Requirements
for a Car Loan
in Canada
So you want to get a car
but aren't sure you will qualify for a car loan. We will give you
information on what lenders want from you in order to approve you
for auto loan financing. Here are the basics you will need to buy a
car:
Easy Car Qualification
1. Working / Proof of Income: Most
lenders require that you have full time employment for a minimum of
3 months on the job with pay stubs to prove it. Other proof of
income can be in the form of bank statements, workplace contracts
and other forms of proof of income that show the lender you have the
ability to repay the loan.
Special circumstances: if you are on permanent disability WSIB, on
spousal support, retired or have some other situation, we most
likely know a lender that will approve you.
2. You
must have a valid G2 Drivers Licence
3. Minimum Income
Requirements: Nationwide across Canada, the minimum income
requirement is $1,800 per month gross income - that is income
before taxes and other deductions are taken off.
4. Proof of
Residence: The loan company will need proof of your current
address usually with a photocopy of your drivers licence along with
a utility bill or phone bill. The reason for this is that the lender
needs to know where to repossess the vehicle if you default on
payments.
If you have any other
questions about car loan criteria, submit an application and we will contact you with your
answer or approval.
