Job Letter and Employment letters are sometimes required for getting approved for a car loan in Canada. Supplying a job letter will help expedite the income verification process and therefore allowing you to drive away in your vehicle that much quicker. The guidelines for a job letter are:
- To be written on company letterhead
- must state your name
- state position in company
- to state the employment start date
- state regular hours worked
- state your hourly rate, wage, or salary
- letter to be signed by the employer or person of authority
- office contact number supplied for person who signed letter
- If you are less than 3 months on the job then letter to state that you are passed probation period.
The reason lenders request job letters is to verify the details of your employment when the pay stubs are missing information needed to calculate earned incomes. My suggestion would be to always request a job letter prior to applying for a bad credit car loan. This will allow you to be prepared with your last 2 pay stubs and job letter upon getting an approval for a car loan.
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Just my 2 Cents
-M
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