Are there any upfront fees?
Yes, this is a commitment fee. We charge the buyer and seller an upfront fee to secure the vehicle’s availability. You must be a member of our site in order to buy, sell, trade or finance a vehicle in-house. The fee is fully refundable upon the day of the sale through our company.
I have bad credit. Can you still help me?
Yes! Through our relationship with specialist sub-prime finance companies, we are able to offer people without a perfect credit history a competitive package on your car loan.
I have Judgments against me Can I still get finance?
Yes, we have finance companies sympathetic to people who may have found them in financial problems due to unforeseen circumstances for example divorce redundancy etc.
I am on debt management. Can I still get finance?
The answer is ‘It depends’. Customers who are on a debt management plan may be able to obtain car finance. The level of the debts you have incorporated into your plan, as well as how long you have been in it and how well you are managing your arrangements all determine whether or not you can obtain car finance. If you are unsure whether to apply or not, complete our application and we will contact you to discuss how to proceed.
I’m in the Armed Forces. Can you help me?
Yes! We deal with companies that are able to provide you with finance, even if you have an Armed Forces address. Many finance dealers will overlook you because of your address history, but we understand your circumstances and are happy to help. Please complete the application and we will be in contact with you ASAP.
How much can I borrow?
This will depend on several things; your credit history, income etc. Once accepted our friendly advisor will confirm the amount borrowed, monthly payment and term.
How long will I have to wait to get an answer?
We Endeavour to have an answer back to you within 48 hours or less.
I am on Benefits. Can I apply for car finance?
Yes, we have lenders who accept customers who are in receipt of DLA or PIP.
Will the car be serviced or MOT’d?
Yes, all cars will be serviced, 12m MOT and valeted before sale. Vehicles are sold AS IS.
What is your APR?
This is down to the individual credit score. An advisor will discuss this with you once excepted.
Do I have to purchase an Auto Finance World car?
Yes, this is how we can guarantee the price and a specific make and model, eliminating competing vehicles, our customers can only spend our money on our site.
Will I be credit checked?
Auto Finance World act as an independent intermediary and use a panel of lenders to try and establish a suitable credit line. The number of searches placed on your credit file will be dependent on the answers received from the panel of lenders. The information you have provided will be passed by the Finance Companies to Credit Reference Agencies (CRA’s) and a record of any search will be placed on your credit history file, please note that the number of searches placed on your credit history file may have a detrimental effect on obtaining credit. If an application is unsuccessful with a Finance Company then the reason for decline along with contact details of the relevant CRA’s will be provided. By applying you agree to these conditions.
What Provinces do we serve?
Ultimately, we will offer products in the majority of Canada’s provinces and territories. Currently, we offer loan products from BC to PEI, and financial education across all provinces and territories. Register for our newsletter to receive updates as we expand our services.
What does AFW do?
AFW is an online lending financial platform that helps responsible Canadians like you fulfill their potential and pursue their passions with personalized and reasonably priced financial products. Developed for Canadians, AFW augments traditional credit processes with a more human approach. We connect buyers and sellers directly through our platform.
How does AFW offer better rates than traditional lenders?
AFW uses a combination of analytical metrics, including traditional FICO/credit scoring methods which looks to your past behaviors, use of credit, employment history, and other factors, coupled with artificial intelligence to broaden our perspective and allow our team to measure your potential. Our lending partners are prepared to provide capital at reasonable rates to those who demonstrate personal values, commitment, and ambition along with securities.
How long does it take to get a quote on a purchase, sale, or trade in?
Our goal is to have your personalized quote to you within 24 hours. The time is taken to provide a quote is mostly influenced by the time it takes to receive the required materials from the applicant. Our customer service is available to assist applicants with any questions they may have and to ensure things proceed in a timely manner.
Can I get a laon without a job?
Yes, we can! AFW will use AI (artificial intelligence) and other metrics to determine if you qualify for a loan. We understand you may be unemployed or underemployed and still be an excellent loan prospect. If you do not qualify, we will let you know how you can take steps to put yourself into a position whereby you will qualify in the future.
What are the minimum requirements?
The minimum criteria needed for a loan include however are not limited too:
You must have income and a bank account.
You must be the age of majority within your province.
You must be able to provide citizenship, a Visa, or passport.
You must currently reside in Canada with a legal address.
At AFW our goal is to support Canadians as they strive to reach their full potential. In addition to looking at credit scores, we look at things like your career and salary, education, personal cash flow, financial history, delinquencies, collections, bankruptcy, and records of on-time payments.
How is my rate Determined?
Traditional banks mostly analyze your past financial behavior to determine loan eligibility and the cost of a given product. But we go beyond traditional data and take a look at your monthly cash flow, career, salary, education, and additional subjective factors in real time to accurately determine a rate that’s affordable, to help realize your full potential. Our hope and goal is to assist you at this point on your personal financial timeline.
How is interest calculated?
Interest is calculated on the outstanding principal, or value of your loan still remaining to be paid. At the end of every payment period, interest is being paid off first, and then the additional amount works towards reducing your principal.
Are interest rates negotiable?
Interest rates, though not negotiable, can decrease over time for valued borrowers that handle their commitments responsibly.
What are loan origination and origination fees?
Loan origination is the process by which a borrower applies for a new loan, and a lender (AFW) processes that application. Origination generally includes all the steps from taking a loan application up to dispersal of funds (or declining the application). Borrowers are charged a small origination fee (2-6%) upon agreement and finalizing your loan terms. Once you are approved, AFW will deduct the origination fee from the total value of the principal you applied for.
You are approved for a $1,000.00 AFW Consolidation Loan with a 4.5% origination fee. The total amount of the loan you would repay would be $955.00 and you would receive $955.00 in your bank account after we deduct the $45.00 origination fee.
Can I change monthly payment dates?
Yes, you can! It’s easy to change the monthly payment date and automatically withdraw date from your bank account. Just reach out to us and we will take care of it.
If I lose my job or can’t make a payment, what do I do?
Call us immediately and we will work with you to deal with the situation.
Can I pay my loan early?
Absolutely! Making additional payments to your loan or the entire outstanding amount demonstrates financial responsibility, thus improving your financial profile.