Frequently Asked Questions

Is Crown Credit for me?

Crown Credit is committed to providing a solution for our customers that have or are experiencing an issue obtaining financing for a vehicle.

If you are New to Credit / New to Canada /have experienced a job loss, marital break-up/accident or a situation that has impacted your credit Crown Credit can help.

How do I qualify for Crown Credit?

The basic qualifications are the following, you must:

  1. have a minimum monthly income of $1,800.00 (before tax)
  2. have Canadian citizenship or you are a legal resident of Canada
  3. are able to obtain automotive insurance
  4. possess a valid driver’s license
  5. be currently employed full time or have a guaranteed fixed income

How do I repair my bad credit?

There are several ways in which you can build or rebuild a positive credit history. If you are looking to build credit, apply for a secured credit card (it is critical that the account reports to the credit bureau) and use the card wisely by not exceeding the credit limit and maintaining the monthly payment obligation.

If you are looking to rebuild credit, resolving any outstanding issues is a good place to start. Much like someone who is building a credit rating you can further improve your credit rating by obtaining a secured credit card.

To further repair a poor credit rating, obtaining a loan (with a qualified co-applicant) will help to improve your overall score.

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

Every situation is unique and different. Crown Credit we believe “one size fits one” that is why we have partnered with lenders that consider all situations. It is very possible to get credit the day after you have filed for bankruptcy without having to wait to be discharged.

Do I need a Co-Signer/Co-Applicant?

While it is always beneficial to be able to strengthen an application for credit adding a qualified co-signer/co-applicant, with today’s variety of specialized lenders and competitive market a co-signer/co-applicant is not always necessary. Though, there are situations where a lender will require a qualified co-signer/co-applicant.

What interest rate should I expect?

Interest rate can be defined as a price for risk. A lender determines the level of risk based on pre-determined parameters: An applicant(s)’ ability to repay the debt, credit history, value of the collateral (in this case a vehicle) and the applicant(s)’ overall residence and employment stability. Generally, the higher the risk, as assessed by the lender, the higher the interest rate. Interest rates are varied ranging from the prime rate upward.

Is a car loan harder to get with bad credit?

You may be surprised to hear that is not really any harder to obtain financing for a vehicle when if you have experienced an issue that has impacted your credit rating. While the lender may require some additional documentation (i.e. proof of income) the process is the same. At Crown Credit will work for you, with your best interests in mind. Our team at Crown Credit is committed to providing you with an exceptional experience. Our dedicated professionals will walk you through the process, answering all your questions and giving you the information you need to make sound buying and financing decisions.