EdenPark car loans in Ottawa and Gatineau

Who EdenPark is

EdenPark is an independent auto finance company based in the Montreal area. It lends through dealerships in Quebec and Ontario and specializes in the bottom of the credit spectrum: buyers with recent or repeated problems, thin income documentation, or a file that has been declined several times. It is not a bank and it does not price like one.

Its value is that it says yes when no one else will. A buyer who needs a car to keep a job, and whose file has a fresh repossession or a string of collections, is not going to be approved at a bank or a bank-owned non-prime arm this year. EdenPark is how that buyer gets a reporting loan that begins the repair.

The files EdenPark approves

These are the profiles where EdenPark is the right first stop.

• Recent or repeated collections, charge-offs or late payments, with a job and a down payment.
• A recent repossession or voluntary surrender, including with an unresolved deficiency balance in some cases.
• Bankruptcy or consumer proposal with very little time or payment history since.
• Income that is steady but partly cash, supported by bank deposits.
• Buyers declined at two or more other lenders who still have verifiable income.

What EdenPark looks at

The payment and the down payment. EdenPark verifies income, sets a conservative payment ceiling, and sizes the vehicle budget to it. It wants a down payment on almost every file, because the down payment is what makes a deep file workable. The bureau is read for the story, not the score, and EdenPark will ask about what happened and what has changed. The vehicle is kept inside age and mileage limits so the loan never exceeds what the car is worth by much.

What an EdenPark approval looks like

A payment ceiling, a vehicle budget, a term and a down payment requirement, at a deep non-prime rate. The loan reports to Equifax and TransUnion and is open, so it can be refinanced without penalty. We are direct about this with every buyer: an EdenPark loan is the most expensive on the bench, and its purpose is to carry you through twelve to eighteen clean months into a lender that costs less. Taken that way, it works.

How to make an EdenPark loan work for you

The loan only pays off if it leads somewhere.

• Put down as much as you reasonably can. It lowers the payment and the total cost more than anything else.
• Choose the cheapest reliable vehicle that does the job. The goal is clean payments, not the car itself.
• Set up automatic payments on payday so nothing is ever late.
• Plan the exit: after twelve months of clean reporting, ask us to re-present the file to a better-tiered lender.

EdenPark in Ottawa and Gatineau

EdenPark started on the Quebec side and is deeply comfortable with Quebec files, Quebec contracts under the Consumer Protection Act and SAAQ registration. It lends in Ontario as well, and Ottawa files are processed routinely. For a Gatineau buyer taking an Ottawa vehicle, the SAAQ inspection comes before registration and we schedule it with the loan.

When we place a file elsewhere

If a file can be tiered at Santander Consumer, iA Auto Finance or Scotia Dealer Advantage, it should be, and we present there first; the rate difference is real. EdenPark and Iceberg Finance are the two lenders we go to when those have declined or would decline. Between the two, we choose by the file's specifics and the vehicle, and we tell you why.