Can you get a car loan if you’re on disability?

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Last week we talked about getting a car loan without a job. The answer wasn’t quite as straightforward as you might think as there are lots of income streams besides a traditional nine to five. This led on to a discussion about getting a car loan if you’re on disability like the Ontario Disability Support Program (ODSP).
Can you get a car loan if you’re on ODSP? Yes you can but it isn’t as easy as it should be unless you work with Car Nation Canada. We have heard stories of customers on ODSP or other income support that have real trouble accessing finance. As a company with expertise in finding auto finance for everyone, we have the contacts and resources to help you get a car loan whatever your income.
We can also source modified vehicles to help with your situation too!
Car loans while on disability
One challenge faced by many on income support is the credit score. It can be adversely impacted by things like ODSP. While unfair, the system views those on such plans in much the same way as those on limited income or with poor credit scores. That’s actually good news as we know how to work with those situations.
Improve your credit score
Your first option is to take a credit card and manage it careful to help improve your score. While your income is limited, spend carefully and make sure to pay back the amount in full each month. This will help offset any negative impact to your score and build a positive record for making your payments.
Use a cosigner
Cosigners are not ideal in every situation but can be a useful way to access finance. We often suggest them for people with non-standard incomes such as the self-employed or those on low incomes. They can also work with those on disability benefits. You will have to find someone you trust to be a guarantor for the loan but if you can find someone, you can then access a much wider range of lenders.
Work with a car loan specialist
Some dealerships don’t want to deal with atypical cases and prefer to stick to vanilla car loans. Car Nation Canada is different. We work with all kinds of people from all walks of life. We take it as a personal challenge to make sure everyone who walks in the door goes away happy, with a car they want and a loan they can afford.
It doesn’t matter if you’re self-employed, have alternative income sources, are on ODSP or any other benefit. When you work with us, you’re in safe hands!
Categories: News
Tags: finance, car loan