When financing a used vehicle in Canada, one popular option is obtaining a used car loan. While this is a common choice, many individuals have questions regarding their ability to secure a car loan without employment. Good Fellow’s Auto Wholesalers, experts in Auto Financing, is here today to address this inquiry. Join us in this guide as we review tips for obtaining a car loan without employment and outline the minimum requirements for car loans in Canada.
Can I Finance a Car Without Employment?
The simple answer is yes. Whether you have found yourself in between jobs or are facing unique circumstances, obtaining a car loan can still be achieved. While traditional lenders may no longer be your most desired options, there are still other options out there for you. Our used car dealership would be pleased to assist you.
Tips for Car Loan Approval Without a Job
When it comes to car loan approval without a job, there are a few strategic approaches one can take to increase their chances of approval. Follow along with these valuable insights to see how you can secure the financing you need.
- A Large Down Payment. While a large down payment can help you secure better terms, a large down payment can also increase your chances of approval if you don’t have a job. This shows lenders that you are financially serious and stable.
- A Co-Signer. Having a co-signer means that if you are unable to make the payments yourself, this person will be responsible for making the payments. Typically a family member or a partner, this person can make you appear less risky to lenders.
- Proof of Other Income. If you don’t have a job, providing evidence of an alternative source of income can strengthen your case for approval. This could include a pension, spousal support, trust fund, freelance income, disability payments, child support, etc.
The Minimum Requirements for a Car Loan
If you are considering financing with a car loan, allow us to review with you the typical prerequisites for securing one. Lenders typically seek these criteria when evaluating applications, but it does not mean that you cannot get approval without them.
- Ideal Income.
- Credit Score. While a higher credit score can increase your chances of approval, there are specialized lenders that can accommodate lower or no credit scores.
- Driver’s License. A valid driver’s license or learner’s permit is typically needed.
- Age Criteria. Generally 18 or 19 years old, varying by province.
How Our Used Car Dealership Can Help
In conclusion, securing a car loan without employment is possible. If you are looking to purchase a used car in Toronto and receive approval for a used car loan, our team at Good Fellow’s Auto Wholesaler would be delighted to work with you – no matter your employment circumstances. To start the application process, contact our team at 1 (855) 581-9590 today.