Frequently asked questions Approval Guy

Approval Guy is your go-to online car agency that makes finding and financing your next car easy and hassle-free. We pair you with a dedicated agent who understands your budget and goals to find you the perfect car. They’ll also handle your financing and ensure the car is ready for you to pick up at your convenience.

We’re connected with a wide network of certified dealers across Canada and offer a service to compare car loans from over 25 lenders, ensuring you get the lowest interest rates possible with no money down options. Get instant offers and guaranteed approvals with Approval Guy.

We offer financing in selected provinces. We mainly operate in the provinces of Ontario and Quebec. 

Yes. We give qualifying customers the opportunity to lower their payments by selecting lower rate plans. Apply now.

No. We only offer financing for automobiles typically found on car dealerships, such as cars, trucks, SUVs, and vans.

The information you submit in your credit application is protected and encrypted along the way. Specifically: SSL 3.0, RC4 with 128 bit encryption (high); RSA with 1024 bit exchange. Certificates are issued by public companies certified as safe by all major web browser vendors including Microsoft and Google.

Apply online using our secure application. . Apply now.

At Approval Guy we make it effortless to get you approved regardless of your credit. With our simple, fast and secure online application we make it easy for you to apply. Our expert Finance Managers will assist you, with the help of the lenders to get you the lowest interest rates on your loan. 

Our application only requests you to provide the details that are absolutely necessary in order to secure your approval. It generally consists of personal, employment and basic contact information. We may need additional documents like proof of income, once approved. 

The fastest and most secure way to apply is through our online application. Once we receive your application we will call you in case we require more information. Click here to apply

We aim to get you the car within 24 hours once we receive your application. In some situations it can take upto 48 hours.

We have more than 20 lenders and a highly trained staff who will help you throughout the process to get you a guaranteed approval. 

Financing a vehicle is one of the best ways to improve your credit! But remember that responsible financial management across all aspects of your financial life is key to achieving a robust credit profile.

Just like a normal dealership, our pricing is “all-in.” Our total price includes shipping, pre-purchase inspection, safety certification, and cleaning. Licensing and taxes are not included. Additional fees for financing apply.

It’s our top priority to eliminate the risk of buying a vehicle. We start with a background check on the car. Then we complete a rigorous third-party inspection, which includes paint depth readings, fluids inspection, electrical tests, test drive, etc. After that, we complete a provincial safety inspection and lastly you can sign off on your final in-person inspection.

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If the vehicle isn’t as described and we can’t fix it, we’ll start from scratch. But since our inspection process is very in-depth, this may never happen.

We work with you to get you the right vehicle based on your recommendations and choices. This whole process will include lots of discussion about how you would like to proceed before finalizing anything. Once we have established everything about the car, we find it for you and complete a rigorous 3rd party inspection, after which the car is all yours! 

Yes. Every car Approval Guy sells is sold with a safety certification and undergoes a rigorous third-party inspection.

We source our vehicles from private sellers, dealers, auctions, lease companies, and manufacturers all over Canada.

A vehicle ownership plan establishes the optimal time to sell your new vehicle based on your driving habits (KM accrued) and depreciation trends for your vehicle. It is our way to ensure you lose as little money on your vehicle as possible during your ownership.

An understanding of what’s important to you, what you like/dislike, and some semblance of a budget. That’s it.

The year of the vehicle, your credit history/score, and the current programs available through our various lenders are all factors in determining your payment, term, and interest rate.

Yep. We offer to finance for all credit situations and even offer a program to lower your interest rate once you qualify.

Yes, however, our rates and terms will often be more favorable than your banks.

Your payments will come out of your selected bank account automatically based on the terms that you choose.

Selling privately can be frustrating and take a lot of time. Plus, you’ll have to pay tax on the full purchase price of the new vehicle if you don’t use your current vehicle as a trade-in.
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Losing these tax credits will likely negate the benefits of a higher sales price when selling privately.
With Approval Guys, we launch your vehicle on multiple auction sites to ensure it receives the highest value, then position the best offer for your consideration. You’ll also receive tax credits equal to your province’s tax rate on the full trade-in value of your vehicle towards your next car.
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For example, an Ontario resident with a trade-in valued at $35,000 will also receive $4,550 (13%) in tax credits towards the vehicle they’re purchasing. This makes a $35,000 trade-in value kind of like selling your car for $39,550 privately as this is how much your total trade-in value would take off your next vehicle’s total cost.

The excess balance will be added to your new car’s price or financing. Fret not though, you’ll still benefit from tax credits despite the excess amount you owe on the vehicle.

First, we’ll ask you to fill in a trade-in application. Once approved, we’ll capture photos, damages, mileage, etc and list your vehicle on multiple auction sites to ensure it receives the highest value. Then we’ll provide you with the best offer based on auction results for your approval. If you find someone to pay more, then we will accommodate the sale to give you the higher value.

Selling privately can be frustrating and take a lot of time. Plus, you’ll have to pay tax on the full purchase price of the new vehicle if you don’t use your current vehicle as a trade-in. Losing these tax credits will likely negate the benefits of a higher sales price when selling privately.
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At Approval Guy, we list your vehicle on multiple auction sites to ensure it receives the highest value, then position the best offer for your consideration. You’ll also receive tax credits equal to your province’s tax rate on the full trade-in value of your vehicle towards your next car.
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For example, an Ontario resident with a trade-in valued at $35,000 will also receive $4,550 (13%) in tax credits towards the vehicle they’re purchasing. This makes a $35,000 trade-in value kind of like selling your car for $39,550 privately as this is how much your total trade-in value would take off your next vehicle’s total cost.

Yes. We work with many warranty companies to provide you with the best coverages for the best price.

Warranty price varies based on the selected vehicle, the desired coverages, and the warranty length.

Once your vehicle is ready to hit the road, you can pick it up at one of our locations or we can deliver it directly to your home.

When we hand you the keys, we’ll give you all the paperwork, including ownership of the vehicle, warranty documentation, and more.

Yes. Upon delivery, your vehicle will come complete with provincial registration and license plates on your vehicle.

Any imperfections that were not in the original report, outside of reasonable wear and tear, will be addressed at the cost of Approval Guy.

Often much faster, but it may take up to 72 hours or longer.

We can work with all types of income but approvals are easier with employed, self employed or pension fund holders.

Every lender has different criteria but we can work with as low as $1800 per month before deductions.

Of course not! We want to earn your business and we do our best to provide the best deal and the lowest rates but if for any reason you do not want to purchase from us, its no problem at all.

On occasion lenders may ask for a co-signer but most of the time we can get you approved on your own.

Technically you don’t need to put any money down but it’s highly recommended you put down roughly 20% of the vehicle’s total cost. This way you’ll be borrowing a smaller loan amount and will have lower loan payments each pay period. Generally, we have vehicles that will fit your budget with $0 down.

All banks do require a credit check in order to be approved.

Even if you are 1 day into your bankruptcy we can secure an approval for you! No problem! Bad things happen to good people and we believe in second chances.

Our dealers have around 1000 vehicles available in the inventory and because of the high volume of deals every month our inventory is always updating in real time. We also source vehicles on customer’s demand.

With our massive inventory we are almost always able to give more than one option that will fit your budget and approval.

Payments are based on credit, the term of the loan and price of the vehicle. We want to help you rebuild your credit and not struggle with the payments, so we will always make sure the payments are well within what you can comfortably afford.

Rates are based on your credit history and can range from under 5.99% to mid 20s but with the help of our group of lenders, we are certain to secure you the best rate possible. 

The maximum amount you can borrow is based on your several factors. Key factors include your current income, financial obligations and credit history.

The annual percentage rate (APR) for a loan is based on the information contained in your loan application and other information provided by credit reporting agencies.

Our approvals are structured with the longest term possible. If you wish to pay the loan back sooner, you are free to do so. The loan is a simple interest loan and carries no penalty for early payment.

The amount of interest depends on the interest rate, the amount of money borrowed (principal) and the length of the time the money is borrowed. The formula for calculating simple interest is: Interest = Principal x Rate x Time. You can pay off the loan whenever you want without a penalty. Also, any extra payment applies to the principal.

At Approval Guy offers a range of products to meet the needs of customers across the credit spectrum. If you have less than perfect credit, we will work to approve you, along with our lending partners. You must submit a complete credit application to initiate the lending process. Please apply at Approval Guy.ca to get started.

We recommend researching the price of the vehicle you are looking to purchase. Remember to apply for greater than the actual value cost of the of the vehicle, to allow room for tax, title, licensing, and other value-added products such as GAP or an extended service contract.

Yes. We may be able to include an additional borrower on the loan.