Now that you’ve filled out an application for auto financing with Birchwood Credit Solutions (congrats on getting the process started, by the way), you’re probably wondering what happens next. Fear not! In this post, we’ll walk you through the car loan process from start to finish so you know what to expect after you hit submit.
Birchwood Credit Solutions’ 4 step application process:
- Step 1: Filling out an application
- Step 2: Meeting with our team
- Step 3: Working out the details of your car loan
- Step 4: Getting approved and shopping for a car
Step 1: Filling out an application
If you haven’t done so already, you can submit an application to Birchwood Credit Solutions online, over the phone or in person at one of our three Winnipeg locations. Our online car loan application takes as little as two minutes to fill out. We don’t need any personal information, like your Social Insurance Number, to get the application process started. Just tell us what kind of vehicle you’re looking for, as well as some basic contact and employment details.
To meet the minimum requirements for a car loan with Birchwood Credit Solutions, you need to be above the age of 18, have a valid driver’s license, be a resident of Canada and have a monthly income of more than $1,500.
We recommend getting pre-approved for financing before you start shopping for a car, especially if you have poor credit or no credit. By getting a pre-approved car loan you will have a better idea of how much you can afford to spend on a car and you can avoid the potential disappointment of getting denied for financing later on. Pre-approval takes away the uncertainty and makes car shopping more enjoyable.
Step 2: Meeting with our team
We want to get you into a new vehicle as quickly as possible, so we’ve made our car loan application process fast and hassle-free. Once you submit an application, a member of our financing team will contact you within 24 hours to review your application and set up a meeting.
During this in-person meeting, we’ll sit down together and go over your financial and credit situations in more detail. This helps us figure out what kind of budget and monthly payments will work for you. We may ask you to bring additional documents, like a pay stub from work, to confirm the details you provided in your application.
It’s important to be thorough and honest during this meeting. Since we specialize in bad credit car loans, our financing team has the expertise and resources to help secure financing for people with even the worst credit. Giving us misleading information about your job status or income can hurt your chances of being approved. The more detail you can give us about your finances, the easier our job is.
Like other lenders, we do check your credit. But unlike other lenders, we look beyond your credit score and take your whole financial profile into account when making a decision about your car loan application.
Step 3: Working out the details of your car loan
Birchwood Credit Solutions’ in-house financing program allows us to be more flexible when it comes to things like interest rates and repayment schedules. Unlike banks and credit unions that need to follow strict rules and regulations, we lend our own money and have more control over the approval process.
If you have a poor credit score (less that 620), you will likely have to pay more interest on your car loan than someone with a higher score. That said, we can usually secure rates for potential customers that are lower than those offered by financial institutions.
We will work with you to figure out a car loan agreement that works for your life and your bank account. You’ll know all of the terms and expectations ahead of time so you can make an informed decision about your loan. You’re also under no obligation to purchase a vehicle with us, even after you’ve gone through the application process.
Step 4: Getting approved and shopping for a car
At Birchwood Credit Solutions, we don’t like to leave people hanging. Thanks to our in-house financing program you’ll know if you qualify for a car loan quickly — sometimes within 24 hours of meeting with us! We do everything under one roof and don’t need to wait around for multiple levels of approvals like banks and larger institutions. Once we have all of the relevant information from you, we work on getting you approved immediately and will notify you by phone and email as soon as we have an answer.
After you get approved you can head straight to one of our Birchwood dealerships to start shopping for that perfect vehicle. Birchwood is the largest network of dealerships in Manitoba with thousands of new and used cars, trucks, SUVs and vans available.
Get in touch with the team at Birchwood Credit Solutions today to find out more about our fast and easy car loan application process. Our goal is to get you approved for financing and into your dream car as quickly as possible. Car shopping doesn’t have to be an uncomfortable experience.
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