Minimum Requirements For Auto Financing
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!
It’s That Easy
We are committed to approving you quickly, securely, with no hassles or obligations.