Obtaining an Auto Loan
Starting life as a young adult with no credit history can be trying but there are ways you can start to build credit. A good example would be your first auto loan for instance. This is very special because you can start to build credit by applying for a first time buyer with no credit auto loan. A co-signer will be needed and this is the easiest way to get a car loan for a first time buyer.
Here are some other qualifications you might have to meet in order to get a car loan as a first time car buyer. Qualifications do vary depending on who you choose to submit an auto loan application with.
- Must be at least 18 years of age.
- Must be a resident of Canada.
- Must have an income of at least $1500 per month.
- Must be employed for at least 3 months with your current employer.
- If you have had a bankruptcy in the past it must be discharged.