These requirements ensure that consumers end up with a loan that is financially viable, given their monthly income and finances.
Toronto, ON (PRWEB) March 26, 2013
Car Loans of Canada (http://www.carloansofcanada.com), a leading provider of auto financing services to Canadian residents, is excited to announce their latest requirements for consumers in need of a vehicle loan. These requirements are somewhat less stringent than many of the nation's leading banks, as the company specializes solely in placing consumer applications with lenders and dealers willing to fund their loan. This emphasis has enabled them to adapt quickly to changing market conditions, and their approval criteria reflect the easy of credit standards across the nation.
The new requirements are as follows:
-Applicant must be a Canadian resident, but citizenship is not required.
-Loan amount must be 1000% or less of gross monthly income.
-Monthly payment must be less than 20% of gross monthly income.
-No open bankruptcies are allowed, but discharged bankruptcies are acceptable.
These standards are aimed to protect both borrowers and lenders against financial distress, default, and repossession. However, it is important to note that successful fulfillment of the aforementioned criteria does not guarantee loan approval. These are simply the lending parameters acceptable through the company's network of dealers and lenders across the nation.
"These requirements ensure that consumers end up with a loan that is financially viable, given their monthly income and finances," said the company CEO. "Of course, it is in the best interest of our lending partners to adhere to such standards, as it lowers the risk of delinquency and default." The CEO went on to remark that there is no minimum credit score required for application - a common question among their clients.
About the Company: Founded in 2011, Car Loans of Canada has quickly become a principal source of auto financing information and services. They serve all provinces, with the exclusion of NT, NU, YT, with the strongest market presence is in Ontario and Quebec.