It’s a given that financial institutions will want to get their investment back. It is why most traditional lenders are adamant that applicants should have a steady source of income and a good credit score. However, not everyone has a fulltime job or a high credit rating. For those people, a poor credit car loan Ajax Ontario can be the answer. But you still have to prove you can pay back the loan even if you’re underemployed or have been laid off. You can do this by showing alternative sources of income.
Alternative Income You Can Show When Applying for a Loan
- Social Security Benefits: This is a benefit that everyone who has been employed has access to. They can serve as a confirmation of regular income for retirees and the differently-abled.
- Freelance Earnings: Many lending companies used to lump freelancers with the unemployed because of the irregular income. But with the gig economy thriving these days, many lenders do accept freelancers, especially if they can provide a document showing they earn regularly.
- Alimony or Child Support: This can also qualify as income as long as payments are received regularly, and the borrower is guaranteed to receive support during the loan period.
- Guarantor’s Support: You can also show that you have a guarantor that’s willing to shoulder the responsibility of paying for the car pawn loan in the event the borrower defaults. The guarantor can be any employed family member, like a spouse or parent.
The Number One in the Industry
Say goodbye to stress and sleepless nights with Canada Car Cash. The company can lend you a percentage of your car’s total value. They also have the lowest interest rates around and offer extended loan terms. Log on to their website or call their toll-free number at 1-844-598-7631.
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