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How to Buy an EV with Low Income in Canada [2022]

How to Buy an EV with Low Income in Canada [2022]

The average Canadian household is facing a series of financial challenges that are pushing most toward the financial brink.


Inflation is at an all-time high, gas prices are soaring, and the prices of just about everything have gone up; since wages are not keeping pace with these increases, something has gotta give.


Since high gas prices are here to stay, you should consider switching your current vehicle to a more efficient electric vehicle (EV). But many Canadians are asking can I afford to buy an EV with low income?


EVs are not a passing fad


At first, people thought that EVs were just a passing fad, but they would not make it to the mainstream, but that is not the case. If this was simply a fad, the big carmakers and governments would not be investing billions in retrofitting their plants to produce EVs.


You can get yourself behind the wheel of a great quality EV and save money in the process. Imagine how it feels only spending a few dollars every week recharging your EV compared to spending hundreds every week on your gas-powered car!


These EVs also have lower maintenance costs, so you are saving money on multiple fronts, which is great news for the average cash-strapped Canadian.


To take advantage of these EVs, you will need to have a good credit score and stable income.


The minimum credit score needed to secure a car loan is 650 or higher; you can sign up with Equifax and TransUnion to find out whether you meet that requirement.


You can still get a car loan if your score is under 650; we will tell you how in a little bit.


Your income is the most important variable when trying to get a car loan; you need to prove you are earning enough; the best way to substantiate your income is with payslips and copies of your bank account statements.


This should allay any concerns prospective lenders may have.


How to get the best deal when you buy an EV with low income


We have established why you should make the transition from a gas-powered vehicle to an EV. The next thing we need to discuss is how you can access financing, even if you are experiencing credit challenges.


The best source of financing, regardless of your credit situation, is via a local car dealership.


The dealership will have practical experience helping other borrowers who, just like you, experienced difficulties when trying to secure a car loan.


The dealership will enlist the help of their in-house credit experts to review your case and determine the best way to rebuild your credit.


While working on your credit score, you can take the various EVs in the dealership inventory to figure out which one is going to be the one you like the most. This is a personal preference, but no matter which model of vehicle you select, you are going to be impressed by the amount of money you will end up saving over the long term.


Do yourself a favor and head over to the dealership today; this will be the best decision you made all day.


We’d love to help you buy an EV with low income! Simply fill in the form below and we’ll get back to you ASAP! 


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