Auto loan choices for individuals on ODSP or impairment

Auto loan choices for individuals on ODSP or impairment

Every we consult Canadians with disabilities month. They often times wish to know whether or not they can get authorized for a car loan while getting some help from the Ontario Disability Support Program (ODSP) ( or other provincial programs.) Yes, you’ve got options, but there are many considerations that are extra. Here’s what you ought to understand and just how it is possible to improve your chances of approval.

You’ve gone to the bank. You’ve visited dealerships. Locating the vehicle you want with reasonable monetary terms shouldn’t be so very hard, but unfortunately, that is the fact for most low-income people. With regards to loans for ODSP recipients, the process that is entire simply just take way too long and may even sooner or later end up in frustration and dissatisfaction. So when you’ve got a disability, there’s the added challenge of finding an automobile that’s modified and tailored to your needs that are unique.

The news that is good? You’ve got choices.

Being on ODSP earnings help or another provincial support system will not disqualify you from getting car finance, nor will a fresh auto loan affect your ODSP eligibility.

But you will find a considerations that are few keep in mind.

Let’s discuss a few pre-determined questions you may have associated with your brand new vehicle purchase.

How to get approved for a auto loan on impairment?

You can do to increase your chances of getting approved with the best possible loan rates if you have a disability and are on income support, there are a few things. We cover a couple of short-term and strategies that are long-term. Continue reading