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Discover top subprime car loans in Canada.

Starting your auto loan journey online is common, but for tailored assistance, consider working with a nearby dealership. With their expertise in Canadian auto financing, they can help you find the best deals. Contact them to unlock great bargains. Facing credit challenges? Reach out to our team at Approval Guy for expert guidance in securing your car loan today!


Maximizing Your Financial Resources

Excellent Credit: 760+ The best rates and loan terms
Good Credit: 680-759 Approval likely with decent rates
Fair Credit: 620-679 Higher rates but can still be approved
Poor/Bad Credit: 580-619 Difficult to get approved, highest rates
Very Poor: Below 580 Hard to get approved without a cosigner.

Now is an opportune moment to revisit your budget and start crunching numbers to pinpoint potential cost-saving measures. If you've ceased using subscription services since the pandemic's conclusion, canceling them could lead to significant savings. Additionally, if you've exhausted all avenues to trim expenses and find your financial wiggle room limited, ponder taking on a supplementary job. Not only will this endeavor broaden your skill set, but it will also boost your income.

If you have bad credit but need a car, there are still several options for getting approved for an auto loan in Quebec. Here are some of the major lenders to consider: Major Banks The big banks like RBC, TD, Scotiabank, and BMO may approve you, especially if you have an existing relationship.
However, expect to pay higher interest rates. Look for special bad credit car loan programs they may offer.
Credit Unions Local credit unions are worth applying to as they tend to be more flexible than big banks. Desjardins is a major credit union in Quebec to consider.
Dealerships Many dealers work with special finance lenders and can get you approved through subprime financing programs, even with very bad credit. Interest rates are higher.
Online Lenders Online lending companies like RateHub, Car Deal Canada, and Auto Loan Canada specialize in bad credit auto loans. Pre-qualify online for quick decisions.
Be sure to compare all loan offers and terms carefully. Apply to multiple lenders to increase your chances of getting approved and finding the best rates.

Your credit score gives lenders an idea of your creditworthiness and risk level as a borrower. The higher your score, the lower interest rate you can qualify for. With bad credit, you’ll pay a higher interest rate to offset the increased risk.

Your credit score fluctuates each month based on how you’ve managed your finances over the previous 30 days, so it never stays the same.
If you make timely and proper payments on your bills, your credit score will increase. Along with paying your bills on time, you should make an effort to pay off as much debt as you can.
1- Pay off current debts
2-Take on good debt
3-Pay bill/loans on time.
4- Start a budget
5- Use credit cards daily.
6-Talk to an expert.
7-Increase your credit limiit.



80% of the time you won’t need to put any money down to get a vehicle!
Needing a down payment depends on a number of factors and will be finalized once we have matched you up with the right dealer partner

The minimum requirements to get approved right now are to have a monthly income above $1,800/month!
Additional approval requirements can differ depending on what province you live in.

Yes! Cash-back is dependent on the approval but if you qualify you can get up to $10,000.

Everyone has different credit activity, at this point I don't know what interest rate i can get you, but used cars interest rate start 6.9%

We have all major banks (TD, Scotiabank, Desjardins… ) also 12 private lenders, also we financing in house as well.

APR, or Annual Percentage Rate, is a crucial factor in car loan decisions. It encompasses the interest rate and any extra fees from the lender, offering a comprehensive view of borrowing costs. By comparing APRs, consumers can make informed decisions, choosing the most cost-effective option. However, it's essential to consider the full loan agreement. Understanding APR ensures transparency and financial prudence in the borrowing process.

ChatGPT The down payment is the initial amount paid when buying a vehicle, reducing the financed amount. A larger down payment decreases total interest and monthly payments. For instance, a $20,000 car with a $5,000 down payment means financing $15,000, resulting in lower monthly payments. Increasing the down payment to $8,000 further reduces monthly payments. More down payment means immediate equity and showcases financial responsibility, potentially lowering interest rates. It also allows for shorter loan terms, reducing overall interest costs.

ChatGPT The interest rate, expressed as APR, is the fee for borrowing money on top of the principal loan amount. Higher rates mean higher total repayment amounts over the loan term. For instance, on a $25,000 5-year car loan, a 10% interest rate adds $5,262 more in interest charges compared to a 5% rate. Use a car loan calculator to assess different rates' impact on monthly payments and total costs. Seek the lowest rate possible, especially with good credit scores (700+), by comparing offers from various lenders. Even a 1% rate difference can lead to substantial savings over the repayment period.


Factors, determine your rate.

Your income indicates your ability to make the monthly car payments. Steady income from employment or other sources will help you qualify for more favourable loan terms.

The more money you put down upfront, the less risk for the lender. Making a larger down payment of 20% or more can help reduce your interest rate.

Shorter loan terms (3 years) generally have lower interest rates than longer terms (5-7 years). However, your monthly payment will be higher with a shorter term.

Improve Your Chances of Getting Approved, If you have poor credit, you’ll need to take steps to boost your chances of getting approved for a car loan. Here are some tips:

Lenders view a large down payment as a sign you’re financially committed to the loan. If possible, make a down payment of 20% or more of the total vehicle cost. Even 10% can improve your chances.

Adding a cosigner with good credit increases the chances of approval. Their good credit offsets your bad credit. Make sure the co-signer understands they’re equally responsible for repaying the loan

Lenders want to see you can reliably make your monthly payments. Provide documents like recent pay stubs, tax returns, and bank statements showing regular direct deposits to prove your income stability.

Before you start shopping for a vehicle with bad credit, it’s a good idea to get pre-qualified or pre-approved for an auto loan. Here’s the difference between the two:

Getting pre-qualified involves submitting basic information about your income, expenses, and credit history to a lender. They will provide an estimate of the loan amount, interest rate, and monthly payment you may qualify for based on that information. Pre-qualification is a soft credit check that doesn’t affect your credit score. The pre-qualification process is quick and gives you an idea of what you can likely get approved for. However, you aren’t guaranteed final loan approval.

Pre-approval involves a hard credit inquiry to verify your credit report information. If approved, the lender will guarantee loan approval up to a certain amount as long as other conditions are met. The pre-approval process takes 1-2 days but gives you negotiating power at the dealership. The dealer knows you are a serious buyer who has already been approved for financing. Pre-approval also shows the maximum monthly payment you can afford.

Pre-approval is better if you want to negotiate the best deal and interest rate. It shows dealers that you are a serious buyer. Pre-qualification is quicker if you want a ballpark estimate before formally applying.
To get pre-qualified or pre-approved:
Submit an online application with a lender that specializes in bad credit loans
Provide details on your income, expenses, employment, and credit history
Have your driver’s license, recent pay stubs, tax documents, and other info ready
Be prepared for the hard credit check if getting pre-approved
Shopping with a pre-qualification or pre-approval letter can make getting approved with bad credit much easier.

Shopping with a pre-qualification or pre-approval letter can make getting approved with bad credit much easier.
When applying for a car loan, it’s important to avoid some common mistakes that could hurt your chances of getting approved. Here are a few big ones to watch out for:
Not having all documents ready Lenders will require certain documents like proof of income, ID, and proof of address. Not having these ready will delay the process or even get your application denied. Make sure you gather everything needed ahead of time.
Incomplete application Leaving any fields blank on the application raises red flags. Fill out the entire form completely and accurately to increase your chances. Even small mistakes could make you look risky.
Taking these precautions will put you in a much better position to get approved. Rushing through the process or missing key details gives lenders reason to reject or delay the loan. Avoid these errors so you can get financed faster and with less hassle.

Purchasing a used car directly from the owner in a private sale can be much more affordable than buying from a dealership. You avoid all the extra fees and interest rates. However, private sales come with more risk. Make sure you thoroughly inspect the vehicle and test drive before handing over any money. It’s smart to have a mechanic look it over first too.

Taking over someone else’s lease agreement can be a creative way to get driving quickly. The qualifications are usually less stringent than standard financing. You do have to inherit their original lease terms though, like mileage allowances. And there is the risk that the original owner might default on payments and negatively impact your credit.

Borrowing money for a car from trusted friends or family is another potential option. There won’t be any credit checks or income verification. But make sure you draft up a proper loan agreement clearly outlining the repayment terms and timeline. Not doing this can lead to misunderstandings and irreparably damage your relationships.


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