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With rising inflation and interest rates, one might wonder what the approval process looks like in 2023, and whether or not it’s a good idea to get into a new vehicle today.
The approval process is actually not that difficult. The requirements to qualify for a loan are very straightforward and you have to determine for yourself if it’s worth the go these days. All we can do is make it as transparent as possible what you’re getting into.
You have to be employed for at least 3 months to qualify for a car loan. This gives the bank certainty that you will be able to afford the loan. If you’re employed for less than 3 months, then the income you generate isn’t certain long term.
Income plays the biggest role in whether or not you qualify for a car loan. Your income needs to be at least $1,850 a month in order for you to qualify. This doesn’t mean you qualify for the exact vehicle you’re looking for though. Sometimes the more expensive vehicles have payments that are too high for an income of $1,850 a month. Thankfully, we make sure we find a vehicle that still meets your personal needs and requirements. You don’t like to get a car, truck or SUV that doesn’t meet all your requirements. Neither do we.
As long as your budget is at least $125.00, we should be able to get you into a new vehicle. Of course, at this budget we can’t get you one of the premium models. Premium vehicles have higher payments per month. We don’t want to set false expectations regarding vehicle payments.
Whether or not your credit is good, we should be able to get you a new vehicle. However, if you have a track record of not paying your bills on time, it could happen that the bank doesn’t approve you. If that’s the case, we will not be able to help you.
With this knowledge, you should be able to determine if it’s worth your time to apply for a car loan. At BestCarCanada, we offer one of the best deals on car loans thanks to our huge inventory, excellent customer service and great support. If you’re looking for a car, truck, SUV or Minivan, click on the get started button, fill out the form and one of our representatives will come back to you as soon as possible.
If you have any questions regarding a car loan or the approval process, feel free to contact us.
