Credit scores are not international. Even if you have a perfect score in your country of origin, you’ll have to start over once you arrive in Canada. We Car Loans for Newcomers to Canada should be as simple as possible!
You can access car finance though. Our Niagara Falls car loan team shows you how.
Even though the credit card bureaus have a global presence, your credit report and your credit score are only useful in the country you gained them. Move somewhere else and you’ll have to start from scratch.
That takes time you may not have if you’re setting up a new life here in Canada. You need a car to get anywhere outside our cities, so you face a challenge. Fortunately, it’s a challenge we can help you with.
You generally have three options as a newcomer to Canada. You can pay cash, use a bad credit car loan or a new arrivals loan.
Paying cash for your car
Paying cash for your car is the easiest and simplest way to buy a car in Canada. The downside is that you’re using up savings you could use elsewhere and will be limited in how much you spend.
You could use that cash to buy an older car outright or you could use it as a significant down payment for a financed car. It’s entirely up to you.
Bad credit car loans for newcomers to Canada in Niagara Falls
Bad credit car loans are designed for those who have had financial troubles in the past but can work for new arrivals too. They are designed to take into account a low credit score, which you will have when you first arrive.
They make auto finance accessible to everyone, regardless of their credit score and are one of the better things to come out of the crash of 2008.
They do cost more than standard car loans but enable you to drive a car using finance.
If you decide to put the cash you put aside for a car as a down payment, you stand a much higher chance of being accepted for a Niagara Falls car loan.
You’ll need some kind of income, a permanent address, ID, a driver’s licence and all your paperwork to prove you’re a permanent resident but the rest is easy!
Options When It Comes To Car loans for newcomers to Canada
Some of our major banks offer special car loan rates for new arrivals. If you have a job, significant savings and can comfortably repay the loan, you should qualify for one.
Banks can also offer longer loans of up to 96 months if you need one, but they can work out expensive!
The one thing you’re not short of in Canada is opportunity. Opportunity to make your own way, to make your own living and to live the way you want to.
You also have the opportunity to finance a car even when you don’t have a credit history. You just have to know the right people.
We are those people.
For those of you who know that you have a challenging credit situation, please visit Dixie Auto Loans where we have a team of credit specialists ready to help you get approved for a car loan today!