How To Return A Car You Can’t Afford
What happens if you buy a car and quickly realize it's not something you can afford? Find out if and how you can return a financed car you can't affor...
Birchwood Credit offers Canadian consumers the auto financing they need, regardless of their credit profile. Their mission is to get Canadians into reliable cars with higher approval rates and more affordable interest rates. However, any vehicle financing option can be a large financial responsibility to take on, so it’s best to learn everything you can about your lender prior to applying with them.
Unlike the average credit card, financing a vehicle may involve you borrowing a significant amount of money, so lenders want to know that you’re going to be a responsible client. Not only are they likely to inspect your bank account details and credit report, but there may also be a few extra requirements during the application process.
To qualify with Birchwood Credit, you must also present the following elements:
Luckily, it’s relatively easy to qualify for a car loan with Birchwood Credit. They even claim that they specialize in drivers who are new to Canada or don’t have solid credit histories. Be careful, because they will check your credit when you apply, which will lead a hard inquiry on your credit report and a slight decrease in your credit score.
Birchwood offers auto loans in Manitoba. They have three dealerships in Winnipeg where you can apply for in-house financing and acquire your vehicle on the spot.
However, if you’re currently located outside of Winnipeg or you’ve decided against in-house financing, you can also fill out an application through their online portal, which should only take a few minutes and doesn’t require any fees or obligations.
Unfortunately, while it may be easier to get approved through one of Birchwood’s in-house loan programs, where lesser financial health is accepted, you might find it harder to qualify for bank financing through their website, as they are partnered with:
In this case, clients with better credit and finances will have a greater chance of approval for decent loan conditions and interest rates. That said, in-house financing could be slightly more time consuming and expensive, as you’ll have to apply on-site and may be subject to different loan or service costs than with traditional bank financing.
On their homepage, Birchwood Credit has a calculator that shows you a basic estimate of how much your auto loan would cost overall. There, we can see that they offer:
Although you’ll have to visit one of their dealerships, send them an email, or speak with one of their sales representatives to get full details about their financing options, applying for an auto loan with Birchwood Credit can offer up the following benefits:
As previously mentioned, Birchwood Credit Solutions offers loans of $5,000 – $50,000, so you can expect to pay at least that much in terms of principal throughout your repayment term. Their website does not contain a significant amount of information concerning their interest rates and other loan-related fees, so you should discuss the issue with them directly before you actually apply.
Here are a few other expenses that may be associated with financing your next vehicle through Birchwood Credit:
Prior to applying for any form of vehicle financing, it’s a smart idea to consult a professional financial advisor and get a full loan quote from your potential lender. After all, you will be paying off your chosen vehicle for years to come and these costs might be unaffordable if you lose your job or experience a financial emergency.
Overall, applying for auto financing through Birchwood Credit isn’t too complicated, particularly online. Nonetheless, it’s important to keep these questions in mind when applying.
Remember, Birchwood Credit does business with a number of major financial institutions in Canada. The banks or credit unions that they’re partnered with may need to inspect your:
There are many different costs to think about when it comes to vehicle financing, whether it’s done through a bank or a dealership. That said, there are a few things you can do to receive the best approval odds, interest rates, and repayment plans, such as:
Last but not least, let’s discuss the overall benefits and drawbacks of getting your auto loan through Birchwood Credit Solutions.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
---|---|---|---|---|---|
Car Loan | - |
|
| - | A valid driver’s license Be a Canadian resident Monthly income of at least $1,500 |
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What happens if you buy a car and quickly realize it's not something you can afford? Find out if and how you can return a financed car you can't affor...
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