The Truth About Credit Checks for Car Loans
One application to review auto financing options
A credit check may be part of applying for an auto loan and lender review. Submit one application, then our team can explain the next steps and available lender options.
Let's Be Honest: Credit Checks Are Standard Practice
Some auto-loan applications include a credit inquiry. Whether an inquiry is needed depends on the lender and the application.
Canada Auto Approval can explain the application and lender-review steps before you proceed. A financing decision is not guaranteed.
Questions About Credit Checks
Can a Credit Check Affect My Score?
A credit inquiry can affect a credit score. The effect varies by person and credit file. Ask the lender how an inquiry may apply to your application.
What Should I Compare?
Compare the rate, payment, term, fees, and total borrowing cost for any available option before you decide.
Why Use One Application?
One application gives the team the information needed to explain the lender-review process and the next steps. Available options vary by application and lender requirements.
How the Application Process Works
Applying Through Canada Auto Approval
- One application for review
- Available lender options may be explained after review
- Ask about any credit inquiry before proceeding
- Review the rate, payment, term, and total cost
- Start an application online
Applying to Lenders Separately
- Multiple separate applications may have different review steps
- Fill out multiple applications
- Each lender may have its own requirements
- Each lender makes its own decision
- Compare any available offers carefully
Estimated Payment Calculator
See an estimated payment based on the inputs below.
Your Estimated Monthly Payment
$309
per month for 60 months
Interest Rate
14.99%
APR
Loan Amount
$13,000
Principal
Total Interest
$5,552
Over 60 months
Total Cost
$18,552
All payments
Important: This calculator provides an estimate only. It is not an offer, approval, or guaranteed rate or payment. Actual rates and terms may vary based on your complete application and lender review.