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