{"id":1489,"date":"2023-11-18T17:00:56","date_gmt":"2023-11-18T17:00:56","guid":{"rendered":"https:\/\/www.carloanmasters.ca\/?p=1489"},"modified":"2023-12-11T14:34:07","modified_gmt":"2023-12-11T14:34:07","slug":"how-do-i-get-approved-for-a-car-loan-in-ontario","status":"publish","type":"post","link":"https:\/\/www.carloanmasters.ca\/how-do-i-get-approved-for-a-car-loan-in-ontario\/","title":{"rendered":"How Do I Get Approved For A Car Loan In Ontario?"},"content":{"rendered":"

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Car loans allow buyers to spread the cost of a car into monthly installments, making it more financially viable for people to upgrade and replace their old cars. You can get car loans from many places, including banks and car dealerships, and they cover both private and commercial auto sales. But how do you go about getting a car loan in the first place?<\/span><\/p>\n

Below, we\u2019ve looked at how to get approved for a car loan, including the requirements for approval and what to do if you are not approved. Read on now to learn the facts.<\/span><\/p>\n

What Are the Minimum Car Loan Requirements in Ontario?<\/b><\/h2>\n

Any type of loan that you take out will come with some requirements and it is the same for car loans. The minimum requirements include a minimum income, a good credit score, and a number of documents that prove you\u2019re old enough and insured to drive.<\/span><\/p>\n

We\u2019ve broken down each of the requirements below to make it easier for you to understand.<\/span><\/p>\n

Minimum Income<\/b><\/h3>\n

Car loans have a minimum income requirement to ensure that you have enough money coming in each month to make your repayments. Some lenders may require a higher or lower income, but the typical figure is $1,800 per month before taxes or deductions.<\/span><\/p>\n

This translates to:<\/strong><\/b><\/p>\n