Understanding Car Loans
At Kootenay Auto Loans, our goal is to simplify the auto financing process, and part of that is educating our clients.
Car loan payments are calculated using three components:
Principle - The total cost of the vehicle including any fees that the lender charges for the auto loan;
Term - The length of time of the payments;
Interest Rates - The percentage that the lender is charging for the loan. Interest rates can vary based on the vehicle and the risk the lender perceives in the loan.
In order to qualify for a car loan, you must:
Be at your current job for at least three months and make at least $1500 a month. Other forms of income may also be accepted;
Be the age of majority in the province you live in;
Have a valid driver's license;
Have a bank account;
Provide your current address.
Down payments are not always necessary, but it can make lenders more likely to approve your auto loan.
If you have any other questions about auto financing, we would love to hear from you!
Your online application takes only a few minutes to complete and we only ask for the information we actually need.
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