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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.


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