Easy Approval Car Finance

When you submit your application to ZoomCarLoans, our lenders/car dealers may perform a credit check to assess your eligibility, which can potentially affect your credit score.

Eligibility for a car loan in Canada typically depends on several factors, including:
1. Age: You must be of legal age (18 or 19 years, depending on the province) to enter a legal contract.
2. Residency: You need to be a Canadian citizen or a permanent resident of Canada.
3. Income: Lenders typically require applicants to have a stable source of income to ensure repayment of the loan. Employment, self-employment, or other verifiable income sources may be considered.
4. Credit History: Your credit history plays a crucial role in determining loan eligibility. A good credit score improves your chances of approval, while a poor credit history may require alternative financing options or lenders specialized in bad credit loans.
5. Debt-to-Income Ratio: Lenders assess your debt-to-income ratio, which compares your monthly debt obligations to your income. A lower ratio indicates better repayment capacity.
6. Down Payment: While not always mandatory, providing a down payment can strengthen your loan application and potentially improve the terms of your loan.

Experience swift decision-making with ZoomCarLoans. Simply make an application and we’ll connect you tour panel of lender/car dealers who will provide you with a lending decision. If approved in principle, you will be promptly contacted to verify your information and guide you through the subsequent steps.

If you have a specific loan amount in mind or have already identified the car you wish to purchase, it's time to initiate the application process. It all begins with a quote. Our user-friendly online application form will prompt you to provide personal information, details about your employment status, monthly income, and the vehicle you intend to buy. By gathering these essential details, we can swiftly explore potential approvals in principle from our trusted panel of lenders.

Our panel of car dealers will gladly accept a trade-in as a valuable contribution towards your new vehicle. Like a deposit, trading-in your old vehicle allows you to offset the cost of your new car. As a result, your total loan amount decreases, leading to reduced monthly repayments.
Having a trade-in can positively impact your likelihood of approval, as it results in a smaller loan amount, which may broaden your available options. Additionally, if you prefer to make a cash deposit, we are more than happy to accommodate that as well.

Typically, a minimum down payment of 10% is required for a car loan in most cases. However, some lenders may accept a lower down payment based on their specific requirements. It is recommended to make a larger down payment, if possible, as it will lower your monthly payments and present you as a less risky applicant.

Absolutely! You have the option to repay your car loan ahead of schedule by paying the settlement figure. The settlement figure represents the total amount required to conclude your finance agreement, usually consisting of any outstanding finance balance minus any future interest that you will no longer need to pay. By opting for early repayment, you may potentially save money in the long run.
To initiate this process, get in touch with your lender and request the settlement figure. It's essential to inquire about any potential early settlement fees that may apply. Taking this proactive step will enable you to explore the possibilities and make an informed decision regarding early repayment of your car loan.