One of the stumbling blocks for low credit (or no credit) customers is that they can have unrealistic expectations. Choosing an expensive vehicle, expecting a low interest rate, and misjudging trade-in value can affect your experience in a pretty big way.
Do yourself a favor and play around with our car loan calculator if you are a low credit (or no credit) customer. It will give you a good idea of what you can expect to pay. You might not know some of the numbers you’ll need, but that’s okay. Just take your best guess. At this stage you’re just looking for a general idea.
Test a few different options out and see how the bi-weekly payment changes. Payments a bit high? Try a less expensive vehicle. Check out how much a trade-in vehicle can help the cost. Experient with interest rates to see what you’re comfortable with.
Don’t be concerned about having to lower the vehicle price. We’re confident we can find you a ride you love at a price that’s lower than you expected.
If you’re looking for a reason to finance a vehicle through My Ride, look no further: we have one of the largest vehicle inventories in Canada. Use our Car Loan Calculator to work out the budget you’re comfortable with, and we’ll find you a car you actually want within your price range.
We can get you approved for Auto Credit with over 20 different new-vehicle brands, including Ford, Dodge, Toyota, Nissan, Hyundai, Volkswagen, Mazda, Honda, Volvo, and Kia. No matter your style, no matter your budget, My Ride has the perfect vehicle for you.
We have a full, 24/7 team specialists to find you the right vehicle, interest rate, and monthly payment. Not only will we work with you around the clock, but we’ll do it on your terms: by phone, text, email, or online chat. We’re here to make the process as pain-free as possible.
Once we find a deal that works for you, we get to work getting you approve for financing. We’re partnered with 15 lending organizations (CIBC, Royal Bank, Scotiabank, etc.), and if we can’t get you the deal we want, we’ll finance you with our own money.
One of the best things about our calculator is that it puts you in the driver’s seat. You can set your own budget before ever talking to us. Then we work together to find a vehicle that fits your expectations. We’ll tailor a special solution to your needs, because if you’re not happy, neither are we.
We include an option in our car loan calculator for a down payment because it’s good to think about them before you go any further. A “down payment” means money that you pay up front, when you finance your car. Not only will one lower your monthly payments, they can help lower your rate, too.
If you’re considering a down payment, try to spend at least 10% of the car’s value up front. So if you’re buying a $20,000 car, pay 10% of that ($2000) in a down payment. Depending on your credit history, you may be asked to go higher or lower, but as a general rule of thumb, 10% is a good start.
Most financing deals go through without a down payment. They’re great to have, but they’re not always necessary. If your credit score is low then you might be asked to provide a down payment to earn some trust from the lender, but down payments are optional for most people.
You’ll notice there is a spot to fill in your expected interest rate. Don’t bother trying to accurately figure this out online to get the most accurate payment possible. Unfortunately, there is no way to know for sure what your interest rate will be before talking to a lender (like us).
If you know what your last interest rate was, that’s a great place to start. But if you don’t remember (of if your credit situation has changed since then), most people fall somewhere between 2% and 7%.
But if you really want to know what you can expect, the best thing to do is to contact us and get the pre-approval process started.
Credit scores range from 300 to 900, and there’s a strong connection between your score and your interest rate. The higher your score, the better your interest rate. Zero perfect interest rates are reserved for people 700 and above. If you’re in the 600s you’ll get a slightly higher rate. If you’re in the 500s you’ll have some trouble getting approved with most lenders. Not with us. We approve 500-level credit customers all the time.
The Term means the length of your loan—48 months, 60 months, 72 months, etc. A good way to lower your interest rate is to shorten your loan term. Typically, loans at 60 months and over come with higher interest rates. Shorter loan terms are always better for you in the long run, but only if you can afford it. A shorter term means higher payment.
Like we talked about above, having a down payment is an easy way to lower your interest rate. The bigger your down payment, the less money you have to borrow. The less money you borrow, the less risk you are. The less risk you are, the lower your interest rate will be. Again, a down payment isn’t necessary for everyone, but it’s always a good idea if you can afford it.
Your credit score doesn’t tell your whole story. Most lenders like to see customers with steady jobs for at least two years. Stability is important, because it’s easier for lenders to project what your financial situation is going to look like years down the road. If your job hasn’t been steady lately, a down payment can usually cover for a lender’s uncertainty.
Our calculator provides you with a bi-weekly payment by default, which means you’ll pay this amount every two weeks. This number will change when you alter any other number on the calculator. If you’re looking for a specific payment for your next vehicle, change some numbers around (higher down payment, etc.) to see what you need to accomplish this.
This is the price of the vehicle you want to finance, not the vehicle you’re currently driving.
The amount of money you plan on paying up front when you finance your vehicle. Typically, we advise customers to put down 10% of the Vehicle Price, if they can afford it. This will lower your payments because you’re financing less money, and your interest might be lower, too!
The value of the vehicle you plan to trade for your new vehicle. Trade-ins really help lowering the cost of a new vehicle, however. If you can trade in a vehicle, we suggest you do it.
Did you know that you can trade in a vehicle that you’re currently financing? The Owed on Trade section is for the amount of money you still owe on your vehicle. So if you’re financing a $20,000 vehicle for 5 years, and have only been paying it for 3 years, you still owe money on that vehicle. Putting an accurate number here is a good idea, so if you don’t know, just call your lender or the dealership you purchased your vehicle from.
Sales Tax is 5% in Alberta, NWT, Yukon, and Nunavut; 11% in Saskatchewan; 12% in BC; 13% in Manitoba and Ontario; and 15% in Quebec, PEI, Nova Scotia, New Brunswick, and Newfoundland.
The percentage of your purchase that is added to the cost of your vehicle annually. Also written as APR.
The number of months you will be paying off your loan. Want to drastically change your payment? The most realistic way is to change the term of your loan.
Want to break down your payments by week or by month instead of bi-weekly? We can do that.
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