Car Loans Self Employed

If you are desperately seeking a car loan but you don’t have the required credit or income to get approved where can you turn to? Well there are loan services in the Toronto area that will offer you a no credit check car loan. Just like the name suggested these types of loans are available to anyone with or without credit. Sounds too good to be true? Well it is not. There are credit services that wouldn’t require a credit check, proof of income, or co-signer. These types of loans services are hard to find in the city, but few small used car dealerships are financing the vehicle through their own pocket. Of course the interest rate is higher than normal, but if you are some one who needs a vehicle and can’t find any other solution this maybe your best bet.

Proof of income is a condition traditional bank loan or the bad credit car loan providers require.

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Just like the name suggest, it is to proof to the lender you are making sufficient income to support a vehicle on your own. This is due to a factor called “debt to income” ratio, it is a mathematical formula used to calculate your affordability in life. The magic number for debt to income ratio is generally 25-30 percent, this means if the vehicle you are financing cost you $500 per month, you need to make at least $1500 per month for the bank to consider your loan application. Some times if your income stated on your credit application seems questionable, the lender will ask for “proof of income” to verify your income is what you stated in the application.