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Car Loans For People on Disability in Ontario

Car Loans For People on Disability in Ontario

Are there car loans for people on disability in Ontario? Ofcourse!


It’s a shame that people who need a little extra help getting around can find it so difficult to find a car loan for a car. We aim to fix that!


We can help anyone, in any situation access competitive car loans. That includes those in receipt of ODSP or other Ontario benefits.

Get Pre-Approved in 2 Minutes or Less.
All credit scores accepted & no down payments required.

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Car Loans For People On Disability in Ontario

People in receipt of benefits are usually classed as low income. ODSP and other benefits are a lifeline but they aren’t exactly generous. If you want to apply for a car loan, we have to use similar techniques as for other low income families.


That means:


Improving Your Credit Score


Your credit score plays a pivotal role in being accepted for a car loan so it makes sense to do as much as we can to improve it.


That can mean setting up automatic payments so your payment history is spotless. Paying off debt so your utilization ratio is lower and affordability higher. And perhaps using a credit builder credit card or other product to help raise your score.


Settling Your Existing Debt First

If you have a lot of existing debt, paying off as much as possible ahead of a car loan can help. While credit mix plays a part in your credit score, affordability is more of a factor. Paying off the most expensive debt first and lowering your overall amount of debt can make a real difference.


If you have consumer agreements or other debt agreements in place, making sure those are paid regularly will also help.


We know it won’t be easy but it is necessary.


Save for a Down Payment

If, while paying off any existing debt, you have any cash left over for a down payment, the more the better. There is no magic number here but in this kind of situation, the more down payment you have, the more likely you are to be accepted for a car loan on Disability in Ontario and the lower the loan amount.


Both will benefit you in the long term.


Again, we know it won’t be easy, but it really can help your application.


Try Finding a Co-Signer

If you cannot borrow enough or cannot improve your credit score enough to afford the car you need, consider a cosigner. If you have family or a close friend willing to sign a contract committing them to taking over the car loan if you cannot pay, they can be useful.


As long as that cosigner has sufficient credit score to qualify for the loan and can afford it, they may be able to help.


If you're ready for a car loan, we'd love to help with that! simply fill in the form below to get started.

Car Loan Pre-Approval



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