Frequently Asked Questions
How are my car payments calculated?
It is always important to remember that our number one priority to to offer competitive rates here at First Choice Auto Finance. And three main factors help us determine your monthly payment:
- the total amount financed
- the chosen loan term
- the annual percentage rate
How do I budget for car payments?
We generally advise customers not to spend more than 15% of their monthly income on their vehicle payment. Monthly payments should usually be between $20 and $25/$1000 financed.
Can I qualify for financing on my first vehicle?
Even though every application is on a case by case basis, most of our customers at FC Auto Finance qualify for financing on their first vehicle purchase. This is mainly due to the fact that we believe in providing equal opportunities for all of our customers, whether you have bad or no credit. So visit us today at our Edmonton location for more information.
What kind of information do we need?
At FC Auto Finance, we only ask for the information we need to process your application. We usually ask for information on your financial situation (credit history, employment…) which helps us to determine the best way in which we can help you get approved.
How long does it take to get approved?
This first step which will take you less than five minutes, consists of filling out our application (online or on paper). Then within 24 hours, you should hear back from us. However, during a busy period, it might take us up to 48 hours to get back to you.
I have been rejected before, can I get a loan from FC Auto Finance?
At FC Auto Finance, we believe in giving people second chances. So when you come to us, we will do our possible to to get you approved. With the help of our financial partners getting you a loan is made possible.