Car Loan Requirements

If you’re looking to buying a car, you might be wondering if you meet the basic car loan requirements. If you’re ready to apply, fill out a quick and easy application with Birchwood Credit Solutions. You don’t want to waste time looking for a lender, filling out car loan documents and going through the car loan process if you’re not sure whether you’ll get approved. Here’s what you’ll need to qualify for a car loan with us:

  • A valid driver’s licence.
  • Be a resident of Canada.
  • Have an income of at least $1,500 per month.

Of course, we will need to verify your income and discuss your financial situation with you. But don’t stress, your personal details like your Social Insurance Number (SIN) aren’t needed for our process to start.

What the bank will likely verify when you apply for a car loan:

  • Social insurance number
  • Credit history and credit report (specifically the score)
  • Address and previous address (if current address is less than 3 years)
  • Income (employer info, how much you make)
  • Monthly housing costs (rent, mortgage, hydro, property tax)
  • Monthly payments (loans, credit cards, lines of credit)
  • Household costs (all household bills)
  • Vehicle bill of sale (to finalize the loan)

Unlike banks, we can be more flexible with our requirements, which allows us to approve financing for customers that banks would typically turn away.

Minimum Credit Score for a Car Loan in Canada

Credit bureaus typically rate your credit score on a scale from 300 to 900, 300 being the worst score you can have and 900 being the best. Lenders will typically look at your credit score to decide your creditworthiness, and it is the predominant factor in determining if you will be approved for not for a vehicle loan.

Want to learn more about credit scores? Check out our blog post on credit score ranges in Canada or how to improve your credit score quickly.

Our car loan qualification process

When you find yourself in a situation where you happen to have less than perfect credit credit, or even no credit at all, it can be daunting and even intimidating to have to approach banks and other lenders looking for a bad credit car loan.

At Birchwood Credit Solutions, we’ve found it’s far less stressful to work through the financial details first; working out a budget, working out a payment, and working out the loan term, which then allows you to shop for your vehicle without any worries or stress.

Our online application takes less than 2 minutes to fill out, and from there we’re well on our way to finding out how much car financing you qualify for. We have designed our online application to be as easy and hassle-free as possible.

We ask potential customers to provide us with some basic information such as contact details, the details of your employment, what your monthly bills and obligations look like, and what type of monthly vehicle payment would work for you.

Once you have completed that application, either online, over the phone, or in person at one of our locations, our team will work to review your information and set up a time to meet with you.

Once you have been approved, you are then able to shop with confidence, which will make your vehicle shopping experience that much more positive and enjoyable.

Need some quick tips? Check out our blog post on how to get a car loan with bad credit.

Who can qualify for a car loan at Birchwood Credit Solutions?

We are the largest auto dealer in Manitoba and we finance all of our customers directly through Birchwood Credit Solutions, also known as in-house financing. Because we finance in-house, we have the experience and resources to help with all types of credit situations:


Why We Don’t Rely On Your Credit Score

A low credit score will make being approved for loans difficult because you will be seen as a risk. If you’re looking for a new vehicle, having a lower credit score might make the process more difficult.

At Birchwood Credit Solutions, we take a different approach when looking at the creditworthiness of a potential customer. We like to look beyond the score and focus on the entire financial picture and unique situation of each customer.

Often customers will come to us with less than perfect credit scores, perhaps due to an incident in the past, but are still employed and have a good track record of making their payments. Our in-house financing program allows for more flexible auto loan requirements, which means that more customers get approved, and more customers get driving.

This is why we believe that working with our team to review your financial situation is valuable as it will help us decide an appropriate budget and payment together.

Frequently asked car loan requirement questions

Here are a few of the most commonly asked questions we receive about the requirements for a vehicle loan through Birchwood Credit Solutions:

  1. What are the requirements when applying through Birchwood Credit Solutions?
    The basic requirements are that you are above the age of 18, hold a valid driver’s license, and you are employed. If you meet these basic requirements, we encourage you to reach out to us either through our online application, a phone call, or by visiting us in person at one of our three locations in Winnipeg, MB.
  2. How do I know when I’m approved for financing?
    Because we finance in-house we can qualify you for your loan very quickly, and we don’t require multiple layers of approval. The approval process at banks and other large institutions can be daunting and time-consuming. Once you have given us some basic information on your financial situation, we can work on getting you approved as fast as we can. We usually have approvals within 24 hours and will notify you through email and by phone.
  3. Do I have to reside in Winnipeg, MB?
    No, you are not required to live in Winnipeg, MB to be approved for a car loan through Birchwood Credit Solutions. Although we are headquartered in Winnipeg, MB, and have three locations across the city, we serve auto loans for the enitre Province of Manitoba. If you live outside of the city, and require information on applying for vehicle financing, we encourage you to fill out the easy online application or simply call us.
  4. Why are your vehicle loan requirements different from my bank?
    Banks and other financial institutions will often have fairly strict requirements when approving any loan through their organization. Large banks will like to know that their loans are guaranteed, so they will set strict requirements on all applicants.

Visit us in-person

We are the largest auto dealer in the province of Manitoba, and are one of the only Winnipeg-based organizations to offer true in-house vehicle financing. We have opened three bad credit car dealerships in Winnipeg where customers are welcome to come in and speak to us. You can also fill out our vehicle loan application or phone us directly.

Our Winnipeg Locations

Our three locations are easy to get to from all areas of the city and surrounding areas. Check the list below to find the location and contact details to reach us in whatever way is most convenient for you.

Salter Street

1065 Salter Street
Winnipeg, Manitoba R2V 2E7
Local/Toll-Free: 204-813-9733
Fax: 204-831-4999

Monday & Tuesday
9:00 a.m. – 8:00 p.m.

Wednesday – Saturday
9:00 a.m. – 6:00 p.m.

Nairn Avenue

768 Nairn Avenue
Winnipeg, Manitoba R2L 0X7
Local/Toll-Free: 204-813-9733
Fax: 204-663-2400

Monday & Tuesday
9:00 a.m. – 8:00 p.m.

Wednesday – Saturday
9:00 a.m. – 6:00 p.m.

Portage Avenue

2554 Portage Avenue
Winnipeg, Manitoba R3J 0N8
Fax: 204-831-4985
Local/Toll-Free: 204-813-9733

Monday & Tuesday
9:00 a.m. – 8:00 p.m.

Wednesday – Saturday
9:00 a.m. – 6:00 p.m.

Do you still have questions about in-house financing or how it works?

If you have any questions about car loan requirements, please contact us through the live chat function on the bottom of the page, give us a call, or fill out the form on our contact page. Our team members are waiting to help make this the easiest car buying experience you’ve ever had.

Apply for your car loan

Applying for a car loan shouldn’t be stressful. We only ask for the information we need and finishing your application takes less than 3 minutes. Get started now!


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