If you’re trying to figure out how to buy a car as a Canadian immigrant, you are in the right spot. These tips are going to help you get good value for your money, so be sure to pay close attention, and everything will be fine.
What you need to know about credit scores
To secure a car loan in Canada, you will need to have a credit score over 600 and to get the best interest rates, a credit score over 720.
There are two credit reporting agencies in Canada, TransUnion, and Equifax. These agencies keep records on everyone, and you will have a profile in their database.
You can get free access to your credit score and report by using platforms like Credit Karma. If your credit score is low, you should look it over for mistakes.
If there are mistakes inside your credit report, it will bring down your score and make it harder to get approved for a car loan.
Those errors can be removed from your credit report by filing a dispute with either TransUnion or Equifax, they will remove the errors if they are legitimate, but you need to go through the dispute process.
Another way to boost your credit score is by reducing the sheer amount of debt you are carrying. Too much debt will lower your credit score and also cost you a lot of money over time due to interest.
Selecting the right vehicle
Have you identified which vehicle you are interested in buying? Unfortunately, there is a shortage of new and used cars in Canada. This shortage has driven up the asking price for these vehicles, so you will need to do your homework and pick the vehicle with the best fuel economy.
Whether you select new or previously owned, it would be wise to select a car that comes with a warranty; the last thing you want to do is pay to repair a vehicle you just purchased.
Never buy a car from a private seller; it is better to deal with a registered dealership that has an established track record. There is no substitute so great customer satisfaction track record.
Getting the best deal on your new vehicle
Do not try to apply for a loan or buy a car as a Canadian Immigrant online; the websites that are advertising car loans do not have the best deals. Instead, you need to visit a local car dealership and find out what is the maximum car loan you can get.
The dealership is able to help get you approved for a car loan, even if you have bad credit or no credit at all.
While meeting with the dealership, they will have vehicles in their inventory that you can take for a test drive. Since there is a shortage of vehicles in Canada, this inventory is going to help make your car buying experience a much smoother one.
You need to contact your dealership as soon as possible; the sooner you get your new vehicle, the happier you are going to be.
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!
Click here to get approved for your next car loan online today! we have a team of credit specialists ready to help you easily buy a car as a Canadian immigrant with low credit score, and will work with you no matter your credit score.
For any questions or concerns, please don’t hesitate to contact us here!