Car Deal Canada

Is Legit?

Is Legit? is a Canadian online auto lender that specializes in providing car loans to individuals with poor credit or limited credit histories. The company promises “guaranteed approvals” and claims to offer auto financing without conducting traditional credit checks. These bold claims have led many to question the legitimacy of JourneyApproved and whether they truly deliver on their promises.

Based in Port Coquitlam, British Columbia, JourneyApproved aims to make car ownership accessible to Canadians who might otherwise struggle to secure financing from traditional lenders due to their credit challenges. The company markets itself as a solution for those seeking “second chance car loans” or “no credit check car loans,” appealing to a demographic often overlooked or denied by banks and mainstream auto lenders.

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The Challenges of Getting a Car Loan with Bad Credit

For many Canadians with poor credit or a limited credit history, securing an auto loan can be an uphill battle. Traditional lenders like banks and credit unions often have strict lending criteria, making it difficult for those with blemished credit to qualify for financing at reasonable rates.

Poor credit can stem from various circumstances, such as missed payments, high debt levels, bankruptcy, or simply being new to the credit system. Regardless of the reason, a low credit score can severely limit one’s borrowing options, especially when it comes to big-ticket purchases like a vehicle.

Even if approved, borrowers with bad credit may face exorbitant interest rates, unfavorable loan terms, and hefty down payment requirements. This can make the cost of owning a vehicle prohibitively expensive, trapping individuals in a cycle of debt and further damaging their credit.

Moreover, the application process itself can be daunting and discouraging for those with credit challenges. Repeated rejections and inquiries from multiple lenders can further harm credit scores, creating a vicious cycle that’s difficult to break out of.

In a country like Canada, where personal transportation is often a necessity for commuting to work, running errands, and navigating daily life, being denied access to affordable auto financing can be a significant obstacle. This is where companies like JourneyApproved claim to offer a solution, promising guaranteed approvals and bad credit car loans.


JourneyApproved’s History and Reputation

JourneyApproved has been operating in the Canadian auto lending market for over a decade. While they are not an accredited member of the Better Business Bureau (BBB), the company maintains an impressive A+ rating on the BBB website. This rating is based on factors such as transparency in business practices, truth in advertising, and responsiveness to customer complaints.

An analysis of customer reviews on the BBB and other independent review platforms reveals a generally positive sentiment towards JourneyApproved’s services. Many borrowers praise the company’s straightforward application process, quick approval times, and willingness to work with individuals who have poor or limited credit histories.

That said, some negative reviews highlight concerns about high interest rates, strict loan terms, and a lack of transparency regarding fees. However, such complaints are not uncommon in the subprime auto lending industry, where lenders take on a higher risk by approving borrowers with impaired credit profiles.

Overall, JourneyApproved’s longevity in the Canadian market, strong BBB rating, and largely favorable customer feedback suggest that the company is a reasonably reputable and legitimate option for those seeking bad credit car loans. However, as with any financial decision, it’s crucial for borrowers to carefully review the terms and conditions of any loan agreement before committing.


JourneyApproved’s Lending Practices

As a subprime lender specializing in bad credit auto loans, JourneyApproved operates on a different lending model compared to traditional banks and credit unions. Their primary focus is catering to borrowers with poor credit scores or limited credit histories who have difficulty securing financing elsewhere.

JourneyApproved’s lending practices are designed to provide access to car loans for individuals with credit challenges. They employ a more flexible underwriting process that considers factors beyond just credit scores, such as employment status, income, and down payment availability.

However, this increased risk tolerance comes at a cost – borrowers with subprime credit can expect higher interest rates on their auto loans from JourneyApproved. Typically, their interest rates range from 10% to 30%, with the exact rate determined by an individual’s creditworthiness and other factors.

For applicants with good credit scores, JourneyApproved may offer more competitive rates, but their primary market remains those with poor or limited credit histories. By specializing in this niche, they provide an avenue for individuals who might otherwise be denied financing to secure a car loan and potentially rebuild their credit through timely repayments.


The Reality of ‘Guaranteed Approvals’

One of JourneyApproved’s main selling points is their promise of “guaranteed approvals” for car loans, regardless of credit history or score. However, this claim requires closer examination to understand the reality behind it.

Like most subprime lenders, JourneyApproved does conduct soft credit checks during the pre-qualification process. A soft credit check is a preliminary review of an applicant’s credit report that does not impact their credit score. This allows the lender to assess the risk level and determine if the applicant meets their minimum requirements.

While a soft credit check does not directly lead to a denial, it can reveal significant red flags that may disqualify an applicant from receiving a guaranteed approval. For example, if the applicant has a history of severe delinquencies, recent bankruptcies, or outstanding judgments, JourneyApproved may decide not to extend a loan offer.

Furthermore, the term “guaranteed approval” can be misleading. Even if approved, the loan terms and conditions may be less favorable than advertised, especially for borrowers with extremely poor credit histories. High interest rates, substantial down payments, and stringent repayment schedules are common for subprime auto loans, which can make the loan unaffordable or unsustainable for some borrowers.

It’s essential to understand that while JourneyApproved may be more lenient than traditional lenders, they still have underwriting standards and risk assessment protocols in place. Guaranteed approvals do not necessarily mean unconditional approvals, and the terms of the loan may vary significantly based on individual credit profiles and circumstances.


Advantages of JourneyApproved for Bad Credit Borrowers

For individuals with poor credit scores or limited credit histories, securing an auto loan can be an uphill battle. Traditional lenders often shy away from these applicants, deeming them too risky. This is where JourneyApproved shines, offering a lifeline to those struggling to find financing elsewhere.

One of the primary advantages of JourneyApproved is their willingness to work with borrowers who have less-than-perfect credit. Unlike many mainstream lenders, they do not automatically disqualify applicants based solely on their credit scores. Instead, they take a more holistic approach, considering factors such as employment history, income, and overall financial situation.

The application process with JourneyApproved is designed to be straightforward and accessible. Applicants can initiate the process online, eliminating the need for in-person visits or extensive paperwork. The online platform streamlines the application, making it convenient for those with busy schedules or limited transportation options.

Additionally, JourneyApproved prides itself on offering quick decisions, often providing approvals within minutes. This is a stark contrast to the lengthy and uncertain approval processes common with traditional lenders. For those in need of a vehicle promptly, this expedited timeline can be a significant advantage.

Furthermore, JourneyApproved’s network of dealerships across Canada provides borrowers with a wide selection of vehicles to choose from. This flexibility allows individuals to find a car that suits their needs and budget, rather than being limited to a narrow range of options.


Drawbacks and Risks to Consider

While JourneyApproved offers a viable option for those with poor credit to obtain auto financing, it’s crucial to weigh the potential drawbacks and risks associated with their services. One of the primary concerns is the high interest rates that subprime borrowers may face, typically ranging from 10% to 30%. Such elevated rates can significantly increase the overall cost of the loan and make repayment more challenging, especially for those already struggling with their finances.

Furthermore, JourneyApproved’s lending practices may involve stringent terms and conditions that could be unfavorable for borrowers. These may include higher down payments, shorter loan terms, or restrictions on the type of vehicles eligible for financing. It’s essential to carefully review and understand the loan agreement before committing to avoid any unpleasant surprises down the line.

Another aspect that warrants caution is JourneyApproved’s association with other lenders, such as Canada Drives, which have faced lawsuits and allegations of predatory lending practices. While JourneyApproved itself may not engage in such practices, this connection raises concerns about the company’s ethical standards and the potential risks involved in doing business with them.

Lastly, it’s crucial to remember that while JourneyApproved may offer a solution for those with poor credit, the ultimate goal should be to improve one’s credit score and financial standing. Relying on subprime lenders should be a temporary solution, as the high interest rates and strict terms can make it challenging to break free from the cycle of debt.


JourneyApproved vs. Other Bad Credit Auto Lenders

When it comes to securing a car loan with poor credit in Canada, JourneyApproved is not the only player in the market. It’s essential to compare their offerings with other major bad credit auto lenders to make an informed decision.

One of JourneyApproved’s biggest competitors is Canada Drives, which has faced lawsuits and accusations of predatory lending practices. While Canada Drives may offer similar guaranteed approvals and no credit check claims, their reputation has taken a hit. JourneyApproved, on the other hand, maintains a relatively clean record with the Better Business Bureau (BBB) and positive customer reviews.

Another notable bad credit auto lender in Canada is Auto Loan Canada. They have a strong online presence and claim to work with a vast network of lenders. However, their interest rates can be higher than JourneyApproved’s, ranging from 15% to 35% for borrowers with poor credit.

When it comes to requirements, JourneyApproved is generally more lenient than traditional lenders. They cater specifically to those with bad credit, bankruptcies, and even no credit history. In contrast, some competitors may have stricter income or employment requirements, making it harder for certain borrowers to qualify.

It’s worth noting that JourneyApproved’s interest rates, while still high for subprime borrowers, tend to be more competitive than some other bad credit lenders. Their rates typically range from 10% to 30%, depending on the applicant’s credit profile. This can translate to significant savings over the life of the loan.

Ultimately, while JourneyApproved may not be the only option for bad credit car loans in Canada, their combination of relatively favorable reviews, competitive rates, and lenient requirements make them a strong contender in the subprime auto lending market.


Tips for Getting Approved with JourneyApproved

While JourneyApproved specializes in bad credit auto loans and claims guaranteed approvals, there are still steps borrowers can take to improve their chances of securing a loan with favorable terms. Here are some tips to increase your likelihood of approval with JourneyApproved:


Maintain a Steady Income: JourneyApproved will want to see proof of income to ensure you can afford the monthly loan payments. Provide pay stubs, bank statements, or other documentation that demonstrates a consistent income source.

Consider a Co-Signer: Having a co-signer with good credit can significantly boost your approval chances and potentially qualify you for better interest rates. A co-signer essentially shares responsibility for the loan, reducing the lender’s risk.

Provide Proof of Residence: JourneyApproved may require proof of your residential address, such as a utility bill or lease agreement. This helps verify your identity and establish stability.

Offer a Larger Down Payment: A larger down payment can offset some of the risk associated with bad credit. It shows you have skin in the game and can lower the overall loan amount, making approval more likely.

Explain Credit Issues: If you have negative items on your credit report, provide a brief explanation for the circumstances. JourneyApproved may be more understanding if you can demonstrate the issues were due to extenuating circumstances beyond your control.

Shop Around and Compare: While JourneyApproved promises guaranteed approvals, it’s still wise to shop around and compare rates from multiple lenders. This can help ensure you’re getting the best deal possible on your bad credit auto loan.


Alternatives to JourneyApproved

While JourneyApproved provides a viable option for Canadians with poor credit seeking auto financing, it’s not the only solution available. Exploring alternatives can help you secure better terms, lower interest rates, or find a more suitable lender for your specific circumstances.

One alternative worth considering is in-house financing through dealerships. Many car dealers offer special financing programs for individuals with subprime credit scores. These programs may have more flexible requirements and potentially lower interest rates than third-party lenders like JourneyApproved. However, it’s crucial to thoroughly review the terms and conditions, as some dealerships have been known to engage in predatory lending practices.

Secured auto loans are another option for bad credit borrowers. With a secured loan, you’ll need to put down a sizable down payment or use a vehicle or other asset as collateral. While this reduces the lender’s risk, it also means you could lose your collateral if you default on the loan. Secured loans often have lower interest rates than unsecured subprime loans, but the down payment requirement can be a barrier for some buyers.

If you have a family member or friend with good credit, they may be willing to co-sign your auto loan. A co-signer with a strong credit history can improve your chances of approval and potentially secure a lower interest rate. However, co-signing carries significant risks for the co-signer, as they become legally responsible for the loan if you fail to make payments.

Finally, consider improving your credit score before applying for an auto loan. While this may delay your car purchase, it could save you thousands of dollars in interest charges over the life of the loan. Simple steps like paying bills on time, reducing credit card balances, and correcting errors on your credit report can gradually boost your score and open up more favorable financing options.


Understanding Subprime Auto Lending in Canada

The subprime auto lending industry in Canada caters to individuals with poor credit scores or limited credit histories, offering them an opportunity to secure vehicle financing. While this sector serves a critical need, it operates within a unique regulatory landscape designed to protect consumers from predatory practices.

In Canada, subprime auto lenders are subject to various federal and provincial laws and regulations. The Financial Consumer Agency of Canada (FCAC) oversees the industry and enforces consumer protection measures, such as requiring lenders to provide clear and transparent information about loan terms, interest rates, and fees.

Additionally, provincial consumer protection acts and motor vehicle dealer acts set guidelines for auto financing practices, including disclosure requirements, prohibited practices, and dispute resolution mechanisms. For example, in Ontario, the Motor Vehicle Dealers Act and the Consumer Protection Act outline specific rules that auto lenders and dealerships must follow.

Common practices in the subprime auto lending industry include higher interest rates, stricter loan terms, and additional fees or requirements like larger down payments or the need for a co-signer. These measures are designed to mitigate the perceived higher risk associated with lending to individuals with poor credit histories.

Despite the regulations and consumer protections in place, the subprime auto lending industry has faced criticism for alleged predatory practices, such as excessive interest rates, hidden fees, and aggressive collection tactics. As a result, consumer advocacy groups and regulatory bodies closely monitor the industry to ensure fair and ethical lending practices.


Rebuilding Credit After a JourneyApproved Loan

While JourneyApproved caters to borrowers with bad credit or limited credit history, their loans can serve as an opportunity to rebuild credit if used responsibly. By making consistent, on-time payments on your JourneyApproved auto loan, you can gradually improve your credit score and demonstrate a positive payment history to lenders.

Here are some tips for using a JourneyApproved loan to rebuild your credit:


  • Make payments on time: Payment history is the most significant factor affecting your credit score. Prioritize making at least the minimum payment by the due date each month to avoid late fees and negative marks on your credit report.
  • Set up automatic payments: Enrolling in automatic payments from your bank account can help ensure you never miss a due date and keep your payment history pristine.
  • Pay more than the minimum when possible: Paying extra towards your principal balance each month can help you pay off the loan faster and save on interest charges.
  • Monitor your credit report: Regularly check your credit report from the major bureaus (Equifax and TransUnion) to ensure JourneyApproved is accurately reporting your payments and loan status.
  • Be patient and persistent: Rebuilding credit takes time and discipline. Stick to your repayment plan, and your credit score will gradually improve as you demonstrate responsible borrowing behavior.


By treating your JourneyApproved loan as an opportunity to establish a positive credit history, you can position yourself for better interest rates and loan terms in the future. Consistent, on-time payments are the key to turning a bad credit situation around and unlocking more favorable lending options down the road.


JourneyApproved Customer Experiences

To better understand the legitimacy and practices of JourneyApproved, it’s essential to examine real customer testimonials and experiences. While the company boasts mostly positive reviews on platforms like the Better Business Bureau (BBB), a closer look reveals a mixed bag of stories.

On the positive side, many customers praise JourneyApproved for their streamlined application process, quick approvals, and willingness to work with individuals with poor or no credit history. One customer, Sarah from Toronto, shared, “I had been denied by multiple lenders due to my low credit score, but JourneyApproved approved me without any hassle. The process was straightforward, and I got the car I needed within a week.”

However, there are also numerous complaints about high interest rates, strict loan terms, and difficulties during the loan repayment process. A customer named Mike from Vancouver expressed his frustration, saying, “While JourneyApproved did approve me when others wouldn’t, the interest rate they offered was outrageous – over 25% for a used car loan. I felt trapped and ended up paying much more than I anticipated.”

Some customers have also reported issues with hidden fees, lack of transparency regarding loan terms, and poor customer service when attempting to resolve disputes or negotiate better rates. Jasmine from Calgary wrote, “I wish I had read the fine print more carefully. JourneyApproved tacked on numerous fees that I wasn’t aware of, and when I tried to get clarification, their customer service was unhelpful and dismissive.”

It’s worth noting that negative reviews often stem from customers with particularly challenging credit situations or those who may have unrealistic expectations regarding interest rates and loan terms for subprime borrowers. Nonetheless, these experiences highlight the importance of thoroughly understanding the terms and conditions before signing any loan agreement with JourneyApproved or any other subprime lender.


The Future of Bad Credit Auto Lending

The subprime auto lending industry, including companies like JourneyApproved, is poised for significant changes in the coming years. As technology continues to evolve and consumer behavior shifts, lenders will need to adapt their strategies to remain competitive and meet the changing needs of borrowers with poor credit.

One potential trend is the increased use of alternative data in credit decisions. Traditional credit scores often fail to accurately assess the creditworthiness of individuals with limited credit histories or those recovering from financial setbacks. By incorporating data from sources like utility bills, rent payments, and employment history, lenders can gain a more comprehensive understanding of a borrower’s financial situation, potentially opening up more opportunities for those with poor credit.

Additionally, the rise of fintech companies and online lending platforms could disrupt the traditional subprime auto lending landscape. These innovative players are leveraging technology to streamline the application and approval processes, making it easier for borrowers to access financing. Some fintech lenders are also exploring the use of artificial intelligence and machine learning to improve risk assessment and underwriting, potentially leading to more accurate and fair lending decisions.

Another trend that could impact JourneyApproved and similar lenders is the growing emphasis on financial education and credit counseling. As regulators and consumer advocates push for more transparency and responsible lending practices, subprime lenders may be required to provide borrowers with resources and guidance to help them understand the terms of their loans and develop strategies for improving their credit scores over time.

Furthermore, the increasing adoption of electric and hybrid vehicles could present both challenges and opportunities for bad credit auto lenders. While the higher upfront costs of these vehicles may be a barrier for some borrowers, the potential long-term savings on fuel and maintenance could make them more attractive options. Lenders that can adapt their financing models to accommodate these emerging technologies may gain a competitive advantage.

Ultimately, the future of bad credit auto lending will likely be shaped by a combination of technological advancements, regulatory changes, and evolving consumer preferences. Companies like JourneyApproved will need to stay agile and continuously innovate to meet the evolving needs of borrowers while maintaining responsible lending practices and compliance with industry standards.


Is Legit? The Verdict

After examining JourneyApproved’s history, lending practices, customer reviews, and industry reputation, it’s evident that the company is a reasonably legitimate option for Canadians seeking bad credit auto loans. However, as with any subprime lender, there are several caveats to consider.

On the positive side, JourneyApproved has been in business for several years and maintains an A+ rating with the Better Business Bureau (BBB), along with mostly favorable customer reviews. Their longevity and generally positive feedback suggest a level of trustworthiness and reliability in the subprime auto lending space.

Furthermore, JourneyApproved’s lending practices align with industry norms for bad credit borrowers. While interest rates can be high (ranging from 10% to 30%), this is typical for subprime auto loans due to the increased risk associated with borrowers who have poor or limited credit histories.

However, there are some red flags to be aware of. JourneyApproved’s claims of “guaranteed approvals” and “no credit checks” are not entirely accurate. While they may conduct soft credit checks during pre-qualification (which don’t impact credit scores), applicants with severely damaged credit may still face rejections. Additionally, the “guaranteed approvals” often come with stringent terms and conditions, making the promises less straightforward than they appear.

Perhaps more concerning is JourneyApproved’s association with other controversial lenders, such as Canada Drives, which have faced lawsuits over predatory lending practices. While JourneyApproved itself has not been directly implicated in such practices, this association raises some doubts about the company’s overall ethics and business practices.

In conclusion, while JourneyApproved appears to be a legitimate option for bad credit auto loans in Canada, borrowers should exercise caution and scrutinize all terms and contracts carefully. The company’s ties to lenders accused of predatory behavior, as well as the caveats surrounding their “guaranteed approvals” and “no credit checks” claims, warrant a degree of skepticism. Ultimately, JourneyApproved may be a viable choice for those with limited options, but borrowers should proceed with their eyes wide open and be prepared for potentially unfavorable terms and high interest rates.

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Questions About Journey Approved

JourneyApproved is a legitimate company that offers car loans in Canada. They are based in Port Coquitlam, BC and accredited by the Better Business Bureau. However, they are not BBB accredited. They provide loans to those with bad credit, new immigrants, and those looking to build credit.


JourneyApproved works with a network of dealers to provide financing options to customers. They advertise guaranteed approvals, no credit checks, and fast service. Reviews on independent sites are generally positive regarding interest rates and customer service. There are no major scandals or fraud allegations against the company.


However, as with any lender, consumers should carefully review all terms and conditions before signing financing agreements. Ensure you understand interest rates, payment schedules, fees, etc. Don’t feel pressured into a deal. Read everything carefully first.

JourneyApproved offers subprime loans, no credit check loans, guaranteed approvals, bad credit loans, loans for recent immigrants to Canada, and more. Some specific programs include:


– Second Chance Car Loans – For those rebuilding their credit

– Subprime Auto Loans – For those with credit challenges

– No Credit Check Car Loans – Skip the credit checks

– Low Credit Score Car Loans – Specialized financing


They work to help those who may not qualify for financing from a mainstream bank or credit union. So they provide specialized car loan programs.

Interest rates can vary greatly depending on your specific application and credit profile. Those with bad credit should expect higher interest rates. Rates are also impacted by the vehicle make, model, year, mileage etc.


You’ll need to complete an application to receive a personalized rate quote. JourneyApproved advertises rates “as low as 4.99%”. But applicants with good credit can likely find lower elsewhere. Be sure to compare options.


As a general guideline, here are average used car loan rates by credit score:


– Excellent credit (720+): 4%

– Good credit (690-719): 6%

– Fair credit (620-689): 10%

– Poor credit (<620): 14%+

Like most subprime lenders, JourneyApproved does charge some fees in addition to interest. But they appear reasonable and are disclosed upfront in your financing agreement. Some fees to expect:


– Origination fee – Charged on all loans

– Late payment fees – If you miss payments

– Returned payment fees – For bounced checks or payments

– Early payout fees – If you pay off loan early


Reputable reviewers have not exposed any “hidden” or unexpected fees from JourneyApproved. But carefully review all loan terms before signing paperwork. Understand all costs.

Yes, JourneyApproved can repossess your vehicle if you default on your loan contract. Like all auto lenders, they must protect their investment. Repossession occurs if you are significantly late or miss multiple payments.


To avoid repossession:


– Only borrow what you can afford

– Understand payment requirements

– Contact JourneyApproved immediately if struggling to make payments


They may offer options to help avoid repossession. Open communication is key. Consider a consumer proposal if payments become unaffordable.

The JourneyApproved loan application process is designed to be quick and streamlined. They advertise a 1 minute application that gives instant results.


Here are the general steps:


  1. Complete online application – Just 1 minute
  2. Get matched with lenders and dealers in their network
  3. Select your vehicle at a participating dealership
  4. Finalize paperwork and drive home!


So in most cases, you can complete the entire process in less than a day. Actual time can vary depending on your location, selected dealership, etc. But JourneyApproved works to accelerate all stages for fast delivery of your vehicle.

In some cases, yes JourneyApproved may offer car loans to those on social or disability assistance. Each application is different. Some factors they consider:


– Income source and stability

– Amount of assistance funds

– Other debts held

– Credit history


While on assistance, you likely won’t qualify for a mainstream car loan. But subprime lenders like JourneyApproved specialize in non-traditional borrowers. Start the application to see if you qualify. Ensure payments work within your budget.

No, JourneyApproved only offers vehicle financing through car loans. They do not currently offer leasing options.


If you are interested in leasing a new car rather than taking an auto loan, consider companies like:


– Tesla

– Porsche


– Mercedes-Benz


Mainstream banks like RBC and TD also offer competitive lease financing on many makes and models.

Yes, JourneyApproved encourages customers to get pre-approved before visiting dealerships. Pre-approval locks in financing rates and terms. It also gives you negotiating power at the dealership.


To get pre-approved:


  1. Complete the online application
  2. Get matched with lenders/dealers
  3. Select a pre-approval amount
  4. Shop for your vehicle


Locking in financing early simplifies the process. You know what is affordable and can focus on negotiating the best car price.

JourneyApproved performs a soft credit check during pre-qualification. This keeps your score intact. They offer a no credit check option also.


Once applying for formal approval, they will perform a hard credit inquiry. This can temporarily impact your score. But shopping for an auto loan within a 30 day period will combine hard inquiries into one. This minimizes score drops.


They examine your full history including late payments, defaults, collections etc. Stable income and a downpayment can offset credit challenges.

No, bad credit does not automatically prevent approval from JourneyApproved. In fact, bad credit applications are their specialty. They work with those declined by banks and traditional lenders.


Anyone can get instant pre-qualification online without a credit check. This will give an initial decision. If declined, try securing a co-signer or putting more money down to offset risk.


Provide as much detail as possible on your application. JourneyApproved reviews each case individually. Highlight any positives like income stability. Don’t assume a “no” until applying.

Yes, JourneyApproved welcomes co-signers on auto loan applications. Adding a co-signer with better credit can improve your chances and rates offered. The co-signer shares equal responsibility for the loan.


Have an open conversation with your co-signer beforehand about:


– Their financial obligations

– Risks they are taking

– Repayment expectations

– What happens if you default


Never ask someone to co-sign without their understanding. Get all agreements for responsibility in writing.

JourneyApproved offers multiple options to make your monthly car payments including:


– Pre-authorized bank withdrawals

– Online through their portal by VISA/Mastercard, bank transfer etc.

– Pay by phone

– In-person at dealership

– By mail with a cheque


Setup payments to occur automatically each month if possible. Missed payments result in penalties and risk eventual repossession. Always pay on time.

Yes, you can trade in your existing vehicle while a JourneyApproved loan remains open. Any positive equity can go towards your new car purchase. Or the loan may transfer to the new vehicle.


To trade-in with an outstanding auto loan:


  1. Get pre-approved for new financing
  2. Visit the dealership
  3. Agree on trade-in value
  4. Put equity towards new loan or transfer remaining balance
  5. Finalize new paperwork


Communicate with JourneyApproved so existing payments are on hold while completing the trade. Expect fees for any loan changes.

As JourneyApproved offers financing only, there is no specific cancellation policy. Auto loans do not have cooling off periods like extended warranties. You must continue making payments as per your signed contract.


However, you can pay off and close your loan at any time. Review your paperwork for details on pre-payment penalties and associated fees if choosing this option. Manage payments until the loan balance reaches zero.

No, vehicles financed through JourneyApproved cannot be returned for reimbursement. Auto loans are a binding legal financing agreement. The purchased car serves as collateral against the money borrowed.


The only way to get money back is to:


  1. Sell the vehicle privately
  2. Pay back the loan amount from the sale
  3. Keep any extra cash


You must continue registered payments until selling the car. Review your contract carefully before signing and driving off the lot.

No, JourneyApproved only provides auto loan financing. They do not sell extended warranties. These are designed to cover repairs after the factory warranty expires.


Third party companies sell extended warranties. Or you can add through your dealership when purchasing a vehicle. Compare plans carefully as prices and coverage options vary greatly.

Contact JourneyApproved and your insurance provider immediately if you crash your financed vehicle. Your loan agreement likely requires you carry valid insurance to protect against loss or damage.


What happens next depends on coverage, loan payoff amount, and more. Common scenarios include:


– Insurance pays loan balance – Loan closes

– Insurance pays part of loan – Gap insurance helps

– No payout from insurance – You keep paying


Without insurance, you must continue registered payments even if car is written off. Review your loan contract and know the risks.

JourneyApproved only finances vehicles purchased at one of their certified dealers partners. So they cannot provide financing for private, individual sales.


Some alternate lenders that may approve loans for private sales include:


– Mogo

– Fairstone Financial

– Carfinco Financial Services

– Rifco National Auto Finance


Research lenders carefully. Rates and fees vary widely when financing older, higher mileage private sale vehicles.

JourneyApproved does not list specific age requirements on their website. So all applications are reviewed individually based on the overall risk profile.


We can assume standard auto lending age requirements likely apply:



– 18 years – Can enter into legal contracts

– 19 years – Better rates from most lenders



– 70-75 years – Maximum age most lenders will provide standard rates/terms

– 80+ years – Unlikely to receive financing


Meeting minimum income and credit requirements is most important. But extreme youth or elder age may impact terms offered.

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