< < Back to Articles

Auto Loans

In Auto Financing, subprime lending means making Loans to people who may have difficulty maintaining the repayment schedule.

Subprime Lending helps allow people with bad or poor credit also get a car loan, otherwise not have access to the credit market. Professor Harvey S. Rosen of Princeton University explained, "The main thing that innovations in the mortgage market have done over the past 30 years is to let in the excluded: the young, the discriminated-against, the people without a lot of money in the bank to use for a down payment."

Subprime borrowers might include:

  • limited debt experience
  • no possession of property assets that could be used as security
  • excessive debt
  • a history of late or sometimes missed payments so that the loan period had to be extended
  • failures to pay debts completely (default debt)
  • any legal judgements
  • bankruptcy 
  • poor credit
  • bad credit
  • good credit
Lenders' standards for determining risk categories may also consider the size of the proposed loan, and also take into account the way the loan and the repayment plan is structured, and the type of loan. The person applying is taken into consideration.

Questions:

When is financing right for me?
If you are unable to pay for a car in cash, but you need a car for work or school, than certainly financing is an option.
How much cash do I need to put down?
You can put down as much or as little cash as you want. We finance loans with 0 down while still giving you low monthly payments.
Other companies have rejected my application for a loan. Should I still apply?
Yes. Unlike most companies, we have access to several lenders who are willing to offer loans to people who have been previously rejected.
More Q&A


Client Testimonials


"Just wanted to thank you again. I couldn't drive it until after midnight though once the insurance kicks in so I'm anxious to get her on the road. I've been raving about you and how pleased I am to some people. In the mean time I will continue to send people your way. Thanks again for making my Thanksgiving a good one! I wish you a wonderful thanksgiving also. Stacie"

Stacie, London ON


"We bought a 2005 Chevrolet Venture and we love it. not only is the vehicle running great, we also had amazing customer service through the whole process!! i am very impressed with your employees they are very friendly and do everything in their power to make sure the customer is satisfied with their services......if anyone comes to me wondering where to go to look for a vehicle I will refer you guys hands down. great job guys and thanks so much for all your help and hard work we really appreciate it!!!"

Nicholas P., London ON


More