Can I get a car loan with bad credit in Canada?

Yes. Participating dealers consider a range of credit situations, including bad credit, no credit, previous bankruptcy, and consumer proposals. Complete the secure online application to explore your options.

Can I trade in my current vehicle?

Yes. Use our trade-in appraisal flow to tell us about your vehicle — by VIN or year/make/model — and a specialist will contact you with an estimate you can put toward your next purchase.

Can I get a car loan as a student?

Yes. Students can obtain vehicle financing. Participating dealers consider factors such as part-time income, co-applicants, and overall financial situation. Some lenders offer programs specifically for students.

Do I need a co-signer for a student car loan?

A co-signer is not always required, but a co-applicant with established credit and income can strengthen your application. This is common for students with limited credit history or part-time income.

What if I only have part-time income?

Part-time income can be considered. Participating dealers review your overall financial situation, including income, employment stability, and any co-applicant information you provide.

Student Car Financing in Canada

Q: How long does the application take?

The online application takes approximately two minutes. After submitting, our team reviews your information and connects you with a participating dealer.

Being a student does not prevent you from getting vehicle financing. YourApproval.ca helps students connect with participating dealers that can review financing options for applicants with part-time income, co-applicants, or limited credit history.

Vehicle Financing for Students

Students often face unique challenges when applying for vehicle financing — limited income, thin credit files, and the demands of academic life. However, some lenders offer programs that consider a student's overall situation, not just traditional employment income.

What Students May Need

When applying for vehicle financing as a student, participating dealers may consider:

Part-time or seasonal income — Employment income from part-time or summer jobs
Co-applicant — A parent or guardian with established credit and income
Bank statements — Showing savings or regular income deposits
Enrollment confirmation — Proof of current enrollment in a qualifying program
Residence history — Current address and previous addresses for 24 months

How a Co-Applicant Can Help

A co-applicant — typically a parent or family member — with established credit and stable income can strengthen your application. The co-applicant shares responsibility for the loan, which can improve the financing options available to you. Not all applications require a co-applicant, but it can be helpful for students with limited credit or income.

Tips for Student Applicants

Set a realistic budget — Factor in insurance, fuel, parking, and maintenance alongside your monthly payment
Consider a reliable, affordable vehicle — A dependable used vehicle can be a smart choice for a student budget
Think about your income after graduation — Your earning potential may change after you complete your program
Build your credit — A vehicle loan paid on time can help establish your credit history for the future

Applying as a Student

Complete our secure online application with your employment and income information. If you have a co-applicant, you can include their information in the application. The application takes approximately 2 minutes. After submitting, our team reviews your information and connects you with a participating dealer.

We do not guarantee approval. Our role is to connect you with dealers who can review your individual situation.

Frequently Asked Questions

Start Your Application

Complete our secure online application in approximately 2 minutes and connect with a participating dealer.

Start Your Application

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