Debunking Four Common Car Loan Myths

If you are reading this blog post, it probably means you or a loved one are in the market for a new car. If you are indeed in the market for a new car, you probably already have some notions about what the process is like based on personal experience and stories from family, friends, or colleagues. Today we are going to debunk the four most common car loan myths we hear when it comes to getting an auto loan.


  1. You can’t get a loan if you don’t have credit. FALSE
    • Everyone has to start building credit sometimes. Here at RIDES, we require proof of income of at least $2,000 a month, but not having previous credit will not significantly hinder your application.
  2. You can’t get a loan if you have bad credit. FALSE
    • Here at RIDES, we specialize in non-prime and subprime auto loans. Over 50% of driving Canadians have financed their vehicle with car loans – and about 25% of those car loans are to individuals with poor credit. In fact, getting a car loan through RIDES can actually benefit your credit score because demonstrating to creditors that you can make your monthly payments on an instalment loan is a good sign. If you want to know more about what impacts your credit score we have you covered.
  3. You can’t get a loan if you are self-employed. FALSE
    • RIDES approves self-employed people all the time for auto loans. Our income requirements are $2,000 a month and being self-employed is one of our approved sources of income. If you can provide proof of income that meets our minimum requirement, you are in good shape!
  4. You go into the car dealership totally unprepared. FALSE
    • When you apply for an auto loan through RIDES, you do not have to set foot in a dealership until you have been pre-approved for a loan. When you go into the dealership you know exactly how much cash you have to spend and a dealer will work with you to get you the most car for the money. This takes away virtually all hassle and worry about walking away without a car.


As you can see, getting an auto loan is easier than ever, and at RIDES we want to work with you to make that happen. Even if you have no credit, poor credit, or are not “traditionally” employed, we want to make sure you can experience the thrill of getting the car of your dreams.


Apply now! And if you have any other questions, feel free to contact us!