FAQ

• Is Cross Canada Auto Credit for me?

  Cross Canada Auto Credit is for people that cannot get pre-approved for an auto loan through traditional lending sources such as local banks, credit unions or the lending arms of car manufacturers such as Ford Credit, and GMAC. These lending sources normally will not finance vehicles under the following circumstances:

  • If your credit score is low.
  • If you have ever filed for bankruptcy.
  • If your income level is low.
  • If you have zero down payment.
  • If you have ever had a vehicle repossessed.
• How do I Qualify for Cross Canada Auto Credit?

  The basic qualifications are:

  • A monthly provable income of at least $1,800 per month.
  • Currently reside in Canada.
  • Canadian citizenship or legal residents.
  • Able to obtain automobile insurance.
  • Possess a valid driver's license.
  • Full time employment or guaranteed fixed income for the length of the loan.
  • A working phone number and proof of residence such as a utility or credit card statement.
• How do I repair my bad credit?

  One of the best ways to repair credit is by applying for a secured credit card. Once you have received your card, use it wisely, but use it. Having a credit card that you never use does not build up your credit standing. Be careful never to exceed the card limit and avoid being late on payments. If you pay via online banking, submit your payment at least 4 business days before the statement date.

• If I declare bankruptcy how long would it be before I can get credit?

  It is very possible to get credit from day one after you have filed for bankruptcy without having to wait to be discharged. Every situation is unique and there are lenders available that consider these situations.

• Do I need a co signer?

  In some cases a co signer maybe be required and may be beneficial. However, it is not always necessary with today's variety of specialized lenders and a competitive market.

• What interest rate could I expect?

  The interest rate is determined by the individual's past credit and current credit history. In general terms, the worse the credit history the higher the interest. Rates can vary from as low as .5% above prime.

• Is a car loan harder to get with bad credit?

  As strange as it may seem, an auto loan is rather easy to acquire and is a good way to establish a positive credit report. In addition to showing an ability to repay a higher loan amount over a period of time, it can bring you closer to prime rate financing quicker than a secured credit card with a small limit.