Understand Car Loans
Let Us Break It Down for You.
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Principal
The total cost of a vehicle including any fees that the lender or dealership may have for the car loan and any options or add-ons you choose.
Term
The length of time that payments will be made for. Typically terms will run anywhere between 36 months and 72 months (shorter or longer terms are sometimes possible).
Interest Rates
The percentage that the lender is charging for you to borrow money. Interest rates can vary depending on whether the vehicle and the risk the lender perceives in lending the loan.
Connect With a Dealer
Complete our online application in minutes and we will connect you with a local dealership in your area who offers special financing options for all credit situations. Apply Now.
We Make Financing Easy
If you have any additional questions about car loans please do not hesitate to email us at info@sherwoodcredit.com and a member of our team will contact you. Our loan specialists are here to help!
What You Need
What You Need
Employment & Income
Employment & Income
Typically you need to be at your current job for three or more months and make at least $1500/month. Other forms of income, such as certain types of government assistance may also be accepted.
Driver's License
Driver's License
It is necessary to have a valid driver’s license and be the age of majority in the province that you live in. Lenders know that customers are more likely to pay back their car loan if they can legally drive.
Down Payment
Down Payment
Although a down payment isn’t always necessary, it will often help. The less you have to finance, the more likely the lender will be to approve your car loan.
Current Address
Current Address
In order to complete your loan documents you must provide the lender with your current address.
Bank Account
Bank Account
The lender wants to be able to take the payment out of your bank account each month. The easiest way to do this is to get a void cheque or stamped pre-authorized payment form.Send Us A Message