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Financing FAQ


Financing a new or pre-owned vehicle can often seem like a daunting task - especially if you are a first time buyer, or have rough/bruised credit.

That's why Sherwood Buick GMC has compiled a list of some of the most FAQs about Car Financing so you can ensure you're fully prepared when the time comes to get pre-approved for a car loan!

1. Can I Get a Car Loan with Poor or Bad Credit?

The short answer is absolutely - you can get approved for a vehicle loan with damaged credit. 

However, you need to make sure you're as transparent as possible when it comes to getting pre-approved with a qualified finance specialist. Remember, the more information you're able to give us the better we can tailor a deal to meet your needs.

2. What Do I Need to Get Pre-Approved?

Most dealerships require a lengthy application process that can feel especially frustrating if you're unfamiliar with financing a vehicle.

All we need to get you approved at Sherwood Buick GMC is:
  •     A valid driver's license
  •     A 9-Didget SIN
  •     Proof of employment or monthly income
  •     A current mailing address
With these four pieces of information we can assess your credit situation and offer you honest advice on how best to get approved.

3. Why Do Dealership's Need to See My Credit?

While frequent credit checks CAN play a part in lowering your credit score, doing our simple Pre-Approval will let us tailor a plan and minimize the number of lenders looking at your information.

This means that the information we pull won't have any serious effects on your credit! But, you need to make sure that you aren't doing this too often as it can add up and damage your score. 

4. Will Pulling My Credit Lower My Credit Score?

While frequent credit checks CAN play a part in lowering your credit score, doing our simple Pre-Approval will only result in what is called a Soft Credit Pull.

This means that the information we pull won't have any serious effects on your credit! But, you need to make sure that you aren't doing this too often as it can add up and damage your score. 

5. What Does a Dealership See When They Pull My Credit?

A Credit Check is like a snapshot of your payment history and current debts - it will show things like Credit Card debt, auto loans, and even phone bills.

Seeing the full picture will help us tailor a plan to fit your lifestyle!

6. How Does a Pre-Approval Work?

After you've filled out our quick pre-approval form, we collaborate with our team of special lenders to figure out the best solution, payment, budget, and interest rate to fit your needs. 

7. What Affects Interest Rates?

Firstly, interest rates are decided by the banks, NOT the dealership. That being said, we will fight on your behalf to get the most favourable lending terms for you.

The bank comes up with an interest rate based on your personal payment history, income, and debt. Let us show you what solutions we have for you.

Make an Inquiry

Get Pre-Approved Now!*