Can I get car repair financing with no credit check?
In Canada, obtaining car repair financing with no credit check is challenging, but there are a few options to explore. Here’s a breakdown of potential avenues:
- Payday Loans - short-term loans that typically do not require a credit check. They are designed for urgent financial needs and are usually repaid with your next paycheck.
- Buy Now, Pay Later (BNPL) Services - some BNPL services offer financing for various expenses, including car repairs, without extensive credit checks.
- Personal Loans from Family or Friends can be a viable option if you have a strong personal relationship with them.
- Automotive Repair Financing Programs - some shops offer in-house financing or payment plans that might not require a credit check.
- Secured Credit Cards require a deposit that acts as collateral and might be easier to obtain than an unsecured card.
- Credit Unions and Community Lenders may offer more flexible credit criteria and might be willing to provide financing with minimal or no credit checks.
- Government Assistance Programs help with urgent expenses. However, these programs are typically focused on broader financial aid rather than specific car repairs.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 10,000 | 7.40% | 401 |
| 10,000 | 10.40% | 563 |
| 10,000 | 13.40% | 726 |
| 20,000 | 7.60% | 823 |
| 20,000 | 10.60% | 1,148 |
| 20,000 | 13.60% | 1,473 |
| 30,000 | 7.80% | 1,268 |
| 30,000 | 10.80% | 1,755 |
| 30,000 | 13.80% | 2,243 |
| 40,000 | 8.00% | 1,733 |
| 40,000 | 11.00% | 2,383 |
| 40,000 | 14.00% | 3,033 |
See the similar FAQ about Canadian banks:
- Citizens Bank student loans
- Coast Capital calculators
- Financial calculators from B2B bank
- How do I apply for a CIBC personal loan?
- How do I apply for a line of credit from CIBC?
Details of companies offering the financial services:
Super Daves Auto
Head office’s address: Dartmouth: 1015 Main St.
Contact center: 902-702-0027
Web-site: https://www.superdavesautosales.ca/
SkyCap Financial
Head office’s address: 1020 Bayridge Dr. #104, Kingston
Contact center: (877) 924-4557
Web-site: https://skycapfinancial.ca
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004