Immigrants are what make Canada one of the top countries in the world to live in. People from all walks of the world come here and make this vast nation their home.
There is no denying Canada is a wonderful country with all of its natural wonders, but it is also a very large country, and you will need a vehicle to get around.
As a new immigrant, one of the biggest challenges you will initially face is learning how the Canadian financial services sector works, especially when it comes to buying a new car.
In Canada, the majority of the vehicles you see on the road are financed; most Canadians do not have the $40k-$50k in the bank to buy the car outright, so they turn to a finance company to help with the transaction.
In Canada, having a car loan is just a fact of life, but with a little effort on your part, you can get yourself a very competitive car loan.
Credit scores, Cayuga car loans, and you
Every adult in Canada has a credit score; there are two credit reporting agencies in Canada that collects payment information on all Canadians; these agencies are TransUnion and Equifax.
These agencies use a credit scoring model, which ranges from 300-to 850; the higher the score, the more creditworthy you appear.
In Canada, if your credit score is over 720, you are considered to have prime credit, and you will have no problems getting the best possible terms.
Since you are new to Canada, your credit score may be lower than 720, but don’t worry about that too much; you will still be able to get approved for a car loan.
The minimum credit score needed for a competitive car loan is 600 or higher.
Your income directly influences what kind of car you can buy
You could have a perfect credit score, but if your income is not high enough to service the loan, no lender is going to give you a chance.
Prospective lenders will want to see your latest salary slip and income tax notice of assessment for the previous year.
The lenders use this when calculating the maximum loan you can receive. You should print those documents up now so you have them available.
Where to find the best car loans for new immigrants to Canada
If you want to find the best car loans for new immigrants, you will not find them on a search engine or even at your local bank.
The best source of car loans is through a local dealership in your area. The dealership has experience helping other new immigrants just like you; they will show you how to get insurance for your vehicle and also have the vehicle registered in your name.
The dealership’s commitment to world-class customer service coupled with the best car loans is why you need to work with them.
Contact your local car dealership today and go for a test drive; it is going to be the best call you make all week!
Click here to get approved for your next great new car loan in Canada online today! we have a team of credit specialists ready to help you find a car suited to your needs and will work with you no matter your credit score.
For any questions or concerns, please don’t hesitate to contact us here!