Used Car Financing in Georgetown

Used Car Financing in Georgetown


If you’re shopping for a used car in the Georgetown area, you can get great used car loan rates at AutoPark Georgetown. We have decades of experience working with auto financing companies, and we use our strong relationships to help you get great financing rates no matter what your credit situation is.

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If you need to buy a car but have a history of bad credit, our finance team in Georgetown can still help you get an affordable car loan that meets your needs. We have decades of experience helping people in the following difficult financial situations:

  • Divorces
  • Bankruptcy and repossessions
  • Large debts and missed payments

Even if you have bad credit, you can still finance a used car. There will be higher interest rates and lower limits on how much of a loan you can get, but making those loan payments on time will help you rebuild your credit score so you can afford to finance more expensive cars in the future.


At AutoPark Georgetown, we realize that there are always people who will want to buy a car but have no credit history. We can help you secure an automotive loan on our used cars that you can still afford, while you build your credit history so you can afford a bigger loan in the future. Contact us today if you are one of the following types of people in this situation:

  • Students
  • Newly landed immigrants
  • No credit or loan history (credit cards, loans, leases, lines of credit, etc)

If you are just starting to build your credit history, you won’t be able to take out larger loans and your interest rates will be a bit higher. But taking out a used car loan and making every payment on time is one of the best ways to build your credit score for the future. If someone you know, like a parent, who has a good credit score is willing to co-sign the loan you will be able to get a loan with a higher limit and better interest rate.

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No matter what your budget is, we have a wide range of used vehicles available to match. If you have a smaller budget, we have quality pre-owned cars from more affordable makes such as Nissan, Honda, Toyota, Hyundai, and more.

If you want a used car that’s almost brand new, we already have 2018 and 2017 used vehicles in stock. Browse our available used inventory today to find a car in your budget range, and use our car payment calculator to find out what monthly payments you can afford.


Need a used car right away? We offer same-day car loans for our eligible used inventory to make the process as fast as possible.

If you need a used car but don’t have savings available for a down payment, don’t worry! We also have used car inventory and loans with $0 down payment required.

Contact our finance team today to learn more about how we can make getting a used car loan as fast and easy as possible.


Used car warrantySometimes circumstances outside of your control make it impossible to make your loan payments. Unexpected breakdowns or accidents that can present you with sudden and substantial repair bills, while sudden health issues, job loss, and other financial changes can make it difficult to afford keeping up with your monthly payments.

That’s why we offer protection plans and extended warranties on all our inventory and car loans to help you weather any storm.

  • Vehicle Return Plus — lets you forego payments and negative equity up to $20,000, depending on the coverage you select
  • Power train coverage — extra warranty coverage for all power train components
  • Ultimate coverage — get complete warranty coverage for your whole vehicle for the length of your loan


If you need used car financing help, you can call or email us with your questions for more information on how it works for your credit situation. If you want to get a better idea of what your budget range should be for what you can afford, you can use our payment calculator tool or apply for pre-approved credit to see what used car loans you can get.


Our finance team is ready to help, and we will get back to you as soon as possible to help you complete the next step in the process. Contact us today!

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What are your used car financing rates?
What financing rates you can get for a loan on our used vehicles depends on a number of factors. The main factors are your credit score, financial situation (income, housing situation, etc), the length of the car loan you want, and the model year of the vehicle you want to buy. We pass that information on to the car financing companies, who will then approve or disapprove of the loan based on your credit score and the amount you want to finance. If your loan application is approved, they will also include the terms interest rate for that loan.

Why are used car loan rates higher than new car loan rates?
There are two main reasons for this. First, used car financing tends to be riskier than new car financing. Second hand cars come with a greater risk of breakdowns, and if that happens before the end of the loan that affects how it is paid off by the owner which in turns affects its value. Used cars also tend to be financed by people who are not as secure financially — if you could afford to buy or finance a more expensive new vehicle, you probably would. The higher interest rates for used cars exist to mitigate these risks for the financing company.

Secondly, car manufacturers offer a lot of incentives to buy their new vehicles, including lower lease and loan rates. They don’t do that for used cars because they get no profits from used car sales, which means interest rates for used car loans are higher.

How does my credit score work?
Your credit score is a representation of how much risk you present to financial institutions when it comes to paying off any loans or debt. It is used when you try and take out line of credit, credit card, car loan, mortgage, and so on. You will have a file that is accessible by financial institutions that includes everything relevant to establishing your credit rating, including:

  • Your current financial information — account balances, credit limits, etc
  • Your payment history — for all credit cards, lines of credit, loans, mortgages, etc
  • Your identification information — name, address, age, social insurance number, current job, employment history, relationship status, any dependents, etc

Your credit score will be lowered by things like divorces, missed payments, not having a current job to provide you regular income, and so on. This information is kept on your credit file in Canada between 3 and 6 years, depending on the specific information.

You can build and improve your credit score by taking out small loans and starting a history of making regular monthly payments for things like utilities, cell phone bills, and a credit card with a small limit. The more you make payments for credit, banks will increase the limits on how big of a loan or credit limit they will give you and how low an interest rate they will grant for new loans.

Credit scores in Canada range between 300 and 900. A score of 300 usually represents people who are just starting to build a credit score (students, newly arrived immigrants, etc) whose reliability in paying back loans is still relatively unknown. A score of 900 is the best possible score, for someone who has a long history of exemplary and high-level credit reliability.

How does my credit score affect my ability to get a used car loan?
When you apply for a used car loan, all of the information on your credit file is requested from the credit bureaus, who then send back your credit score to show how much risk they believe you represent in paying off a loan. Having a higher credit score means you will be offered lower finance rates and higher limits on your loan, so you can finance used cars that are more expensive. Having a lower credit score means you are perceived to be at greater risk of failing to make payments in the future, so you will be offered lower limits and higher interest rates on a used car loan.

How can I get a lower used car financing rate?
There are a few ways to lower the interest rates and monthly payments you make on a used car loan:

  • Make a higher down payment at the time of purchase
  • Trade in an old car at the same time and use the value towards the payment
  • Have a shorter term loan
  • Finance a used car with a lower price
  • Have someone with better credit score co-sign the loan

Co-signing a car loan is a great way for people with bad credit or no credit to get a better interest rate, but does come with risk to the co-signer. If you miss payments or default on the loan, the co-signer will be on the hook for the payments and might have their credit scores affected. That’s why co-signing loans works best with lower limit loans on less expensive used cars to help build your credit score.

Can I finance a used car with no money down?
We do give used car loans to people who don’t have the cash to make any down payment at the time of purchase. However, the less of a down payment does affect how high your interest rates will be, and therefore how much you pay in monthly interest payments on the loan. It is not ideal if you can afford to make any type of down payment, but we realize that sometimes circumstances will prevent people from being able to make one who still need to finance a used car.