How to apply for a loan?
First, you need to provide your payment information. Then, to finalize your payment transfers, they ask you to provide a void cheque or pre-authorization payment form from your bank.
Second, you need to verify your income. While employment income is preferable with most lenders, government benefits like pension or disability payments also qualify as income sources. Be ready to provide proof of income, such as a bank statement.
Next, to apply for a loan, you need to have a valid driving license issued in the province you are living in.
Finally, you should have a valid Canadian address to qualify for a loan. Make sure your address matches the address on your Driver’s License.
Application details
Filling out an online application for pre-approval on the Car Loans Canada website takes as little as two minutes. Once you complete an application and have a conversation with an agent, Car Loans Canada will send your request to the network of their partner lenders.
Upon your application approval, you will receive funds directly into your bank account within one business day. However, depending on the time of submitting your application, the timeframe for receiving funds may shift to the next business day.
Now that we know how to qualify for a loan with Car Loans Canada, we can outline the possible reasons for rejection:
Being under 18 years old
Not having a driving license
Failure to verify a valid Canadian address
Having a monthly income of less than $2,000
Not having a bank account
Living in a province outside of Car Loans Canada coverage
While rejections are not as common on the Car Loans Canada platform, certain factors impact getting the best loan terms. For example, if your credit history is far from being stellar, lenders will hardly offer you an attractive interest rate.
To start applying for a car loan online, you can hit any of these buttons placed throughout the website pages:
“Get started”
“Apply now”
First of all, you will need to specify the type of vehicle you are looking for:
Car
Truck
SUV
Mini Van
After that, you should enter your date of birth. Then, you should assess your current credit — whether it is great, good, fair, or poor. There is also an option to say that you’re not sure.
Next, select the employment status that describes you best:
Employed
Self-employed
Student
Other
In the following steps, specify your monthly income and how long you’ve been earning it:
Less than three months
Three months — two years
Over two years
Then, enter your employer’s name. After that, fill in your home address and specify how long you’ve been living there — less or more than two years.
Finally, enter your name, contact email, and phone number. The system will send you a verification code to your specified phone number. Enter this code to complete your registration.
As indicated in this online application form, applying for a loan should take just 2 minutes of your time. Once you finish, an agent will contact you shortly to discuss your eligibility. Then, within one business day, you can get the desired financing directly into your bank account.
