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.

  1. Must be at least 18 years of age.
  2. Must be a resident of Canada.
  3. Must have an income of at least $1500 per month.
  4. Must be employed for at least 3 months with your current employer.
  5. If you have had a bankruptcy in the past it must be discharged.

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