Frequently Asked Questions
If you’re thinking about buying a vehicle you probably have a lot of questions. Click on the links below for answers to common questions about your credit rating, applying for a car loan, and buying a vehicle.
Applying for a Loan
- My credit rating isn’t the best and now I have a high interest car loan. Is there any way that I can reduce my interest rate?
- I’ve heard people talking about upside down car loans. What exactly does that mean?
- I know that interest rates can vary from one person to another, but when I go to get a car loan, how is my interest rate determined?
- I recently checked on my credit score and it was pretty low. Is there anything that I can do to improve it?
- I’ve seen a lot of websites that allow you to apply for a car loan online. I’m kind of worried about entering my personal information into a form on a website. Is it safe?
- I have a pretty bad credit rating and I’m afraid to even apply for a car loan. Can I get approved for a loan even if I have bad credit?
- I’m an international student studying in Canada. I haven’t been here long enough to establish a credit rating. Can I still get a car loan?
- I know that when I apply for a loan, lenders check my credit score and it will affect whether or not I’ll get a loan and my interest rate. What exactly is a credit score, and how is mine determined?
Buying a Car
- If I want to buy a car that’s being sold by a private seller, can I get a loan to buy it from Auto Loan Kelowna?
- I’m going to be buying a car soon. Are there any things that I can do to make sure that I’m getting it for the best price possible?
- I like to buy used cars but people keep on telling me that it can be risky to buy from a curber. What is a curber and why should I be careful not to buy a car from one?
- I want to buy a car and keep my monthly payments as small as possible. Lots of places are now offering seven or even nine year car loans. Should I take out a long term car loan?
- I need to buy a car but I want to make sure that I don’t get in over my head. How do I know how much I can afford to spend on a car payment?
- I know that buying a used car can be risky. What are some things that I can do to make sure that I’m getting a decent vehicle?
- Lease rates are very attractive these days. I’m not sure if I should buy my next vehicle or lease it. What are pros and cons of each option?