At One Price, we are an authorized broker for most major banks and can provide you with a loan to pay for your used car at our location.
What is a Car Loan?
- Car loans are different from lines of credit, and they are designed to help you make set monthly payments to pay off your car in as little as 12 months, or as long as 96 months.
- Car loans have the second lowest interest cost among consumer credit options- way lower than unsecured lines of credit or credit cards, and the only loans with lower interest rates are mortgages and HLOCs tied to a mortgage. (Rates vary for all products based on individual’s credit and payment history.)
- Car loans help car buyers buy the vehicle they need regardless of whether or not they own a home or have a line of credit with a bank.
Who Can Apply for a Car Loan?
Anyone buying a used car at One Price can apply for a car loan at the time of their purchase:
- Homeowners with excellent credit may qualify for special incentive rates, without having to use funds from their line of credit.
- First time buyers can apply, helping to build a credit rating and get a good credit score by making regular payments.
- Self employed buyers can apply, even if they earn cash
- New to Canada buyers can apply, whether on a Work Permit, a Student or a new Permanent Resident in Canada.
- Buyers with credit problems, past bad credit, previous or current bankruptcy or proposal.
- Buyers with no credit, or new to credit
What Should I Expect When I Apply for a Car Loan?
- Our Financial Services Manager will ask questions on behalf of the bank to understand your income and credit history. These are experienced, licensed professionals who are bound by all privacy as well as automotive and ethics laws.
- We will apply for a loan with the bank that has the best program and rate for your credit profile.
- We work with the bank to get the best rate and payment for your needs.
- You can get your loan with no down payment. In some cases, the bank may ask you to put some money down upfront.
- We can get the loan application approved in just minutes, using a secure online site to access any bank or finance company we connect with, in live time.
What Should I Consider Before Applying for a Car Loan?
- How much can you afford to pay each month?
- Are monthly, bi-weekly or weekly payments better for you?
- What is your goal? Examples include: paying off the loan as fast as possible, making the lowest payment available, getting the best interest rate, getting the loan with no down payment, being able to lower or change the loan payment as you go.
Curious? Get a No-Obligation Quote.
All information is private and secure, and you can cancel or stop your inquiry at any time.
Not Sure How Much You Can Afford?
Use our calculator to see what a payment could be on a $10,000, $20,000 or any other price of car with taxes, fees and interest.
Know Your Budget and Want to See Your Options?
Give us an idea of what you want to pay along with some basic credit information and we can suggest cars to maximize your buying power!