Auto Loan Approval Requirement & Qualification #2 of 13 – Must be at Least 18 Years of Age
Car Loan Approval Requirement #2 – Ontario Canada residents at least 18 is required in order to get a car loan regardless of your credit. If you are currently under the age of 18, then our dealership partners will not be able to get you a car loan. This is a requirement in the financing approval process.
What are some of the reasons lenders may want auto finance applicants to be at least 18 years of age in order to get pre-approved for a car loan?
Full Drivers License by 18 Years of Age
• Learner’s permit to drive in Ontario (G1): Available at the age of 16.
• Probationary license to drive in Ontario (G2): Available after having held a G1 license for 12 months, or eight months if the Ontario driver has completed and passed a ministry-approved driver education course.
• Full license to drive (G): After 1 year of possessing the G2 drivers license.
Minimum Age to Work in Ontario Canada
Although the minimum age to work in Ontario Canada is 14 for certain places and situations, I feel at over 18 years of age, most people would have a pretty steady income stream and probably a credit card to add. However, check out this minimum age resource here to learn more about the Ontario Canada employment ages if interested in learning more.
Proceed to read auto loan Qualification 3 by Clicking Here.