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Car Loan As A Newcomer To Canada In Rockton

Car Loan As A Newcomer To Canada In Rockton

New to Canada. Welcome! You have chosen an amazing country to make your new home and we welcome you. You’ll quickly find that you need a car to get anywhere outside the city and that’s what we’re discussing today. Our Rockton car loan team outlines your options when it comes to a car loan as a newcomer to Canada


Car Loan as a Newcomer to Canada


You may, or may not, be aware that your credit score does not follow you to your new home country. It is only valid in the country you built it.


That means you have to start over in Canada and build your credit as you once did back home. The good news is that building credit is easier than ever.


You don’t have to worry too much about that right now as there are specialist loans out there for newcomers that take all this into account.


You will need some form of income to be able to qualify for a loan. That means having a job or a job offer that pays enough to be able to afford repayments.


You’ll also need proof of ID, a Canadian driver’s licence, proof of address and proof of that income. You’ll also need some kind of down payment to help with qualifying for the loan.


Car loans with no credit


As a progressive country, Canada tries to provide as many options as possible for people to do what they want and get what they want.


We have several products you can use with no credit to get a car loan. You can use a standard bad credit car loan or use one of the many specialist loans for newcomers.


Both offer access to funds for those with low or no credit. They will also help you build credit once you qualify.


Here’s what you need to do to get a loan.


Assess affordability


Work out your budget to assess how much you could pay each month. Use this to calculate how much you could borrow in total.


Make sure you can comfortably afford to make the payments as the lender will do this as part of the application process.


Get proof of income


If you just started a job here, you can use your offer letter or salary statements to help prove income. We have access to loans even if you only started your job yesterday. As long as the job is permanent and pays enough to afford the loan, it’s all good.


If you have other income such as rent, investments, pension or something else, you’ll need proof that too.


Proof of ID and address


As you might imagine, anyone looking to lend someone a significant amount of money is going to want reassurance that you are who you say you are. That means proving ID and address.


You can use your Canadian driver’s licence for part of that along with utility bills or other official paperwork.


Allocate funds for a down payment


Down payments are not mandatory but they do help a loan application. The more you put down, the more reassured a lender will be when considering you for a loan.


Expect to put down a minimum of between 10-20% of the car’s value as a down payment but more is better.


Work with a team you can trust


Finally, work with an auto loan team you can trust to have your best interests at heart. That’s us!


When you’re ready for a car lease or loan, get in touch with the Rockton auto loan experts at Northway Ford for great deals on auto finance.


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