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Minimum Requirements for Car Loan with Bad Credit

A lot of people email in asking us what the minimum requirements are to get approved for auto financing

Income Requirements

Typically the minimum approval requirements are that you make at least $1800 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 $1800 per month (before deductions).
  • (Although these are the typical minimum income requirements – Canada Drives has programs across the country for people who have income that don’t meet the min. requirements or may come from government assistance programs. Sometimes the approval may take longer, but lot of the time we are able to help these people too).

    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 is either 18 or 19 depending on your province.
  • We work with customers with good, bad or no credit. This includes people who have been through bankruptcy 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.

    Visit Canada Drives to apply with us using our online, fast and secure auto financing application to see what you could be eligible for!

    Apply for Your Car Loan

    Your online application takes only 2 minutes to complete and we only ask for information we actually need.

    Get approved today

    Or feel free to call us at 1-888-865-6402