Questions? Call us at 587-860-1811

Frequently Asked Car Loan Questions

Does it cost me anything to fill out this application?

No! There is no cost to fill out our online car loan application. There is no risk or cost to you.

What’s your interest rate on auto loans?

Our auto loan interest rates range from 0% to 29.5% depending on each individuals credit and type of vehicle being purchased. Once you’ve sent us your name, phone number and email address, a special finance representative will contact you to share your actual interest rate by phone.

What if my credit is really bad?

ometimes things happen in life that affects our credit in a negative way. We understand that every person and every situation is unique. We believe everybody deserves a second chance. Most of us have experienced hard times leading to a low credit score but that does not make us bad people! No matter what your credit situation is, we will find a way to get you an auto loan!

If I apply – does that hurt my credit?

When you apply for any loan it does affect your credit rating. Some companies will send your application to all of the banks “hoping” one will approve you. This means your credit is pulled 5-10 times which is not good! We do not do this! After carefully reviewing your information, we contact you, find out the details of what has happened in the past so as to submit you to a auto finance lender that will approve you!

What happens to my information?

Your personal Information is 100% Private! We do not share your personal information with anybody! Unlike other auto loan services, we are not in the business of selling or sharing your personal information with any other firm or entity.
Immediately after you submit your online application, we receive an email informing us you have done so. We then contact you by phone or email to review your application carefully and present it to the auto finance lender whom is most likely to extend you credit in your situation. We never pull your credit report before contacting you and discussing all options.

Other lenders have turned me down. Can you help?

That’s no problem. We have lenders that can deal with any situation. We cannot guarantee terms and conditions but we will explain what you need to do to get approved. In every case, we will guide you and explain what’s required.

How much do I qualify for?

Once you send in your credit application we can determine what amount you can qualify for. The exact auto loan amount will depend on your credit.

How much of a down payment will I need?

It’s all based on your credit and vehicle of choice. We have zero down options available for qualified applicants.

What type of vehicle can I purchase?

That depends on what amount the financial institution approves you for. With 26 dealerships offering both new and used vehicles, you have many options with us.

What determines my auto loan interest rate?

Interest rates are set according to the current condition of your credit. Banks use a credit rating score to determine APR to be set for your auto loan. The credit rating score is normally referred to as FICO or Beacon score. Prime borrowing is usually a score above “630”, and interest rates for a prime customer are generally 9.99% and lower. A score between “300 and 629″ is considered “special finance” or “subprime”. Subprime lending rates will usually fall between 10% and 29.5% depending on your score and present personal circumstances such as owning a home and time at current position. For your exact interest rate, let’s get you in touch with one of our special finance representative today.

Can I put Zero Down?

We have Zero Down options for qualified applications. Your present credit situation will determine the need for a down payment. The general rule is Prime buyers with good credit qualify for zero down financing. Subprime buyers in Ontario Canada generally should have at least $500 or 5% down and yes, trade-ins count as a down payment. It is always wise to be prepared to have a down payment and then be pleasantly surprised when one is not required.

What do I need to apply?

You must be at least 18 years old. Have a valid Alberta Drivers License or a co-signor with one. Gross monthly income of $2,200 per month (Minimum) and at least 3 months on the job to qualify for a car loan.

What’s the minimum monthly income required to be approved for a car loan in Alberta?

A minimum income of $2,200 gross (before taxes) per month income or have a co-signer that qualifies is required.

Why should I use Park Credit?

Simply put, we can get you auto financing when others can’t. We work with 16 different lenders across Canada in order to find you financing at the best rate possible. We specialize in difficult credit situations: people with no credit, people with low credit, and people who have never purchased a vehicle before. If you’re a waiter, if you’re new to Canada, if you’ve experienced bankruptcy—put us to the test. We can finance you where others couldn’t.

How are my payments calculated?

Once you’re approved, your payments will be determined by three things:

  1. The cost of the vehicle
  2. How long you’re financing it for
  3. Your interest rate

We’ll work with you to get the lowest payments possible. This is where our 24/7 personal shoppers come in handy. They’ll do most of the work for you. They’ll find you a vehicle you love at a price that works for you.

How should I budget my car payments?

The rule of thumb from most financial institutions is to spend no more than 15% of your total 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. So if you finance a $10,000 car, your payment is likely to be about $200-$250 a month.

How long does the process take?

Once you’ve filled out our 1-minute application, our experts get to work right away. They will research vehicles in your area, find ones you like that fit your budget, get you the best sale price available, and work with our lenders to get you approved. You will be contacted within 24 hours. In extreme cases, when we’re very busy, it may take up to 48 hours.

Ready to Get Started?