subject: Can I obtain a car loan if I am working with a cash job? [print this page] Can I obtain a car loan if I am working with a cash job?
There are several scenarios of this situation, some one working with a cash job that doesn't have any T4 or proof of income can not obtain a car loan from anyone. This can include many occupations even self employed individuals. For those of you who are currently in this situation, you probably already know just how difficult it is to get approved for a car loan when you need one. The reason behind this is simple, the standard car loans are been funded by the manufactures such as Honda, Toyota who will require a credit application to approve your loan. Since cash jobs don't show any income on paper, there is no proof you are telling the truth regarding your income. Therefore the banks will not approve such loan, but what if you are applying through a bad credit car loan service? Surprising to many even the bad credit car loans are generated from the local banks, although these types of loans generally regarded as "B" class loans they will still require a credit application to be submitted along with your application.
Since cash paying jobs doesn't have any proof of income or T4, even the bad credit car loans can not be approved due to the same reason. There is hope and a solution for you if you truly want to finance a vehicle without a co-signer. If you have a small amount of down payment as little as $500 you can be approved without a credit check. These types of service are what we refer to as the "no credit check" car loans. These types of loans are your last resort if you are looking to finance a vehicle; they are usually generated by the dealerships themselves. In a nut shell the dealership is lending the money to you themselves, since the loan is private there is no regulations or any formality to go through.
But remember not every dealership will offer you private funding or financing. There are several service providers in the Toronto area such as No Credit Check Car Loans in Toronto, you can find them online at http://www.nocreditcheckcarloans.ca Thank you for reading this article it is brought to you by No Credit Check Car Loans Toronto, and you can find us online for more information at http://www.nocreditcheckcarloans.ca
