Vehicle loans in Canada follow a typical process for many borrowers involving finding the right car, getting a good read on the cost, and then going to a traditional lender (i.e. a bank) for a car loan. The lender then looks at the borrower, their income level and ability to pay, their credit history and makes a decision on whether to approve or not. In most cases those approved tend to be borrowers who could probably pay for the car themselves in a few months. The starting out borrower is either denied or stuck with an outrageously high interest rate to offset "risk."

Like Banging One's Head Against a Wall

For many car loan prospective borrowers who want to at least have a set of reliable wheels but aren't necessarily moneybags in their pockets, the car loan application process can be insulting, demoralizing and frustrating. If there is even a hint of past financial problems or defaults on the borrower's history record, things get even worse and more trying in terms of just being able to be approved for a car loan at all. And it doesn't matter that the past issue may have been from years ago; they are still treated like the mistake happened yesterday.

There is an Option for Car Loan Borrowing

Fortunately, there is a smart alternative on the market now for borrowers, especially those with Internet access. With the new help from everyday car buyers can get the help they need to secure a car loan, buy the car they need for life and work, and get on with improving their situation and moving to better financial ground versus being frustrated. Every borrower application is reviewed, the borrower's income capability is evaluated, and a loan that meets their need and their ability to pay is crafted for success, not financial failure. So vehicle loans in Canada don't have to be a migraine-inducing experience anymore. There is a better way of financing a vehicle successfully and without feeling like one just ran a 40km marathon to do it.'s approach is also a winning formula more lenders should pay attention to if they really want to be responsive to car-driving consumers.