Frequently Asked Questions
Everything you need to know about our bad credit auto financing guarantees.
Do I need a down payment?
No. While a down payment can lower your interest rate, we successfully secure $0 down approvals daily based entirely on your monthly income.
Will applying hurt my credit score?
Our initial pre-approval process uses a soft pull or limits inquiries to a single hard pull required to lock your rate, ensuring your score is protected from unnecessary damage.
How fast can I get a vehicle?
Most of our clients receive pre-approval within 2 hours, pick out their vehicle the same day, and take delivery within 24 to 48 hours depending on their location in Ontario.
I just got out of a consumer proposal. Am I eligible?
Yes. You are eligible not only after your discharge but while your proposal is still active. We specialize in post-insolvency financing.
What is your minimum income requirement?
Our network of lenders requires a provable monthly income of at least $1,800 before taxes directly deposited into a Canadian bank account.
Can you get a car loan after bankruptcy in Canada?
Yes. You can get a car loan after bankruptcy in Canada, even immediately after discharge. Specialized lenders like Always Approved work with discharged bankruptcies and active consumer proposals. The key factors are steady income, a reasonable down payment, and applying to the right lender.
What credit score do you need for a car loan in Canada?
Traditional lenders typically require a 650+ credit score. However, bad credit specialists like Always Approved work with credit scores as low as 300. What matters more than your score is your current income, employment stability, and down payment amount.
Have a specific question about your file?
Apply free of charge and ask your dedicated approval specialist.
Start Pre-Approval