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Basic Requirements to Get a RIDES Auto Loan

 

Here at RIDES, getting approved for an auto loan is easier than ever – even if your credit score is low. Now that you know the ways to fix bad credit, here are the basic requirements you need to meet in order to be financed by RIDES.

 

Income requirements:

At least $2K per month. Broken down to: $12.50 hourly before deductions. $500 weekly before deductions. $1,000 bi-weekly before deductions. $2,000 monthly before deductions. Here at RIDES we accept the following sources as viable income:

  • Regular Employment
  • Seasonal Employment/EI
  • Self-Employment
  • Union Members
  • Temp Agencies
  • Retired/Pension/CPP
  • Child Support
  • Rental Income
  • Child Tax/ODSP/Foster

If any of these are applicable to you, they should still total at least $2K per month prior to deductions.

Pro Tip: start saving a portion of your paychecks to put towards a down payment. A down payment will increase your chances of getting an auto loan and it will decrease the total amount of the loan, thus lowering your monthly payments.

 

Age requirements:

Must be at least 20 years old to apply for a RIDES loan. 

 

License requirements:

You must have a valid license in good standing. Learner’s licenses will not meet the requirement and you will not be approved for a RIDES loan.

 

If you are able to meet these three basic requirements, you are very likely to be approved for an auto loan through RIDES. APPLY NOW

If you are still unsure of whether you will be able to afford an auto loan, check out our Loan Calculator tool.