RightRide answers your car loan and auto financing questions. Frequently asked questions and answers to common car loan and auto financing questions.
How long does the application take to complete?
Our goal is to get you driving as soon possible and you can get an instant pre-approval here on our website, right now, in a few short minutes. Once you have your pre-approval, the process moves very quickly and we typically have most customers driving within 48 hours.
How are loan payments calculated?
Loan payment calculations vary based on loan amount, loan term, and interest rate. Your loan amount is the amount you borrow to finance your new vehicle. Then you pay back the loan through a set amount of payments, or ‘installments.’ The time you take to pay back your loan is called your loan term. We encourage everyone to use the RightRide Loan Calculator tool to estimate what your loan payments could be, based on these different variables. Change the options to see how the different factors increase or decrease your loan payments.
What season is best for buying a new car?
These days you can do everything online from picking out the model, equipment and color, to working out financing for your new car and determining your monthly payments. Despite being able to do all of this before walking into a dealership, some shoppers still believe negotiating in person is the only way to get a good deal on a new car. The truth is, there isn’t an ideal time of year to buy a vehicle and the best time to buy is when it’s right for you. Doing thorough research ahead of time and waiting for the right time to buy is a better strategy.
I’m a new resident in Canada. Will I be able to qualify for a car loan?
Absolutely. New Canadians can definitely get a car loan through RightRide, regardless of your credit history in Canada.
Do I need to know my social insurance number?
We understand that financing a new vehicle comes with a lot of questions. We have a lot of helpful information, tools and other resources that you can use to answer any questions you have or find any information you need. We don’t require your SIN number upfront to start helping you through the process and you can even get pre-approved without your SIN number here on our website. However, should you find a vehicle that you’d like to buy, you will be required to submit your SIN number as a part of the financing process.
Will you help me choose my vehicle?
Absolutely. We have over 50+ dealerships across the country representing 27 different vehicle brands, so you’ll have a lot to choose from. The RightRide team is here to help you pick a vehicle that fits your budget and your lifestyle. If you have any questions about different makes or models, our team is here to answer your questions and give you the information you need to make the right choice.
Do I need to make a down payment?
Down payments are generally not required. All we require is that you have a valid driver’s license, be a resident of Canada, and have an income of at least $1,500 per month.
I’ve been turned down for a car loan before, can you help me?
Yes. In fact, our vehicle financing and car loan service was designed to help Canadians who have faced credit challenges in the past but still need a new vehicle.