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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:

 

  • 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.

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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;

  • 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.

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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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Or call us at

1-888-378-0292!

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