Please see below for answers to Frequently Asked Questions (FAQ) …
HOW DO I APPLY FOR A LOAN?
Applying for a loan from ECHO Auto Finance is as easy as visiting your local used car dealer or by clicking APPLY NOW! on our website.
IS ECHO AUTO FINANCE A LEASE OR FINANCE COMPANY?
ECHO Auto Finance offers lease to own loans on used vehicles.
WHICH DEALERSHIPS DO YOU WORK WITH AND WHAT KIND OF VEHICLES DO YOU OFFER LOANS FOR?
ECHO Auto Finance will offer loans for any used vehicle that can be properly registered in its respective province along with associated Vehicle History Report.
ECHO has an extensive network of Dealership Partners.
ECHO offers loans for vehicles as large as a 3500 series trucks. We do not offer loans for motorcycles, boats, ATV’s, or mobile homes.
HOW LONG DOES IT TAKE TO GET AN APPROVAL?
At ECHO Auto Finance we strive to get you an Approval within three (3) hours, pending credit circumstances.,
HOW LONG DOES IT TAKES TO GET MY LOAN FUNDED ONCE APPROVED?
As each loan is uniquely customized to fit a clients’ needs, the length of time for the funded loan can range from three days to two weeks.
IS THE LOAN OPEN?
Yes, your loan is open, please consult with your Lender for details.
WHAT ARE THE TERM LENGTHS OFFERED?
Term Lengths offered to start from 24 months up to 96 months
WHAT ARE THE INTEREST RATES OFFERED?
ECHO Auto Finance offers annual interest rates starting from 4.49% to 29.95%.
WHAT ARE THE MINIMUM AND MAXIMUM LOAN AMOUNTS?
ECHO Auto Finance offers the lease to own loans from $3,000 – $75,000.
CAN I SAVE MONEY BY PAYING OFF MY LOAN EARLY?
Definitely! You can pay off the remaining balance of your loan at any time to receive a discount on your implicit finance charge. The sooner you buy out the vehicle loan, the more money you will save.
Consult with your Lender for more details.
CAN I PAY OFF MY LOAN ANYTIME? IS THERE A PENALTY?
Yes! You can pay off the remaining balance of your lease at any time without penalty fees and you will receive a discount on your implicit finance charge. The sooner you buy out the vehicle loan, the more money you can save!
CAN I GET A VEHICLE LOAN WITH ECHO EVEN IF I CLAIMED BANKRUPTCY OR HAVE BAD CREDIT?
Regardless of your circumstances, ECHO can structure a loan to suit your needs.
For example …
- Are you new to the country?
- Do you have limited credit history information?
- Have you had previous repayment issues?
- Have you claimed bankruptcy (discharged or un-discharged)?
- Have difficulty verifying income (e.g. Bartender, Hair Stylist, Waiter, etc.)?
- Are looking for a vehicle that does not fit the lender’s guidelines?
- Are currently over-extended with debt?
Whatever your circumstances, we take an unbiased approach to help you secure a vehicle -- APPLY NOW!
WHAT IS REQUIRED IN ORDER TO GET A LOAN?
It is easy to get a loan with ECHO Auto Finance, all you will need to supply are:
- A Credit Application (visit APPLY NOW!)
- A Valid Driver’s Licence plus one (1) additional piece of I.D.
- Proof of Address (Utility Bill, Phone Bill, etc.)
- Either a PAD or Void Cheque
- Proof of Canadian residency
- Proof of Employment (Paystubs, Letter of Employment, etc.)
WHICH DOCUMENTS AM I REQUIRED TO SUBMIT ONCE I HAVE BEEN APPROVED?
Please prepare to bring the following documents with you when you sign the loan agreement:
- Two (2) current Paystubs or Three (3) months of Bank Statements for each Lessee (or any other acceptable proof of income authorized by ECHO Auto Finance)
- Employment Letter for each Lessee
- Pre-Authorized Payment from OR Void Cheque from the account which the payments will be debited from
- Two (2) pieces of acceptable ID for each Lessee with one being a valid Driver’s Licence
- Three (3) to five (5) References (depending on the requirement set by the credit department) that must include a Name, Address and Telephone number which are different from the Lessee(s). Also, all References must reside at different addresses.
- Proof of Address by way of Utility Bill, Phone Bill or Rental Agreement that is dated within the last 60 days for each Lessee
- Insurance Confirmation listing ECHO Auto Finance as the Lessor and it must show an OPCF 5 endorsement and a minimum of $1 million liability.
- Maximum deductible is $500
- You may request to increase the deductible limit, please consult with your Lender and inform ECHO Auto Finance prior to delivery of the vehicle.
- Once insurance is in place you must contact us with the insurance company’s contact information
ONCE I HAVE BEEN APPROVED FOR A LOAN, WHERE CAN I PURCHASE A VEHICLE?
You may visit any dealership in any province that ECHO Auto Finance operates in, as long as the dealership is provincially licensed.
ONCE I HAVE BEEN APPROVED, HOW SOON CAN I PICK UP MY VEHICLE?
Once you are satisfied with the loan structure, ECHO will contact you to book an assignment to sign the loan agreement as well as for you to submit documents.
WHICH DEALERSHIPS CAN I USE / WHAT KIND OF VEHICLES DO YOU FINANCE?
ECHO Auto Finance will finance any used vehicle that can be properly registered in its respective Province. We can work with any car dealership or even a private sale. We will also require the vehicle history report.
Please note, we only finance vehicles as large as a 3500 series trucks. We do not finance motorcycles, boats, ATV’s, or mobile homes.