toy red car on desk with person using a calculator

How Do I Get Approved for Car Financing in Canada?

What’s Needed to Get Approved for Car Financing in Canada

When you start shopping for a used vehicle, you might need to apply for financing. Unless you’ve done this before, you might not know what you need to get approved for financing in Canada. This is where Bell Auto Inc. located in Toronto, ON, comes in to help! We want our customers to have a smooth car buying process, so we provide as much help as possible. Below, we have shared what is needed to get approved for car financing in Canada. Check it out to get started on your financing!

[ Related post: Drivers head to Bell Auto Inc. for Used Car Loans in Toronto, ON ]

toy red car next to jar of coins on wood table

What are the requirements for a car loan?

While each lender might have their own requirements, these are the basic ones that you can expect to see from any lender you choose to finance through:

  • A form of identification issued by the government
  • Proof of residency
  • Proof of income
  • Proof of car insurance
  • Be at or above the age of majority in province or territory (Ontario’s age of majority is 18)
  • Consent to have your credit checked

When your credit gets checked, the lender is looking to see if you meet the minimum credit score to get approved. While it can vary from one lender to the next, the minimum score that you should have is 650.

How can Bell Auto Inc. help you?

As we mentioned in the introduction paragraph, those of us at Bell Auto Inc. want to help you have a smooth car buying experience. That is why we want to work with you when financing for a used car. We offer several helpful tools on our website to help you apply for an automotive loan including an online credit application, a free credit check, and a car loan payment calculator. If you need even more help, our team is always eager to share our knowledge with you to help you get the car you want.

[ Read more: What Do I Need to Know as A First Time Car Buyer? ]

Have an enjoyable car buying experience with Bell Auto

Whether you need help with applying for financing or knowing what kind of vehicle is the right fit for you, we are always eager to help at Bell Auto. Our inventory has brands like Toyota, Honda, Nissan, Mercedes-Benz, and Dodge. Feel free to give us a call with any questions or come visit us at the dealership!