A common question from our customers is: “What are the requirements to get financing for auto loan?” So our wicked-talented team here at Downey Credit Solutions has come up with a list.
Typically the minimum approval requirements are that you make at least $1,800 per month. This monthly income is the full amount before any deductions or taxes are taken off by your employer (ie. tax, CPP, EI, etc).
Here’s a quick breakdown of the minimum requirements, depending on how you get paid:
- Hourly: At least $10.50 per hour for 40 hours per week, or equivalent.
- Weekly: At least $420 per week (before deductions).
- Bi-weekly: At least $845 every two weeks (before deductions).
- Twice per month: At least $900 twice per month (before deductions).
- Monthly: At least $1,800 per month (before deductions).
NOTE: Tips can be used as part of your income, up to a certain amount.
Car Loan Requirements
- Driver’s License: You must hold a valid driver’s license. In some cases this can be a “learner’s” license.
- Minimum Age: The minimum age 19.
We work with customers with good, bad or no credit. This includes people who have been through bankruptcy, consumer proposal, collections or even had a past repossession. If you have had a vehicle repossessed twice or more in the past 7 years then chances are we cannot help.
Apply with us using our online, fast and secure auto financing application to see what you could be eligible for!