Car Loan With A Disability Or ODSP In Freelton

Car Loan With A Disability Or ODSP In Freelton

Posted on June 10, 2021

When you’re in the city, getting around is easy. As soon as you move outside the city, things become trickier. That’s true for everyone but especially if you have extra mobility challenges to overcome. A car is an essential part of every Canadian’s life, so can you access a car loan with a disability or with benefits of ODSP? Our Freelton car loan team explains your options.

Benefits and Freelton car loans

ODSP, Ontario Disability Support Program, is a local benefit for those who need financial assistance to help with living costs. Other provinces have similar systems.

If you are over 18 and have a physical or mental impairment that prevents you from working, ODSP provides a monthly income to help you cover basic living costs.

Can you get a car loan if you’re on ODSP or other benefit?

As long as you can afford repayments, yes you can.

Getting a car loan with a Disability or ODSP

The same rules apply if you’re on ODSP or other benefit as they do if you’re working. If you have sufficient income to comfortably repay the loan, you will likely be able to qualify for one.

As long as your credit score supports the loan and it won’t put you into financial difficulty, there is absolutely no reason why you cannot get the loan.

In fact, the process is identical to those who work.

That means:

Checking your credit score – Make sure you have a good credit score, or at least enough of a score to qualify for the amount you want to borrow.

Saving for the down payment – While down payments aren’t mandatory, they help reduce the amount you need to borrow and reassures lenders that you’re serious.

Paying down existing debt – Unless you have other income, ODSP on its own is unlikely to be enough to help you pay for a loan, especially if you already have debt. Before you apply for your Freelton car loan, pay off as much debt as you can.

Researching a suitable car – If you have specific requirements, finding a suitable car may take longer than usual but there are schemes out there to help provide vehicles with adaptations.

Consider a cosigner – If your position is borderline, using a cosigner to guarantee the loan on your behalf can be enough to get you the loan. If you know someone you trust enough and who trusts you, this could be what clinches the loan.

Work with Freelton car loan professionals – Not all lenders will work with people on benefits but we know some that do. We can help you prepare your application and assist you every step of the way.

We could even find you the car you need to buy!

Anything is possible when you put your mind to it whether you’re disabled or not. We view our job as enabling everyone, from every walk of life to be able to get around. We can help you too!

Contact Unique Chrysler for help, advice and competitive Freelton car finance and leasing.

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