It is entirely possible to get approved for an auto loan when you have damaged credit. There is a form of special financing known as a subprime auto loan, and getting one doesn't have to be a hassle. We here at Canada Auto Loan have a simple set of requirements that give an applicant their best chance at being approved.
Subprime Auto Loan Requirements
Whether you have damaged credit or no credit at all, we are confident that we can find a car dealer who can get you financed. We have a network of special finance car dealers throughout Canada that are the best in the business. To maximize your approval chances, you only need to meet these simple requirements.
- Be a Resident of Canada
We can assist anyone looking for an auto loan from Vancouver to Halifax.
- Monthly Income Requirements
Your monthly payment amount cannot exceed 20% of your gross monthly income. This is known as your payment-to-income ratio, and subprime lenders don't like to see it climb too high.
- Have All Bankruptcies Discharged
Once you are legally discharged from the bankruptcy process, you are free to apply with us. Don’t worry about this affecting your chances of getting approved, our dealers are capable of handling any credit situation.
- Applicant Cannot Have a Repossession Within the Last Year
However, if your repossession was part of a bankruptcy, you are still eligible to be approved. Otherwise, you are going to have to wait until a year passes since your last repossession.
And that's all there is to it.
We are Here to Help You
Getting turned down for a loan can make you feel embarrassed and disgruntled. The team here at Canada Auto Loan is here to make sure that never happens to you again. Regardless of your credit issues, we want to make the car-buying process as easy and simple as it can possibly be.
If you choose to get a subprime auto loan through us, we'll connect you to the car dealer that can get you financed. And we'll be there for you every step of the way if you ever have any questions. All you need to do to get started is fill out our obligation-free online application and you'll be on your way to getting your next car.