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.

Income Requirements

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!