With the largest inventory in Atlantic Canada, plus access to all the best lenders including Banks and Loan Companies, you can take advantage of doing business with Steele Advantage Financing. We've been getting car buyers approved since 1990, putting thousands of happy customers behind the wheel of their dream car.
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3 Frequently Asked Questions
Fastest Way to Improve Your Credit
Tips for Late Payments
What is a Credit Beacon?
Drive away in a NEW car?
Bankruptcy? We can get you financed.
What is a Credit Specialist?
CHECK YOUR CREDIT
Click on the 'Free Credit Check' below. This will not affect your credit score.
What do I need to qualify for a car loan, and can I still be approved if I've been rejected before?
We can absolutely approve you regardless if you've been rejected in the past. Here's what you'' need to qualify for a car loan with us: A valid dirver's licence. Be a resident of Canada. Have an income of at least $1,500 per month.
I recently arrived in Canada and have no credit history. Can I get a car loan?
Yes we provide financing for new arrivals to Canada everyday. We can often get you approved through one of our many lenders or our own in-house leasing program custom made for new Canadians.
What is the minimum credit score for a car loan in Canada?
Credit bureaus typically rate your credit score on a scale from 300 to 900 with 300 being the lowest score and 900 being the highest. Lenders will look at your credit score to decide your creditworthiness, determining if you will be approved for a vehicle loan.
If you have a score of 620 or higher, you have average to good credit and will likely be approved for a car loan. A score lower than 620 likely means you'll have a harder time getting a car loan from a traditional lender.
However, though we do check credit scores, we look beyond the three-digit number an take into account your whole financial situation.
Can I get approved even with bad credit?
Steele Advantage Financing was created to allow everyone an equal opportunity to drive a safe and reliable vehicle. Don't let credit concerns keep you from your next vehicle.
We have the experience and resources to help with all the following types of credit situations including:
- Bad credit / no credit
- First time car loan applicants
- Slow, late or missed payment history
- Getting a car loan after bankruptcy
- Consumer proposal
- New to Canada
- Low income
- Orderly payment of debt
- Poor credit due to unexpected events
How long does it take and when will I know if I'm approved for financing?
We usually have approvals within 24 to 48 hours of you filling out an application and will notify you through email and / or by phone. Often times it's even quicker than that!
Once you have completed the application - either online, over the phone or even in person - our Special Finance Managers will review your information and set up a time to meet with you.
What will the interest rate on my car loan be?
The interest rate that you'll pay depends on a number of factors, including your income, your credit score and the size of your loan. Rest assured, we strive to ensure you receive the very best credit rating possible.
If I've declared bankruptcy, how long will it be before I can get credit?
It is very possible to get credit from day one after filing for bankruptcy without having to wait to be discharged. We've often managed to get recent bankruptcy applicants driving the very same day.