Self-employed car loans in Calgary

Three Calgary self-employed profiles we approve every week

Oil and gas contractor / consultant

Day rates of $800-2,000, working 21-and-7 rotations out of Fort Mac or the SAGD plants. The lender we use averages 24 months of NOA. Your last 60 days of inactivity doesn't torpedo the file as long as the average holds. Tip: bring 6 months of bank statements showing deposit history; it strengthens the file dramatically.

Trades worker (electrician, plumber, mechanic, drywaller)

Often incorporated as a numbered Alberta company. We finance the truck or work van as a business expense. The same lender that funds your file can sometimes deduct GST too. Bring your last NOA and the corporate bank statements; we handle the rest.

Gig and platform workers

Uber, DoorDash, Skip, Instacart, Lyft. The lenders that didn't touch this category in 2018 fight for it now. Six months of platform earnings statements is enough. Most Calgary gig workers approve at 11-14% with a 10% down payment.

Income-proof options: pick whichever you have

• NOA (Notice of Assessment from CRA). Two years is the gold standard.
• Business bank statements (6 months). We average net deposits.
• Contracts (signed, on letterhead, with day rate and duration).
• Platform earnings (direct from Uber, Skip, Instacart, etc.).
• Stated-income program for privacy-sensitive buyers. Available for clients with $5K+ in down payment.

What we tell every self-employed Calgary buyer

Don't over-buy. The 2014 oil crash put a lot of contractors into vehicles they couldn't afford during the downturn. Pick a payment that's 8-10% of your average monthly net, not 15%. If oil drops 30% next year you still want to be able to make the payment without bleeding savings.