{"id":1041351,"date":"2024-06-28T15:00:10","date_gmt":"2024-06-28T19:00:10","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1041351"},"modified":"2025-04-29T01:55:37","modified_gmt":"2025-04-29T05:55:37","slug":"low-income-car-loans","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/low-income-car-loans","title":{"rendered":"How to get a car loan with a low income"},"content":{"rendered":"

The average car payment in Canada<\/a> is over $1,050 for a new car and almost $600 for a used car. That\u2019s a lot of money for most of us, and if you only receive a low monthly income, you may find it difficult to qualify for a car loan.<\/p>

The good news is that it\u2019s still possible to find car loans for low income in Canada. Keep reading for tips on comparing low income car loans and maximizing your chances of getting approved.<\/p>

Can I get a car loan with a low income?<\/h3>

Yes\u2014but only from some lenders. Compared to alternative lenders, traditional loan providers like banks tend to have higher income requirements among their eligibility criteria. So, you\u2019ll need to look for lenders with more lenient eligibility requirements.<\/p>

However, before approving your application, the lender will still need to determine whether you can afford to repay the loan. They\u2019ll consider your income, employment history, existing debts and other regular expenses before deciding whether to give you a loan.<\/p>

Compare low income car loans<\/h3>
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