Short answer: Yes, you can get a car loan with bad credit in BC and Alberta. We consider every credit profile, including bankruptcy, consumer proposals and no credit history. You start with a soft credit check that doesn't touch your score, a lender in our network reviews your file, and the lender makes the final approval (OAC).
Canadian credit scores run from 300 to 900, and lenders generally treat anything under about 660 as non prime and anything under about 560 as deep subprime.
Banks usually decline below those lines. Specialist auto lenders still lend there, at a higher rate, when the rest of the file is solid. A low score narrows your options; it doesn't end them. Our bad credit car loans guide explains the tiers.
Yes. Every credit profile is considered, and our network includes prime, near prime and subprime lenders. The lender makes the final approval, and all financing is OAC (on approved credit).
We deliver anywhere in Alberta and British Columbia, though remote communities can take a little longer.
Lenders want to know whether you can carry the payment, and the score is only one clue:
Approval first, vehicle second: you learn what a lender will do before anyone picks a car, with one specialist from application to delivery.
Read how car loan pre-approval works for more on the first stage.
Each of these has a lending path, and none is an automatic decline.
Most lenders ask for a driver's licence, proof of income, proof of address and your banking details.
If you're self-employed, bank statements or notices of assessment usually stand in for pay stubs; our self-employed car loans post has more. Most lenders want verifiable income of roughly $1,800 to $2,000 a month.
It can. A co-signer with stronger credit can widen your lender options and may lower the rate. They are fully liable for the loan if you miss payments. Some lenders allow a co-signer to be removed after a run of clean payments, but we can't promise it.
Yes, if you pay on time. A car loan is an instalment tradeline that lenders report monthly to Equifax and TransUnion, and each on-time payment adds to your history. Many customers refinance after 12 to 24 months of clean payments.
Expect a rate materially higher than prime lending, because the lender is pricing risk, and rates vary by credit. We can't quote a rate before a lender reviews your file, and you see the total cost of borrowing before you sign.
If the numbers don't work, we would rather restructure the deal or change the vehicle than put you in something you can't carry. Our loan rates page explains how rates are set, and the loan calculator lets you test a budget first.
Often, yes. A 500 score is deep subprime, where specialist lenders still weigh income, stability and down payment. The lender makes the final approval.
No. The application uses a soft credit check. A hard inquiry happens only when you accept an approval and a specific vehicle.
Yes, many lenders will. Some ask for proof your proposal payments are current, or a letter from your Licensed Insolvency Trustee.
Not always, but one can strengthen a thin or damaged file.
It's not an automatic decline. Lenders want stable income and a clear picture of what has changed.
Yes. Newcomer programs look at your status, employment and income rather than a Canadian credit history.
Most applicants hear back the same business day. Application to signed contract takes about seven days, then funding and delivery take three or four more.
No. Third-party lenders in our network lend and set the rate. We don't add a rate markup.
In British Columbia, we are OCAL Financial Inc., licensed motor dealer, VSA #D50207. In Alberta, we are an AMVIC-licensed business, AMVIC #B2036050. Our offices are in Vancouver and Edmonton. OCAL arranges financing through third-party lenders and does not lend or set rates. Approval is always the lender's decision. All financing is OAC.
If your credit has taken a hit, the first step doesn't touch your score. A specialist will show you what a lender can do before you commit to anything.
Two minutes. No obligation. No hit to your credit score.