Financing a vehicle isn't as challenging as it appears. Knowing the basics will improve your chance for approval if you have poor or bad credit.

Below are some frequently asked questions people often ask at Barnes Wheaton GM in North Surrey. If you have any additional questions about the financing process not answered below, please feel free to give us call at 778-400-1524 or visit our dealership. If you're looking for where to apply for car financing or leasing, fill out our no-obligation online credit application.

Q: How can I purchase a car with poor or bad credit?
A: In order to give you the best chance of approval if you have poor or bad credit, Barnes Wheaton GM needs as much information as possible (job information, past and current credit information, etc.) so we can accurately assess your credit standing and find the right lender for your needs. Barnes Wheaton GM deals with over a dozen major lenders including ones that can help you get approved even if your current bank has said no. Please let us know of assets such as tax-free savings, RRSP's or personal savings so that we can show lenders why they should lend you the money to purchase a new or used vehicle and also let us know of any credit issues such as a reposition, bankruptcy or unpaid collections so we can best structure your deal to lenders. 

Q: What if I have outstanding debts or collections?
A: Please try to pay off any and all collections and take care of any judgments against you before seeking credit. While credit card debt and other loans or debt obligations are not an issue, if your credit bureau has a record of a defaulted or written-off loan it will make it more difficult for you to get credit.

Q: What factors affect my ability to get approved?
A: In addition to your history of credit, job stability and residence are two huge factors that influence approvals. The longer you have been at a residence, held the same job or worked in the same field, the more stable you appear to lenders. Say you're a plumber and left one company you have been at for 5 years for a better-paying job in the same industry. The bank will see that you are in the same line of work and so this would be unlikely to affect your ability to get approved. 

Q: Why don't I just go through my own bank?
A: Going through your own bank is a decent way of getting financing for almost anything you want to purchase. That being said, it's not always the easiest or fastest method. We offer our clients speedy approvals so you don't have to wait for days to get an answer back. We specialize in car loans, and we are here to make taking out a loan as quick and affordable as possible. Because of our incredible buying power with the banks, we have leverage that we can use to help find you a loan that suits your needs. We don't have just one bank at our disposal: we have up to 15 different ways to get you financed at preferred interest rates.

Q: Why do I see 0% advertised everywhere? 
A: The car industry always tries to find ways to make what they offering the very best and most appealing options to clients. They recognize that most clients in today's economy are financing, and it only makes sense to get them the best rate as possible. That's 0%, as you simply can't go below that. The banks do not offer this rate to the client. The manufacturer offers the rate and uses the bank to handle the carrying of the loan. Not all vehicles qualify for 0% financing, so be sure and to ask your sales professional if the vehicle you picked out does.

Q: Why would I want an extended warranty?
A: The benefit to an extended warranty is that your vehicle will have warranty coverage after the manufacturer's warranty expires. Buying an extended warranty also gives you: Peace-of-Mind unforeseen expensive mechanical breakdowns may be covered in full or in part. Vehicle Rental In the event of a covered breakdown, we will reimburse you for receipted expenses such as renting a replacement vehicle, taxi or public transportation expenses. Trip interruption If a covered breakdown occurs more than 160 KM's from your home and your vehicle must stay overnight in a repair facility, we will pay for receipted motel and restaurant expenses. Towing If your vehicle is disabled and requires on-site assistance, we will provide you with 24-hour Emergency Road Side Service.

Q: How much does an extended warranty cost?
A: Warranty costs are based on a number of factors including your level of coverage, time and kilometers. We tailor your warranty to fit your driving and budget. Warranties are available at time of purchase.

Q: What warranty comes standard on my vehicle?
A: Vehicle manufacturers update their warranties regularly in order to meet the needs of the majority of their customers' needs. Warranty terms are different from brand to brand and year-to-year, so please consult with a sales representative at Barnes Wheaton to learn about the warranty options available for your vehicle.

Q: What warranty to I have on my vehicle right now?
A: If you purchased your vehicle from Barnes Wheaton GM North Surrey we can help you determine your warranty coverage. You can also consult your warranty booklet to see what coverage your vehicle has.

Q: What does my standard warranty cover? What doesn't it cover?
A: Normal wear items like brakes and tires are not covered by standard warranties. To find a list of what is covered or not covered by your warranty, check the warranty information included in your new vehicle pack. 

Q: What happens when my warranty runs out?
A: Nothing will happen as your warranty runs out. Some people like to have the security of a full warranty, so they purchase a new vehicle when their warranty expires, while others choose to keep their vehicle in service for years to come. Are aftermarket parts or accessories covered by my warranty? Aftermarket accessories such as cold air intakes, larger wheels and tires, exhausts and computer programmers can void the warranty on your vehicle. Before installing any aftermarket accessories, be sure to consult with a service professional at Barnes Wheaton GM North Surrey. Some OEM GM aftermarket accessories may be covered by warranty if they are installed by a certified dealership.