How to Get Approved for a Car Loan in Retirement

Retirement can be an exciting time of life. You no longer have work or school to worry about, and you can hit the open road with the excitement of a teenager again. The first step to doing this, though, is to get a car. There are no specific requirements that retirees must have to finance a car. Like everyone else, getting an auto loan depends on your credit score and affordability. Keep reading to learn more!

Get Approved for a Car Loan in Edmonton, AB

One of the most important aspects of getting approved for an auto loan is having a good credit score. A good credit score falls between the 660 to 725 range. You may have obtained a lot of credit throughout your years and made regular payments, making it easy for you to get approved for loans. This is great! However, if you have had financial troubles in the past, are new to the country, or have never had to take out a loan, there are still options for you. A sizeable down payment can get you approved for an auto loan easier. Also, having your documents in order can prove that you are trustworthy to lenders. Showing proof of income (including CPP), bank statements, bill payments, and more can help get you approved for a loan. Plus, once you get approved, your credit score will continue to increase as long as you make regular payments. It’s a win-win!

Finance with Taz Loans

At Taz Loans, we have high acceptance rates for auto loans and work hard to provide a stress-free auto financing experience no matter your situation. We welcome customers with no credit and bad credit to apply for a loan with us. We offer reasonable rates and terms to help you own your dream car. Contact us today to learn more!