FAQ

We approve more car loans than anyone else, faster than anyone else. Here’s why:

  • We work with 15 different lenders to get you the car loan you need. If none of these lenders approve you for a car loan, we’ll approve you ourselves, with our own money. We are the only company in Alberta able to do this, which is why our success rate is so high.

  • We have tens of millions of dollars set aside, right now, to lend to Alberta drivers.

  • We can approve you for a car loan if you have bad credit or no credit at all. We can also approve you if you’re a first-time car buyer, new to the country, a recent divorcé, past bankruptcy, and have unproveable income.

  • We have 12,000 vehicles for you to choose from. So not only do we have the cash you need, we probably have the car you need, too.

  • If you’re not sure what vehicle you want, we have a 24/7 team of personal shoppers to help you find it.

Most of our customers get approved in a few hours (and sometimes, even in a few minutes). Low credit/no credit customers may require a few days to properly asses their options and find the best solution for them. There is no easy answer here, as its all about finding you the best car loan possible at a rate you can afford.

We have gotten 0% financing for tens of thousands of customers, but most people end up in the 3% to 7% range.

Ultimately, your finance rate depends on two factors: your credit score and the amount of money you put down up front. If you have well-established credit—meaning, you have made regular, timely payments on credit cards—you can expect to get the lowest rate possible. If you have missed bill payments, been to collections, or experienced foreclosures and bankruptcies, then your credit score will be lower and you will not receive as good a finance rate.

Absolutely! At My Ride, we specialize in bad credit solutions. So if you’ve made a few mistakes in the past, don’t worry. We can get you a car loan, regardless of your situation.

You sure do. We have over 12,000 vehicles available, and our personal shoppers will give you as many options as possible in order to get you a car, truck, SUV, or van that you love.

We work with more than 20 new vehicle brands, including Ford, Dodge, Ram, Honda, Nissan, Hyundai, Volkswagen, Mazda, and Kia.

Of course. We accept almost any brand, in almost any condition. Trading in a vehicle is a great way to make a down payment.

To get started with My Ride, you only need to provide the following:

  • How much you can reasonably afford to pay each month

  • Where you live

  • The type of vehicle you’re looking to purchase

We only ask for the information we need to get your approval. So you don’t need to give us your SIN or any other personal information.

Important note: our process is 100% confidential. We will not share it with any third party companies.

Yes. My Ride approves previously-turned-down people every single day.

If you pay your bills on time—every time—then yes, a car loan is great for improving your credit. We report our loans monthly to the major credit rating suppliers in Canada, so your creditors know you have a car loan in good standing.

If your credit score is high enough, then you don’t have to put any money down in order to get a car loan. But putting money down always improves your chances of getting a loan, and in cases where a customer’s credit score is low (or non-existent) a down payment can be required.

Yes. In Alberta, most lenders require you make a minimum of $1850 a month, before taxes.

Once we have approved you for a loan, we’ll work with you to settle on a monthly payment that works for you. Your payment amount will be affected by three things:

  • The cost of the vehicle you’re buying

  • The number of months it will take to pay it off

  • Your interest rate

Our goal isn’t just to get you approved. It’s to get you approved with the lowest payment possible. We’ll work with you to find the right vehicle, at the right term, with the lowest interest rate you can qualify for.

In Canada, credit scores range from 300 to 900. This number helps money lenders predict the risk involved with your purchase of a car, house, credit card, etc. The higher the score, the better your chances of being approved for a loan. The lower your score, the lower your chances. In a nutshell, the score is used to forecast how, and if, you will pay your bills based on your previous habits.

Here’s a list of things that affect your credit score:

  • Paying your bills on time

  • The amount (and type) of debt you have

  • How long you’ve had credit cards

  • How often you’ve applied for credit

  • Liens, judgments, and other public records

Typically, a credit score under 650 is considered “low.” If your score is lower than 650, don’t worry. You can still get approved for a car loan with My Ride! We finance low credit (and no credit) customers every day.

Yes. We’ll gather that information on our own, so you don’t have to worry about getting it beforehand.

Thousands of My Ride customers bought their first vehicle with us! We work with more than 20 new vehicle brands (like Ford, Dodge, Nissan, Hyundai, Volkswagen, Honda, etc.) and those relationships allow us access to many programs specially designed to get new drivers approved for car loans. Don’t worry, we’ve got you covered.

Absolutely. We have more than 4000 vehicles in our inventory (from dozens of brands), and offer financing options on every single one of them.

Bankruptcy makes the process a little more challenging, but My Ride has approved many post-bankruptcy customers in the past. As long as you meet minimum income requirements and provide us with the right paperwork then the process can be quite simple, actually. Like many credit scenarios, having a co-signer for your loan always helps.

Adding a co-signer to a “bad credit” car loan is one of the best solutions. It also works well if you have a low income.

Adding a co-signer substantially increases your approval chances because the lender evaluates your co-signer’s credit, and not yours. This is why it’s important for your co-signer to have a good credit score.

The answer depends on your financial situation. Longer term car loans (60, 72, 84, or 96 months) come with higher interest rates. But since you are able to spread the cost of the vehicle out over a longer amount of time, your payments are going to be lower. You’re just going to end up paying more for the vehicle in the long run (because of the length of the contract).

If you choose a shorter loan, like 36 months, your payments will be higher, but the overall cost will be lower.

So it really depends on works for you and your budget. Our loan experts will be over all of this with you, and help you choose a length/payment that works best for your situation.

Customer Success Stories

This is something special, for a special person.

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Got us the best bank rate and all of this in a timely fashion so we could be on our way. Would highly recommend. Thx Again guys.

Bob J Edmonton
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The team here is relentless in making sure that their clients receive the best possible service and drive away in a great vehicle.

Kathleen C Edmonton
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Very knowledgeable and had answers to all my questions.

Melissa B Edmonton

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