Frequently Asked Questions

Is Crown Credit for me?

Crown Credit is for people who can’t get pre-approved for an auto loan using traditional lending sources such as the lending arms of car manufacturers, banks or credit unions.  These lending sources general don’t finance vehicles under any of the following circumstances:

  • If your credit score is low
  • If you have ever filed for bankruptcy
  • If your income level is low
  • If you have zero dollars for a down payment
  • If you have ever had a vehicle repossessed

How do I qualify for Crown Credit?

All you need to qualify is the following:

  • A monthly provable income of at least $1,800 per month
  • You currently reside in Canada
  • You have a Canadian citizenship or you are a legal resident
  • You are able to obtain automobile insurance
  • You possess a valid driver’s license
  • You have full-time employment or guaranteed fixed income for the length of the loan.
  • You have a working phone number and proof of residence e.g. a credit card statement or utility bill

How do I repair my bad credit?

One of the best and easiest ways to repair your credit is by applying for a secured credit card.  Once you have your credit card go ahead and use it but use it wisely.  If you have a credit card and you never use it your credit standing will not improve.  Be sure that you never exceed the card limit and that you avoid being late on payments.  If you choose to use online banking be sure to submit your payment at least 4 business days before the statement date just to be safe.


If I declare bankruptcy how long would it be before I can get credit?

It is very possible to get credit the day after you have filed for bankruptcy without having to wait to be discharged.  Every situation is unique and different and with Crown Credit there are lenders available that consider these special situations.


Do I need a co-signer?

Sometimes a co-signer is required and it is always beneficial however with today’s variety of specialized lenders and competitive market a co-signer is not always necessary.


What interest rate should I expect?

The interest rate for your loan is determined by your individual credit history.  Generally the more damaged your credit history, the higher your interest.  Rates can vary from as low as 0.5% to above prime.


Is a car loan harder to get with bad credit?

It might sound strange but an auto loan is decently easy to acquire and it’s also an excellent way to establish a positive credit report.  It will not only show that you have the ability to repay a higher loan amount over a period of time but it can also bring you closer to prime rate financing quicker than a secured credit card with a small limit will.


To get pre-approved over the phone just call: (204) 275-4438.
If you would prefer to apply online you can complete a secure online application from your home or office without having to discuss your credit history with a loans officer!