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In NB, what should I know about income verification for car loans?
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Car Loan Glossary • nb

In NB, what should I know about income verification for car loans?

In New Brunswick, securing a car loan in 2025 will necessitate thorough income verification from lenders, reflecting a cautious Canadian market focused intently on a borrower's verifiable ability to repay. For conventionally employed individuals, expect to provide recent pay stubs (typically 2-3 months), T4 slips, and an employment letter confirming your position, salary, and start date.

Self-employed applicants face a more extensive documentation requirement, often including Notices of Assessment (NOA) for the past one to two years, business bank statements (3-6 months), and potentially financial statements or a letter from their accountant. Proof of other income sources like pensions, disability benefits, or rental income will also be crucial if applicable.

This rigorous verification process is paramount because it directly impacts your loan approval, the interest rate you qualify for, and the overall terms of your financing, ensuring lenders mitigate risk while you secure an affordable solution without unnecessary delays.

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PARTICIPATING LENDERS MAY VERIFY YOUR SOCIAL INSURANCE NUMBER, DRIVER'S LICENSE NUMBER, PROVINCIAL ID, OR ANY OTHER GOV IDENTIFICATIONS AND REVIEW YOUR INFORMATION AGAINST FEDERAL DATABASES TO INCLUDE BUT NOT LIMITED TO EQUIFAX, TRANSUNION, AND EXPERIAN TO DETERMINE CREDIT WORTHINESS, CREDIT STANDING AND/OR CREDIT CAPACITY. BY SUBMITTING YOUR APPLICATION AND INFORMATION ON THIS WEBSITE, YOU AGREE TO ALLOW ANY AND ALL PARTICIPATING LENDERS TO VERIFY YOUR INFORMATION AND CHECK YOUR CREDIT. SKIP CAR DEALER FOLLOWS BEST PRACTICES OF THE CANADIAN FAIR TRADING ACT OF 1999. ALL FINANCE IS SUBJECT TO EMPLOYMENT STATUS AND INCOME. APPLICANTS MUST BE 18 OR OVER, TERMS AND CONDITIONS APPLY, GUARANTEES AND INDEMNITIES MAY BE REQUIRED. WE CAN INTRODUCE YOU TO A NUMBER OF FINANCE PROVIDERS BASED ON YOUR CREDIT RATING. WRITTEN QUOTATION ON REQUEST.

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