Our Auto Loan Process & Tips
Welcome to Abbotsford Auto Loans, where you can count on receiving expert advice and care during your auto loan approval process. Our team takes the time to make sure you’re completely satisfied at every step of the process and know exactly what’s going on. This way you’ll always know what you’re getting into with the auto loan.
Ready to get started on your auto loan? Great! We’ll introduce you to our team and tell you how the entire process works, from start to finish.
One of our two dedicated team members works and communicates with you throughout your entire journey to auto loan approval. Their first responsibility and primary goal are to be there to answer any questions or concerns you may have during this time, so don’t be afraid to reach out!
How Long Does Our Auto Loan Process Take?
The application process with Abbotsford Auto Loans can take as little as one day or, in some cases, up to 2 weeks. The average time for a normal auto loan application is 3–5 days from submitting your online application to driving away in your new vehicle.
We want to make sure we find the perfect balance for an auto loan that fits your budget, vehicle needs and wants. We know that to enjoy your new vehicle, it must be comfortable and fit comfortably into your budget!
Necessary Paperwork to Prepare Ahead of Time
One of the most common hold-ups of the entire auto loan process is not having all of your paperwork properly prepared ahead of time. By taking a few minutes to make sure you have everything in order for your loan, you can save yourself a lot of time.
Here’s the paperwork you’ll need:
- Recent paystubs (date stamped within 30 days)
- Notice of assessments (if you own a business)
- Driver’s license
- Registration of vehicle trade (if a trade is applicable)
- Void cheque (from the account used for vehicle payments)
What Are The Steps in Our Auto Loan Process?
1. The Online Auto Loan Application
Start by filling out our secure online credit application. While your social insurance number may not be required, it can certainly help expedite the process. The bank may require your SIN later in the process.
2. Phone Call with an Abbotsford Auto Loans Team Member
Our team reviews your information and calls for a phone discussion. We review your information with you and provide financial consulting based on your credit history.We also assess vehicle needs and wants to best match a bank approval with the vehicle that suits your needs. We then submit your file for pre-approval.
Common Questions You May Be Asked: You may be asked about the details of your mortgage (the amount remaining) and the value of your home. If you rent, we will ask about the details of your lease. If you claim to pay no rent, we may ask more about the nature of your living situation, to make sure that you have a stable living arrangement.
3. Establishing Proof of Income
We require proof of income, typically with a paystubs dated in the last 30 days. Banks require this as part of the approval process.
Common Questions You May Be Asked: You may be asked if you have more than one source of income, like employment income, disability, rental income, etc.
You may also be asked if your income is pre-tax (gross income) or after-tax (net income). Banks want to know your gross income.
Common Hold Ups: Banks call your employer to confirm your income. Provide banks with the best contact information to reach reach your employer who can confirm this information. Alternatively, your employer can call the bank.
4. Visit Abbotsford Auto Loans!
It's time to come to AAL to finalize everything! We help you select the best vehicle within the pre-approval parameters. After reviewing the vehicle and loan approval, you sign the paperwork and drive your new vehicle home!
Common Hold Ups: Every time the vehicle choice changes, the bank loan changes. This is a complex process that involves everything from the vehicle value to the interest rate & loan amount. Changing your choice of car requires resubmission of paperwork, which can take a bit of time.
Some customers struggle to find the right vehicle to suits day-to-day needs and also meets criteria for loan approval. Set realistic expectations for the type of car you’ll be able to afford with your loan.
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How to Ensure That You’re Approved for the Loan
If you take the time to prepare all of your paperwork in advance, familiarize yourself with common hold ups and questions, and set a realistic vision of the type of car you can afford with your loan, you substantially increase your chances of being approved.
Remember, we’re here to help you. If you have any questions or need help with the online application, just give us a call! We’re excited to work with you to help you get your next car!