Minimum Requirements for Car Loan Approval in Canada - Any Credit Score
Minimum Income Required for A Car Loan: The minimum income should be $1,800 per month if you want used car finance in Surrey. A detailed discussion about the requirement of minimum income is below: -
Hourly Income:
At least $10.50 per hour for 40 hours per week, or equivalent
Weekly Income:
At least $420 per week (before deductions)
Bi-weekly Income:
At least $845 every two weeks (before deductions)
Twice per month:
At least $900 twice per month (before deductions)
Credit Score Requirements: ●
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There is no minimum credit required to get a car loan; however, banks favor people with a good credit score over bad credit score like (670 and above). Lenders specialize in subprime finance, which means they will look at your income and other factors alongside your credit report to determine your loan eligibility and rates.
Driver’s license:
● It is not required to get an approved auto loan; however, it will open more doors on the way to getting used car finance. Statistics show that approximately, 70% of the lenders approve a car loan without a driver's license.
Documents Required: When you begin your car-buying journey, you need to send all of the documents to your car finance broker. Those documents are under: ● ● ● ●
Proof of income & employment history Driver's license Proof of insurance Vehicle documents for the trade-in (if you plan to trade in your existing vehicle)
If you are going to apply for auto financing with no credit history, documents like bank statements, employment history, and proof of paid bills are demanded by car loan brokers.
Contact Us: Contact: Skyline Auto Group LTD Address: 7237 King George Blvd Surrey, BC V3W 5A7 City: Surrey State: British Columbia Country: canada Zip Code (Pin no.): V3W 5A7 Phone No.: 604 356 4488 Website: https://www.skylinemotors.ca If you are going to apply for auto financing with no credit history, documents like bank statements, employment history, and proof of paid bills are demanded by car loan brokers.