Understanding Car Loans
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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:
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Principle - The total cost of the vehicle including any fees that the lender charges for the auto loan;
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Term - The length of time of the payments;
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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.
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In order to qualify for a car loan, you must:
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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;
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Be the age of majority in the province you live in;
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Have a valid driver's license;
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Have a bank account;
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Provide your current address.
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Down payments are not always necessary, but it can make lenders more likely to approve your auto loan.
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If you have any other questions about auto financing, we would love to hear from you!
Get Approved Now With Kootenay Auto Loans!
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Your online application takes only a few minutes to complete and we only ask for the information we actually need.
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