Requirements
Vehicle Criteria For "Approved Advance"
Year |
KM <260,000 |
Advance 50% of BBV adjusted for KM |
| Interest Rates (based on invoice amount) |
||
Invoice Amount $500-$1,500 $1,501-$2,500 $2,501-$3,000 $3,501-$7,500 |
Interest Rate 19.9% 18.9% 17.9% 16.9% |
Maximum advance for vehicles with a lein $5,000
maximum advance for vehicles without a lien $7,500
Customer requirements for "Approved Advance"
NO Credit application
NO Credit checks
NO Proof of income required
Customer must be 18 years or older
Custmer must have a valid Ontario driver's license
A valid "SIN" number (In the absence of a "SIN" number, we will require two pieces of I.D. and one must be a Canadian birth certificate or a Canadian passport)
Customer must have valid insurance on the vehicle
Approved Advance Information
VIN number, current KM on the vehicle, the customer's first name, middle initial and last name, home address and phone number, work phone number, cell number if applicable, a copy of the permit (ownership) vehicle and plate portion.
Funding Requirements
A signed copy of "repair" invoice, an enlarged photo copy of customer driver's license, a photo copy of a valid vehicle insurance and a personal void cheque or a signed bank "PAP" form. ARC will provide the comploeted documents to be signed by the customer and the repair facility is responsible for faxing the signed documents to ARC . An ARC representative will need to speak with the customer prior to signing to insure proper disclosure and for privacy compliance.
