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Is Car Loan Master a small used car dealer?

We are a financing company attached to Car Loan Masters, a dealership with the ability to lend our own money. We have a partnership with commercial and private banks, leasing companies and credit unions in Ontario to offer varieties of financing options tailored to your situation. If you are serious about getting a loan or wants to establish your credit, we will get you approved.

Does it cost me anything to fill out this application?
No! There is no cost to fill out our online car loan application. There is no risk or cost to you.
What’s your interest rate on auto loans?
Our auto loan interest rates range from 4.99% to 29.5% depending on individuals’ credit, type of vehicle being purchased, and the loan amount. 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 over the phone.
What if my credit is bad?
Sometimes things happen in life that negatively affect our credit. 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. Whatever your credit situation is, we will find a way to get you an auto loan!
If I apply – does that hurt my credit?
Any loan application affects your credit rating. Some companies will send your application to many banks in the hopes that one will approve you. This means that your credit is pulled 5-10 times, which is not good! We do not do this! After carefully reviewing your information, we will contact you to find out the details of what has happened in the past so that we can submit your application to an 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 that you have applied. We then contact you over the phone or by email to review your application and present it to the auto finance lender, who is most likely to extend you credit in your situation. We never pull your credit report before contacting you and discussing all options available for your needs.
Other lenders have turned me down?
That’s no problem because we offer In-house financing when conventional approvals are not available. We have over 20 years of financing experience and can find strength where others missed. Apply today and be pleasantly surprised with our professionalism and quick approval.
How much do I qualify for?
Upon receiving your credit application, we can let you know the amount you qualify for. The exact auto loan amount will depend on your credit and monthly income.
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?
What type of vehicle can I purchase?
That depends on what amount the financial institution approves you, but we work with you and the lender to find you the best vehicle that suits your lifestyle.
What determines my auto loan interest rate?
Interest rates are, set according to the current condition of your credit. Banks use a credit rating score to determine APR to be set for your auto loan. The credit rating score is normally referred to as FICO or Beacon score. Prime borrowing is usually a score above “630”, and interest rates for a prime customer are generally 4.99% to 8.99%. A score between “300 and 629″ is considered “special finance” or “subprime.”

Subprime lending rates will usually fall between 9.0% and 29.5%, depending on your score and present personal circumstances such as owning a home and time at current employment. For your exact interest rate, let’s get you in touch with one of our special finance representatives today.

Can I put Zero Down?
We have Zero Down options for qualified applications. Your present credit situation will determine the need for a down payment. The general rule is Prime buyers with good credit qualify for zero-down financing. Subprime buyers in Ontario, Canada, generally should have at least $500 or 5% down, and yes, trade-ins count as a down payment. It is always wise to be prepared to have a down payment and then be pleasantly surprised when one is not required.
What do I need to apply?
You must be at least 18 years old, have a valid piece of identification, and have a minimum income of $1400 to qualify for a loan.
Where in Ontario do you service?
We can deliver your vehicle to your house anywhere in Canada. However, we specialize in the GTA (Greater Toronto Area) and surrounding areas.
What’s the minimum monthly income required to be approved for a car loan in Ontario?
A minimum income of $1400 gross (before taxes) per month or having a co-signer that qualifies is required. However, our private/In-house financing can qualify people with much lower incomes. Contact us directly for more details and learn more about our rent-to-own program by applying now.
Can I get a car loan after bankruptcy?
Yes. We offer low-interest car loans to individuals who are discharged from bankruptcy. We have lenders ready to help you get a loan and to start establishing your credit after a bankruptcy.
Can I qualify for a loan if I am currently in bankruptcy or proposal?
The day after you have entered into a proposal or credit counselling oac, you are eligible for a car loan. Contact us today to find out more about our programs.
I am a new immigrant to Canada, and can I get a car loan?
Yes, you can! Many lenders nowadays offer car loans to new immigrants. If you are a working immigrant with a valid work visa and a driving license or passport, you can apply for an auto loan today.
Can I get a car loan with out paystubs or proof of employment?
Yes, we can prove income via bank statements, a notice of assessments, T4, T4A, T5, statement of business activity. If you don’t have a paystub, don’t worry, we will get you approved today.
Can I get a car loan after repossession?
You may qualify for a new car loan after a repossession. Few factors including time elapsed since repossession and duration of the loan prior to repossession will be a factor in determining your approval. Contact us and our finance managers will assess your situation and will get your loan approved today.

Once we have received your application, a finance specialist will call to verify your information and to discuss your options. We approve in less than 10 minutes in most cases and can have you driving in less than 24 hours.