The documents you need for a car loan

The four documents every lender wants

Whatever your credit looks like, the lender needs to confirm who you are, that you can drive, where you live, and what comes in each month. Four documents cover that.

• A valid driver's licence from your province. A G2, probationary, or graduated licence is accepted by most lenders.
• Proof of income: your two most recent pay stubs, or a job letter on company letterhead stating your position, start date, and pay.
• Proof of address: a utility bill, lease, bank statement, or government letter from the last 90 days with your name and address.
• A void cheque or pre-authorized debit form from your bank, so payments can be set up.

What counts as income

Lenders want steady, verifiable income, not perfect income. Employment pay is the simplest, but it is far from the only kind that qualifies.

• Full-time or part-time employment: pay stubs or a job letter. Most lenders want at least three months on the job, some accept a signed offer letter.
• Self-employment: last year's notice of assessment plus three to six months of bank statements showing deposits.
• Pension, CPP, OAS, or a disability benefit: the award letter or the last three deposits on a bank statement.
• Child tax benefit and support payments: usually counted as supplemental income alongside another source.
• Employment insurance: accepted by only a few lenders and usually with a co-borrower.

If you are new to Canada

Add proof of your status in Canada. Status that stays valid for at least the first part of the loan term is the usual requirement. An international licence is often accepted for the loan itself while you complete the provincial exchange, but you will need the Ontario or Quebec licence to insure and register the car.

If you have been through a bankruptcy or consumer proposal

Bring the discharge certificate for a bankruptcy, or the certificate of full performance for a completed proposal. If your proposal is still active, bring the trustee's contact details; some lenders will approve with the trustee's written consent to the new payment.

What you do not need

You do not need a social insurance number to apply with us, and you do not need a down payment to start. A down payment helps the approval and lowers the payment, but it is not a document and it is not a condition of applying.

How to send documents without a scanner

A clear phone photo is accepted by every lender we work with, as long as all four corners of the page are visible and the text is readable. Take it in daylight, flat on a table, and send the original image rather than a screenshot. Bank statements can be downloaded as PDF from your banking app and forwarded directly.

What slows a file down

Three things, in order: a job letter without a phone number for the employer, a pay stub older than 60 days, and a proof of address that does not match the licence. Fix those before you send and most files clear in a day.