Wednesday, July 15, 2009

Ability to obtain an auto loan right after turning the age of the majority?

I live in BC, Canada, and the age of the majority is 19 here.



I live on my own and I turn 19 in 3 weeks time. I'm looking to get approximately a $10,000 auto loan as soon as possible (after I turn 19). What are the chances I'll be approved that soon after turning the age of the majority?



I don't know my credit score - I intend to find out after I turn 19, but my credit report is nearly empty (1x denied application for something in Alberta). I've lived at my current address for 9 months, and my previous address for 5 years and I've been employed at my current job for approximately 2.5 years. I have Fortis (the power bill) in my name and I have yet to make a late payment.



I would be applying at a credit union which has been my bank since I was a small child.



Anyone have an educated guess on my chances of being approved with $1000 down? $3000 down? What would my interest rate likely be if I was?



Thanks



Ability to obtain an auto loan right after turning the age of the majority?

The factors in securing a loan depend on your job, type of position (full time/part time), income salary and household income. You need to prove to them that you can repay a loan or have collateral like a house/car in the event should you default.



By law, you can get a free credit report from Trans Union or Equifax. This takes approximately 6-8 weeks however, you can pay a small fee to expedite this service within 48 hours.

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