FAQS

Common Questions About Getting A Loan Against Your Vehicle

• Q: At which Common Exchange locations can I get a loan against my vehicle?

  Currently only our Surrey Newton, and Surrey Whalley locations offer loans against vehicles. If you have any questions about the process, or would like to setup an appointment to bring in your vehicle, you can find our number in the "call us" links above, or in the "find a location" section in the menu. We look forward to helping you.

• Q: Will my vehicle have to be left at a Common Exchange location?

  In most instances you can keep using your vehicle. The loan is secured against your vehicle Title with a Lien. As long as you are up to date on your repayments, you may continue using it. If we have to retain your vehicle for any reason, both our Surrey locations of Common Exchange have the highest standards of safety and security. Your vehicle goes directly into one of our secure garages and is not handled, touched or even looked at again until you come back to claim it. Well, maybe not literally looked at, but you get the point.

• Q: How much is my vehicle worth?

  Every vehicle we see is unique. Even vehicle models, trim levels and years are unique from each other. The only way we can know what your vehicle is worth for sure, is to see it in person. We can often estimate by phone, but the only way to be sure is to take a look. We always pay the highest dollar values of anyone in BC. We lend up to 30% of the Canadian Black Book value, up to a maximum of $10,000.

• Q: What is the Canadian Black Book?

  People often ask what the "book value" of their vehicle is? Well that "book" refers to the "Canadian Black Book", in the United States they have the "Kelley Blue Book", but Canadian vehicle values differ greatly from the US so we have the Canadian Black Book instead.

• Q: Do I need a job to get a loan against my vehicle?

  Yes, unlike pawn loans, in order to get a loan against your vehicle you will need proof of income to loan against your vehicle. We will need your last two pay stubs, a BC Drivers Licence, proof of residence, proof of insurance and registration, and a second set of keys and remotes. You must have been employed for the past three months at least. That's it. Really!

• Q: Will you do a credit check when I get a loan against my vehicle?

  No. The vehicle "secures the value of the loan", therefore credit checks are usually not required. But each loan against a vehicle is unique, and therefore we request you call ahead with any questions. Also, as it takes a little longer to do the paperwork, we require an appointment to be made, so that we can make sure we give your loan the proper attention it deserves.

• Q: What other requirements are necessary to get a loan against your vehicle?

  1. You must 19 years of age, or older.
  2. You must be currently employed, or have a regular source of income.
  3. If employed, you must have been employed for the previous 3 months.
  4. Your vehicle cannot be older than 10 years old.
  5. You must have a clear title on your vehicle.
  6. You must have both collision and comprehensive insurance on your vehicle.
  7. Your vehicle must be both registered, and insured in your name.
  8. Your insurance must be valid for a minimum 1 month past your loan term.

• Q: What must I bring with me?

  1. A valid BC Driver's licence.
  2. Your last two consecutive pay stubs.
  3. Proof of residence (any printed bill sent to your home address will suffice).
  4. Your vehicle's registration and insurance.
  5. A second set of keys and remotes.
  6. Your vehicle.

• Q: How quickly can I get my money?

  After inspecting your vehicle at our Surrey Newton or Surrey Whalley locations, we can issue your loan. The inspection process takes 30-40 minutes. Once complete we can issue your loan immediately by cheque.