Financial institutions typically take four major factors into account:
- Down Payment
- Vehicle specifics (model, style, age, mileage, and cost)
- Application information such as income, time at current job, and time at residence
- Credit history
Your credit score is designed to help 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. Four contributors to your credit score are:
- Timeliness of previous and current payments
- The length of your credit history
- The type and amount of your debts
- Your public records
We offer you highly competitive terms, reduced time and effort, and a transparent transaction.
Sometimes 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!
Our finance sources provide offers to accommodate most credit profiles. Even with past problems, you will still get the credit you need, the car you want, and respect you deserve as a Westgate Honda customer.
Other lenders have turned me down.
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.
Can I qualify for financing if this is my first vehicle purchase?
Many Westgate Honda 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 our dealership for more information.
Your past credit history, the type of car you're buying, your down payment, and overall market conditions will all affect the finance rate for which you can qualify. We offer competitive rates from a variety of finance companies to fit nearly every budget and credit profile.
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.
You can learn more about your personal finance options at our dealership.
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.
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.
What factors impact monthly payment?
Down payment, the amount financed, term (length of contract), and annual percentage rate (the yearly cost of a loan) all affect the monthly payment.
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.
Can I use my trade for a down payment?
How much should I budget for my car payment?
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.
All buyers should bring a valid government-issued drivers license, a current pay stub, and a void cheque. Because different financing companies may require additional documentation, you may want to contact a Sales Consultant for a complete list of what you'll need to buy a car from Westgate.