Frequently asked questions
Your questions, our answers
Second and third chance financing raises a lot of questions, and that is perfectly normal. If yours is not here, call us: an advisor will give you a straight answer.
Eligibility and credit
Can I be financed even with bad credit?
Yes. It has been our specialty for more than 25 years. Late payments, accounts in collection, bankruptcy or a consumer proposal: we are the lender, so we approve files that are turned down everywhere else.
What is the minimum credit score?
There is no fixed threshold. Banks generally require a score of around 630, but because we are the lender, we look mainly at your income, your stability and your capacity to pay, not just your score.
Can I be approved during an undischarged bankruptcy?
In many cases, yes, with your trustee’s authorization. We regularly handle files still going through discharge. Raise it with your advisor on the first call.
I have no credit history (first purchase, newcomer). Is that a problem?
No. An empty file is not a bad file. We have programs for first-time buyers and newcomers, and a car loan is an excellent first tool for building your credit in Canada.
Is self-employment, pension or benefit income accepted?
Yes. What matters is that your income is stable and verifiable. Your advisor will tell you which documents to provide for your situation.
The application and timelines
How long does it take to get an answer?
An advisor gets in touch with you within 24 hours at most after you submit your online application, often in less than an hour during business hours.
Is my application confidential?
Absolutely. Your information is transmitted in encrypted form, handled in accordance with Law 25, and used only to assess your financing. We never ask for a social insurance number online.
Does applying affect my credit score?
The credit inquiry is made with your consent, and your application is not shopped to several lenders. That is far less damaging than knocking on five doors yourself.
What documents should I prepare?
A piece of ID, proof of income (recent pay stubs or a notice of assessment), proof of address and, if applicable, your driver’s licence. Your advisor will confirm the exact list for your file.
The financing
Do I need a down payment?
On most files, no down payment is required. A down payment is still a useful lever: it lowers your payments and can improve your rate.
What are your interest rates?
They depend on your file: up to 9.99% for first chance, from 10.99% for second chance, and from 14.99% for third chance. Your advisor confirms the best rate we can offer you, based on your file.
What repayment terms are available?
Generally 36 to 84 months, with weekly, bi-weekly or monthly payments, matched to your real budget.
Can I refinance later at a better rate?
Yes, and it is the strategy we recommend: after 12 to 24 months of regular payments, your score climbs and refinancing or trading at a better rate becomes realistic.
Do I choose my vehicle?
Of course. Within your approved budget, you choose from hundreds of inspected vehicles in the Groupe Beaucage network: cars, SUVs and trucks of every make.