Frequently Asked Questions
What if I have poor credit or no credit at all?
We can still help!
What we will need is income verification which can be provided with Paystubs and/or Bank Statements with proof that you can make your payments to repay your loan.
Will borrowing from Financing for Everyone help me build my credit?
A vehicle loan is an excellent way to either build or re-build your credit. Maintaining a good relationship with your vehicle lender will help show other lenders that you are a good credit risk. As you repay your loan on time, you will demonstrate that you have put your credit problems behind you.
Even our in-house Financing can help with reestablishing your credit because although we do not currently report to the credit bureaus we will provide a Credit reference letter proving that you are less of a risk for future lenders.
What requirements do I need?
Financing for Everyone recognizes the fact that many vehicle purchasers do not fit many conventional lender's criteria. While we want to remain as flexible as possible there are certain minimum requirements that a customer must meet. For instance:
Minimum employment requirements are three months on the job. Exceptions to this requirement can be made when the customer is taking a new job in the same or similar field of employment, and/or the customer was at the previous job for at least one year.
Proof of other forms of Income
Documentation supporting the income from other sources is required. These include the following:
- Child Support
- Ontario Works
- Cash jobs (requires bank statement showing deposits)
We need to know where you live and how long you have been there. Best way to provide this is to bring in a Utility or Cell phone bill.
How much down payment do I need?
Depending upon the age of the vehicle you are purchasing your down payment may be as low as $0 but any combination of cash or a trade-in may be used for your down payment.
We accept a variety of products for trade in from Cars, Motorcycles, Boats, RV’s, Scooters… if the product has value we will take it into consideration.
What kind of information will you need?
In addition to the above information provided a lender may ask for further details, for example typically a business could be asked to provide 4 months worth of Bank statement to prove income.
What I always suggest is bring as much information as possible when coming to see us, the more information we have readily available the faster we can respond to the lender and get that approval confirmed and you in the vehicle of your dreams.
How long does it take to receive an answer to my application?
This is a tricky one, this all depends on the type of vehicle and also if/what information our lenders may additionally need. Typically we will have an answer positive or Negative within 24 business hours.
Don’t worry, we will keep you apprised during the process, we will not leave you hanging. At this point you are part of the Family.
How long can I take to pay for my loan?
The age of the vehicle and the number of kilometers will decide the maximum term of your loan, that being said onbce approved you can pay your loan off anytime.
What will my monthly payment be?
That will depend upon the amount you finance. For example, if you were to borrow $5,000 over 36 months your payment could be as low as $250.00 per month. Call us at 519-359-1333 or text us: 1-519-359-1333 and speak to Nick.
What if I want to pay my loan out early?
No problem! Our loans are declining balance loans so you're welcome to pay it out at any time without any penalty.
How do I make my payments?
Pre Authorized debit, all you have to do is make sure you have the amount available in your account and the lender will be paid automatically, see easy as 1 … 2… 3…paid
How do I apply for Financing for Everyone financing?
We are a family owned business that takes great pride in helping our customers needs, we are here to help.
Feel Free To Contact Nick With Any Questions You May Have