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Self Employed Canadian Auto Financing

When you apply for an auto loan, having your documents in order can help you get approved for your loan quickly. Usually, lenders are looking for proof that you are a good credit customer and will be able to repay the loan. This information, along with your credit report and score, will determine the interest rate you are charged.

Some lenders may ask for particular documents that others don't require, so it's worth applying online and getting pre-approved instead of running around from dealership to dealership or bank to bank only to be discouraged. To get you started, here's a checklist of documents most lenders want to see:

  • Proof of income: If you are Self Employed you most likely do not have pay stubs to show for proof of income, lenders often use tax returns to determine gross income but sometimes they will accept two months of bank statements to prove money is going through the bank account.

  • Credit and banking history: The lender will want to know about any other loans or financial obligations you have outstanding, and how you've handled debt payments in the past based on your credit report - usually from Equifax or TransUnion.

  • Proof of residence: personalized mail you have received within the last month from the phone company, utility company or other regular bills you receive.

  • Proof of insurance: You must provide proof that the insurance company knows about your newly purchased car and that the car is adequately insured.




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