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Car Loans on ODSP or With a Disability: What You Should Know

Car Loans on ODSP or With a Disability: What You Should Know

If you receive ODSP or have a disability, are you eligible for a car loan?


You can, indeed.


How the system handles people who require a little additional assistance never ceases to amaze us. We strive to be different.


Anyone receiving an ODSP or disability assistance in Canada is likely to be classified as having a low income. Although there isn't much room for luxury, the advantages might keep you going. That calls for extreme caution in how we handle it.


If you get ODSP or another disability benefit and want to increase your chances of getting a car loan, you can do the following three things:

Get Pre-Approved in 2 Minutes or Less.
All credit scores accepted & no down payments required.

Apply Now

Improve Your Credit Score

Increasing your credit score will help you persuade lenders that you are a reliable investment. It takes time, but doing basic things like ensuring your credit report is accurate, always paying your bills on time, utilizing a credit builder credit card, and other things can all help you raise your score.


how credit score is calculated


Your credit score plays a significant role in your financial life; raising it will also help you in other ways.


Use a Co-Signer

Similar to a guarantor is a co-signer. They certify the loan agreement stating that they would assume control and see that the debt is repaid if you can't make the installments. Although it comes with a heavy burden, many people are eager to cosign.


You should not have any trouble obtaining a cosigner if you are a smart money manager, have little debt, and know the person well. There are alternative ways to get a car loan if you are unable to obtain one.


Work With the Experts!

Instead of merely using option 1 or option 2, you should also utilize option 3. Car loan specialists car loan have access to a broad range of lenders ready to work with borrowers in a variety of circumstances. That covers individuals with disabilities or ODSP recipients trying to finance a car loan.


When you're ready, we can guide you through the real application process and help you become pre-approved. We can also ensure that you have the best possible chance of being approved for a car loan.


Are You Still Eligible for ODSP With a Car Loan?



You will still be eligible as long as the car loan is for your primary vehicle. A loan does not affect your ODSP because it is not considered to be income and is instead seen as a necessary service.


Additionally, the car will be considered a "exempt asset," which means it won't be taken into account for determining ODSP eligibility.


That changes if you want to purchase a second vehicle, but if the Hamilton car loan is for your primary vehicle—the one you use to get around—it won't be taken into account.


Working with professionals is beneficial if you're looking for a vehicle loan in Hamilton while receiving ODSP or another benefit. experts who are unjudgmental and skilled at handling complex situations that call for a little more assistance.


For those of you who know that you have a challenging credit situation, please visit Northway Ford where we have a team of credit specialists ready to help you get approved for a car loan on ODSP or with a disability today!

If you're ready for a car loan, we'd love to help with that! simply fill in the form below to get started.

Car Loan Pre-Approval



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