How low a credit score will a bank give you a car loan in canada

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How low a credit score will a bank give you a car loan in canada?

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Q. Auto-financing / car loan for a low income person?

Hi, i'm a person aged around mid-twenties, living in canada. i want to purchase a used or second hand car ranged around at $ 7000- $ 10,000, but my salary is only 8 per hour. is it possible for me to get car loan from bank. i don't have any expenses like rent as i live at my family home neither do i have any student loan to be paid. how much downpayment would i have to make and will there be other costs while buying a car. also, i wanna know how to check a credit score. i usually pay my credit card bill on time..does it mean i have a good credit score? please help. thanks

As far as I know, your credit should be good; however it is very hard to get a loan these days. You might have to get a co-signer if you decide to go with the bank. If you do get a car loan, look for one where you have the option of paying off larger amounts if you want to. That way, if you decide to pay off a bit more one month, you're not stuck with fixed payments. Have you looked into a lease-to-own? Many companies will agree to finance you by buying the car for you and you basically pay your lease payments for a few years or so until it's yours. There's usually a few of these companies in every town, and if you ask a couple of cab drivers, they might point you to the most reliable ones.

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Q. Auto-financing for low income person?

this is a real estate category. for cars, plz visit that category. Thanks!

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