Apply For Credit at Welland Honda

Getting approved for a vehicle loan has never been easier, than with Ontario’s Welland Honda. Not only are we the city’s premier destination for all things Honda, from new and pre-owned vehicles to service, accessories, and more, but we’re the only place you need to go for financing. Regardless of your credit history, the experienced finance team at Welland Honda has got you covered when it comes to a vehicle loan at an affordable rate. Read on to learn more, or simply click below to utilize our simple and secure Equifax Credit Snapshot application for financing, today!

Why Finance with Welland Honda?

Besides our extensive selection of vehicles, we’re also Welland’s top destination for vehicle financing. Our experienced team is capable of finding you an amazing rate on your next vehicle loan, regardless of your credit score. That’s because Welland Honda is a part of a major Ontario dealership group that works hand-in-hand with all of the major banks and financial institutions, ensuring that we’re able to pick the best rate from a variety of lenders.

In terms of security, you can trust that our free Equifax Credit Snapshot will keep your valuable information safe, while providing you with an idea of what kind of financing you will qualify for given your current credit situation.

 

 

 

How Long Does It Take To Get Approved for Financing?

Our Equifax Credit Snapshot tool is super quick, and will provide you with an incredibly quick answer to your credit application. However, the process from applying to picking out and paying for a vehicle can take a bit longer. Below we’ve laid out an approximate timeline of the whole financing process.

The Process of Applying for Vehicle Financing

Financing a new vehicle can be a somewhat stressful process, considering you’re about to make what amounts to the second largest purchase most people make in their lives. We try to remove some of the stress by making the process as simple as possible: just fill out our online form, and we’ll get things started. Once you fill out our free Equifax Credit Snapshot application, you will have already started the vehicle financing process!

What You Need to Apply for a Vehicle Loan

After you’ve gotten your Credit Snapshot, and picked out a vehicle, we will need to verify the vehicle loan you’re applying for. There are a few necessary pieces of information you’ll want on hand, to make sure this goes as quickly and smoothly as possible. They are, in no particular order:

  • Proof of employment (a letter promising employment also works)
  • Proof of income
  • Government-issued photo identification (such as a passport, or driver’s license)
  • Proof of residence (this can include a bill sent to your address under your name)
  • From there we may have other questions for you, but these are the four most important pieces of information you can have on hand.

Will A Credit Check Impact My Credit Score?

This is a bit of a myth we’d like to dispel. A single credit check via our Equifax Credit Snapshot tool will have a negligible impact on your credit score—it’s what’s known as a “soft inquiry.” However, if you’re shopping for the best deal and submit multiple credit checks from multiple dealerships, you do run a risk of having a negative impact on your credit score.

How Long Does It Take To Finalize Your Vehicle Loan?

Our team will work tirelessly to get your vehicle loan finalized as quickly as possible. However, there are two factors that will impact your financing approval, and they are time and the lender.

  • Time: the time you apply will play a factor in when you get approved. If you were to come in five minutes before most banks close on a Friday evening, you may need to wait until the next business day. This is why we always recommend having you come in as early as possible.
  • Lender: the lender involved in getting you your vehicle financing loan will play a big part in how quickly you’re approved. For example, vehicle financing loans tend to be a bit lower on a bank’s list of priorities. But at Welland Honda, it’s priority number one.

Leasing Vs. Financing

When it comes to purchasing a new vehicle, you’ve essentially got two options: financing, or leasing (three options, if you include buying it outright). 

What Is Vehicle Financing?

Vehicle financing is when you take out a loan from a lender (like Welland Honda) to purchase a vehicle. You’ll make monthly payments over a pre-set term, and you’ll own the vehicle outright once your financing loan has been paid in full. 

What Is a Vehicle Lease?

Leasing a vehicle is more like renting a vehicle; you’ll make monthly payments to use the vehicle over a pre-set term, with the option to buy the vehicle after that term is up. 

The choice of whether to lease or finance a vehicle is a complicated one, and something that varies greatly depending on your financial situation, your needs, and a host of other factors. You can learn more about the difference between leasing and financing here, to help you decide which option is the best fit for you.

Apply For Credit at Welland Honda, Today

If you’re looking for a new vehicle and want to get the best financing rates possible, let Welland Honda help. Simply fill out our secure online credit application form below, and we’ll get back to you as quickly as possible. From there, we can discuss all of your options when it comes to financing a vehicle.
Or, stop by Welland Honda to take a peek at our vehicle lineup, and we can help you find the right vehicle for your needs at a cost that works for you.