Banks and traditional financial institutions often have strict requirements when approving any loans because they want to guarantee their loan will be returned. Since we lend our own money, we’re able to offer more flexible payment plans and interest rates.
What can we help you with?
A less-than-perfect credit score can make car loan approval tough. At Birchwood Credit, our in-house financing offers flexible requirements so more customers get approved and driving.
Qualifications for a car loan
Why are Birchwood Credit’s car loan requirements different from my bank?
What documents do banks require for a car loan application?
Banks and credit unions generally require more information from loan applicants, which often includes the following documents:
- Social insurance number
- Credit history and credit report
- Address and previous address
- Income
- Monthly housing costs
- Monthly payments
- Household costs
- Vehicle bill of sale
I recently arrived in Canada and have no credit history. Can I get a car loan?
Yes, we specialize in helping new Canadian residents secure a car loan.
If this is my first vehicle purchase, can I still get approved for financing?
Yes, we regularly secure vehicle financing for new drivers.
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’ll need to qualify for a car loan with us:
- A valid driver’s licence
- Be a resident of Canada
- Have an income of at least $1,500 per month
The effect credit score has on a car loan
How does credit score affect a car loan?
This is dependant on where you apply. Banks and other financial institutes usually put a lot of weight on credit scores because they indicate your reliability as a borrower. At Birchwood Credit Solutions, we lend our own money, allowing us to look beyond your credit score.
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 and take into account your whole financial situation.
Can I get a car loan even if I have bad credit?
Birchwood Credit Solutions 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:
- Bad credit / no credit
- First time car loan applicants
- Slow, late or missed payment history
- Getting a car loan after bankruptcy
- Consumer proposal
- Repossession
- Divorce
- Low income
- Orderly payment of debt
- Poor credit due to unexpected events
What credit score is needed for a car loan?
In Canada, credit scores range from 300 (less than perfect) to 900 (excellent). If you have a score of 620 or higher you have average credit or better and will likely be approved for a car loan wherever you go. Lower than that likely means you’ll have a harder time getting a car loan from a traditional lender, like a bank.
While we do check credit scores at Birchwood Credit Solutions, we also look beyond the three-digit number. We take your whole financial situation into account and have the expertise to help with all kinds of credit challenges.
The car loan application process and how it works
How long does your online application take to complete?
Our online application takes less than 2 minutes and is designed to be as easy and hassle-free as possible.
How are my car loan payments calculated?
Your monthly payments will be calculated based on the size of your loan, the interest rate and the length of your term. Try our car loan calculator to learn more.
Do I have to be a Winnipeg resident to apply with Birchwood Credit?
No, we serve auto loans to the entire Province of Manitoba. Although we are headquartered in Winnipeg, MB and have four locations across the city, we can service you even if you live outside of the city. We encourage you to fill out the easy online application or simply call us.
Do I need to provide my social insurance number in my online application?
We don’t need your SIN (social insurance number) to get started. However, you may be asked for your SIN later on in the process once you’ve been approved for financing.
Do I need to make a down payment on the vehicle?
We generally don’t require down payments.
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. Once you have completed that application — either online, over the phone or in person — our Finance Managers will review your information and set up a time to meet with you.
Further questions about the details
How long does your online application take to complete?
Let us know the type of vehicle you’re looking for when filling out your application. From there, you’ll be able to select a vehicle from our list of inventory.
What will the interest rate on my car loan be?
What will the interest rate on my car loan be? The interest rate you’ll pay depends on a number of factors, including your income, your credit score and the size of your loan.
How does the length of the car loan affect my payment?
The longer your loan, the smaller your monthly car payment. Just remember — you’ll end up paying more interest if you take out a longer loan.
If I declare bankruptcy, how long 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.
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Need help with your loan?
Our team at Birchwood Credit is here to make getting a car loan simple and stress-free. If you can’t find the answer to your question or you’ve already applied and haven’t heard back within 24 hours, please reach out — call us directly at 204-831-4860 and we’ll be happy to help.
Apply for your car loan.
Applying for a car loan shouldn’t be stressful. We only ask for the information we need and finishing your application takes less than three minutes. Get started now!
