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Car Loan As A Freelancer In Ohsweken

Car Loan As A Freelancer In Ohsweken

Despite freelancing, gig working and being self employed growing exponentially throughout Canada, the world of finance has yet to keep up. Most standard car loans are still designed around standard employment. The good news is that with the right application, you can still get a car loan as a freelancer in Ohsweken.


You just have to work a little harder.


The car loan application process is mostly the same when you’re self employed, you just have to provide more evidence of income.


Here’s an outline of the process:


Ohsweken Car Loan As A Freelancer


As a self employed person, your main challenges are saving for the down payment and proving your income. If you’re fortunate enough to have a good, steady income and can prove it, you’ll find it simple to get a loan.


If your income is more sporadic or more informal, you may have more of a challenge.


First, you’ll need to go through the initial research stages everyone goes through.


Assess how much you can afford to borrow – Work out how much money you have to spend each month on the loan. Use a car loan calculator to work out how much you could afford to borrow.


Save up your down payment – If you have savings already, work out how much you can allocate towards the down payment. If you don’t have savings, set up a savings plan and work out how long it will take to save enough.


Check your credit score – Get a copy of your credit report from TransUnion or Equifax. Check the report for errors, check your credit score and make sure you have a sufficiently high score to qualify for the loan.


Set a budget – Using the car loan amount and the down payment, plus a trade in if you have one, come up with an affordable budget for your new car. Once you have a budget, you can begin researching the car itself.


Get your paperwork in order


As a freelancer or gig worker, proving your income will be your biggest challenge.


You can use your latest tax statement, bank statements from your business account, any formal pay notices from clients or a signed statement from your accountant. All will work as evidence of income.


You’ll also need to provide at least 3 months’ worth of bank statements for your business and personal accounts to showcase income and outgoings.


Plus, the usual proof of ID, proof of address, proof of savings or other income, driver’s licence, insurance and so on.


While we won’t guarantee you’ll get a loan as we haven’t met you yet, we think working with car loan experts can also help. We can help you put the application together, make sure the proof of income is sufficient and help you every step of the way.


Contact our team to learn more.


If you need help or advice on anything to do with auto loans in Ohsweken, contact Car Nation Canada today, we can help!


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