How it works
Why finance with 401 Auto?
At 401 Auto we make it easy to get approved and get driving in a new ride regardless of your credit. With our simple, fast and secure online application we make it easy to apply and our highly trained Finance Managers will work with our dozens of lenders to get you the lowest rates on your loan.
What information is needed?
Our application only asks for information we need to secure your approval. It consists of personal, employment and basic address information. We may need additonal documents like proof of income once approved.
How do I apply?
The fastest and most secure way to apply is to fill out our 30 second application online. Once we receive your info we will call you right away to get any other information needed. Click here to apply.
How quick can I get into a vehicle?
We are fast! We aim to get you driving within 24 hours of your application hitting our office. In some situations this can be longer.
Where are you located?
We have over a dozen locations across Ontario and will match you with the closest store to you.
Do you take trade ins?
Yes, of course! Even if you have an existing loan we will pay it off in full no matter what that amount is.
What are my chances of being approved?
We have over a dozen lenders and highly trained staff that keep almost a near 100% approval rate.
Does this help my credit?
Financing a vehicle is one of the best ways to increase your credit! So much so that we will even get you out of your vehicle after 12 months and into a new one at a lower rate!
How much can I borrow?
Our loans range based on credit but are normally under 50k.
What are the types of income do you approve?
We can work with all forms of income but approvals are easier with employed, self employed or pension types income.
How much do I need to make?
Every lender has different criteria but we can work with as low as $1800 per month before deductions.
Am I obligated to buy something if I apply?
Of course not! We want to earn your business and we do our best to provide the best deal and the lowest rates but if for any reason you do not want to purchase from us, its no problem at all.
Do I need a co-signer?
On occasion lenders may ask for a co-signer but most of the time we can get you approved on your own.
Do I need money down?
It’s very rare that we need money down but sometimes to get the vehicle or payment you want money down can help. Typically, we have vehicles that will fit your budget with $0 down.
Is a credit check needed?
All banks do require a credit check in order to be approved.
I am in or have been in bankruptcy. Can you still approve me?
Even if you are 1 day into your bankruptcy we can secure an approval for you! No problem! Bad things happen to good people and we believe in second chances.
Vehicles & Payments
What types of vehicles do you have?
Our dealer group has over 1000 vehicles in inventory at any point in time and because of our high volume of deals every month our selection is always changing. We are sure to have the perfect vehicle for you in stock but can always source one just for you as well.
Will I have more than 1 choice?
With our massive inventory we are almost always able to give more than one option that will fit your budget and approval.
What are the payments like?
Payments are based on credit, the term of the loan and price of the vehicle. We want to help you rebuild your credit and not struggle with the payments, so we will always make sure the payments are well within what you can comfortably afford.
How are the interest rates?
Rates are based on credit and can range from under 4% into the 20s but with our connections with over a dozen lenders, we are sure to secure you the best rate possible.