Carfinco's Vehicle Purchase Payment Plan is a program designed to allow consumers that may not qualify for bank or dealer finance programs to purchase previously owned vehicles.

Carfinco recognizes the fact that many vehicle purchasers do not fit a conventional lender's criteria. While we want to remain as flexible as possible there are certain minimum requirements that a customer must meet. Carfinco will entertain applications from customers who may have less-than-perfect credit histories and are looking to re-establish themselves.

How can Carfinco help me purchase a newer vehicle?

Carfinco offers consumers a convenient payment plan for purchasing previously owned vehicles.

What if I have poor credit or no credit at all?

That's not always a problem. Carfinco has flexible credit requirements. Carfinco has been able to help many people with special circumstances restore their credit with the purchase of a newer vehicle.

In addition to your ability to repay the loan, Carfinco looks at your recent credit history, and your employment and residency stability. Carfinco can register a lien/security interest against your vehicle with the credit bureau, giving you an opportunity to earn back your credit rating. Other avenues that may also be used include additional security or a co-signer.

Will borrowing from Carfinco help me build my credit?

Absolutely! A vehicle loan is an excellent way to either build or re-build your credit. Maintaining a good relationship with your vehicle lender will help show other lenders that you are a good credit risk. As you repay your loan on time, you will demonstrate that you have put your credit problems behind you.

What requirements do I need?

Carfinco recognizes the fact that many vehicle purchasers do not fit a conventional lender's criteria. While we want to remain as flexible as possible there are certain minimum requirements that a customer must meet. Carfinco will entertain applications from customers who may have had problems in the past and are looking to re-establish themselves. The customer must be fully discharged from any bankruptcy proceedings or have met their trustee's conditions and are awaiting their discharge. The customer must not have any current major outstanding past due debt.

  • Employment
    Minimum employment requirements are three months on the job. Exceptions to this requirement can be made when the customer is taking a new job in the same or similar field of employment, and the customer was at the previous job for at least one year.
  • Residency
    Minimum residency requirement is three months unless there is a correlation to the customer's employment situation.
  • Residency/Employment
    Minimum combination employment/residency is twelve months combined.
  • Income
    The customer must be able to meet their debt servicing requirements. Carfinco will do a debt service ratio that takes into account a customer’s total monthly payments including vehicle payment, vehicle insurance, rent/mortgage payments and any other liabilities the customer may have. In addition, the customer must have a minimum income of $1,800 per month.

What kind of vehicles will you finance?

  • Vehicle Age - Carfinco will Fund vehicles that are up to ten (10) model years old. The maximum number of kilometers on a funded vehicle is 180,000 Kilometers.
  • Vehicle Usage - All vehicles Funded by Carfinco must be for personal use only. Vehicles intended for commercial use are not eligible.

How much down payment do I need?

Depending upon the age of the vehicle you are purchasing your down payment may be as low as $500. A combination of cash (minimum of $500) or a trade-in may be used for your down payment.

How do I apply for Carfinco financing?

Select a vehicle from one of the vehicle dealers who use Carfinco’s services. They can provide you with the necessary credit application to complete and they will then submit it to Carfinco.

What kind of information will you need?

In addition to standard credit information, Carfinco will do an employment and income verification. When the final documents are signed, you will also need to provide residency verification i.e. a telephone or utility statement.

Is there anything else I require?

Should we be able to approve your loan we will also require you to provide proof of insurance coverage including collision and comprehensive.

How do I find out what dealers use Carfinco’s payment plan?

You may e-mail us at carfinco@carfinco.com

How long does it take to receive an answer to my application?

Generally, we will need a couple of hours to respond, however, it can often be less.

How long can I take to pay for my loan?

The age of the vehicle and the number of kilometers will govern the maximum term of your loan, Carfinco offers terms up to 72 months on newer model vehicles.

What will my monthly payment be?

That will depend upon the amount you finance. For example, if you were to borrow $5,000 over 36 months your payment could be as low as $250.00 per month. Contact CARFINCO at 1.888.486.4356 for more information.

What if I want to pay my loan out early?

No problem! Our loans are declining balance loans and you can pay it out at any time without any interest penalty. We simply recalculate the interest to the date of the payout.

How do I make my payments?

Carfinco uses a convenient pre-authorized payment system. Select the most convenient date for your payment to be made and we will automatically withdraw the payment from your account. No monthly statements and cheques to mail. Just ensure your payment amount is in your bank account prior to your payment date.

What if something goes wrong with my vehicle?

Hopefully this is not the case. Check with your dealer at the time of purchase about an extended warranty. These warranties can cover major power-train repairs. Remember, your signature on the Finance Agreement and the Bill of Sale is your consent and release to Carfinco to pay the dealer for your new vehicle on your behalf.