Auto Loan Approval Requirement & Qualification #3 of 13 – Working and make at least $1,800 before taxes
Car loan approval requirement #3 – Minimum Monthly Income Requirement for An Auto Loan is Only $1,800 (before taxes)
The 3rd Ontario car loan requirement with the lenders here in Canada that our auto dealers work with pertains to monthly “working” income. Just making the minimum monthly income is not enough as it must be “working” income to get approved for car loan with bad or less than perfect credit scores.
In order to be considered for a car loan, a monthly income minimum of $1,800 is required, with at least $2,000 being ideal. If you make over $500 per week before taxes, then all the better with the Ontario bad credit car dealers. Lenders needs to know you can afford to make the minimum monthly auto loan payments every month so that’s the reason why the income requirement is set for people to get a car loan.
If you’re not sure of the income requirements for auto financing and just need clarification, simply visit our contact us or apply now page or send a text to 647-926-0046 with “auto loan” and the words “auto loan income”.
Make over $1800 per month before taxes while working in Ontario Canada? Then apply now for car loan and let Ontario’s best auto loan dealerships help you get approved for financing today.
Proceed to read Auto Loan Qualification 4 by Clicking Here.