down payment—total of cash and trade equity
Tip: For the best chance of approval, and the lowest monthly payment possible, try to select a vehicle that fits your budget and provide as large of a down payment as you can. For further help, there’s a number of articles in the Go Auto Outlet blog to help you with making an informed purchase decision.
We’ll need some of your personal and banking information to supply a Go Auto financing offer. Make your appointment as streamlined as possible by bringing the following:
- Valid government-issued driver’s license
- Current pay stub or a proof of employment letter
- Void cheque
Bring these documents to your appointment, and we’ll start finding the perfect financing option for you immediately!
Planning on trade-in your vehicle as well? Contact a your Sales Consultant for a complete list of what you’ll need to buy or trade in a car with Go Auto Outlet. If you’re still unclear what documents you’ll need, or if you simply want to speak to a financing professional before coming in, you can contact us here.
On approval, three factors will affect your monthly payment (in order of importance)
- Amount financed
- Term or length of contract
- Annual Percentage Rate (APR)
We offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile. You can learn more about your personal finance options at any Go Auto dealership.
The rule of thumb from most financial institutions is to spend no more than 15% of your gross monthly income on your car payment.
For example, if you make $2,000 a month you should spend no more than $300 on your car payment. Monthly payments normally range from $20 – $25 per $1,000 financed.
Your credit score helps financial institutions predict the risk associated with your purchase of a car, house, credit card, etc. Essentially, it’s meant to forecast how (and if you will) pay your bills.
The higher your credit score, the greater your chance of receiving a better financing offer from Go Auto.
Your credit score is a number that ranges from about 350 to 850. In general, the higher the number, the lower the risk. The systems that generate your credit score look at your credit report and take several factors into account including:
- The timeliness of your payments, including late payments
- The amount and type of debt you have
- The number and age of your credit accounts
- Inquiries created by applying for credit
- Public records such as liens and judgments
If your credit score isn’t great, read about how you can improve it by making a car purchase here.
What is your style?
Do you prefer to drive a new vehicle very few years that will always be under warranty? That’s one advantage of leasing. Do you prefer to build up equity and drive one car for a long time? Then consider financing. Financing can also be a great way to build your personal credit score, which you can read more about here.
There are all sorts of factors to consider when choosing between financing and leasing. Luckily, we have a team of finance experts who are Happy to Help you find the best option for you. Call any Go Auto dealership to schedule a free consultation.
Yes, you can.
Go Auto payments can be extended to cover extended warranties, accessories and services. This is a great way to protect your purchase, even if you can’t afford to pay for everything up front. You can buy that rock guard or bed liner spray from the dealership, and let us finance the upfront costs. Learn more about financing extras by reading this blogpost.
Many Go Auto customers qualify for financing on their first vehicle purchase.
If a normal credit determination cannot be made based on your current credit history, you may still qualify for other programs, like those for recent college graduates.
Stipulations for college students vary by finance company. Check with a finance professional at any of our Go Auto dealerships for more information