Getting Ready
1. Check Your Score First
Pull your score from Equifax or TransUnion, or a free service, before submitting anything. Knowing where you stand sets realistic expectations for rate and helps you skip lenders whose minimums you won't clear.
Checking your own score is a soft inquiry — it never affects your credit. Only a lender's hard inquiry does.
2. Have Your ID Ready
A government photo ID — driver's licence, passport, provincial ID — covers most applications. Some lenders ask for a second form if automatic verification fails.
3. Gather Income Proof
Lenders need to confirm you can afford the payment: recent pay stubs, a T4 or Notice of Assessment, or bank statements if you're self-employed or on benefits. Having these ready digitally speeds up approval noticeably.
Self-employed? 2-3 months of bank statements plus your latest Notice of Assessment is usually the fastest route to approval.
4. Confirm Your Banking Details
Most lenders disburse and collect by direct deposit, so you'll need an active chequing account in your name — have a void cheque or your transit, institution, and account numbers handy.
5. Know the Exact Amount You Need
Work out the real number rather than rounding up — borrowing extra just adds interest and a bigger payment for no benefit. Run a few amounts and terms through a calculator against your budget first.
6. Compare Before You Commit
Rates and terms vary meaningfully between lenders. Use pre-qualification tools that only run a soft check, so you're comparing real offers before any hard inquiry hits your file.
Multiple pre-qualification checks in a short window are generally treated as rate shopping, with minimal score impact.
A Few More Pointers
- Check your score before applying so you know what to expect
- Keep ID, income proof, and banking details ready digitally
- Borrow the exact amount you need, not a rounded-up figure
- Use soft-check pre-qualification to compare offers first
- Read the full agreement, fees and prepayment terms included, before signing