bonsai
Star Member
Posts: 132
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« on: August 28, 2011, 02:09:25 pm » |
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Hello,
So I finally got a job after a month of passing my Nursing exam. Problem is I need a car badly haha. I am looking at a Honda civic 2012 or a Hyundai elantra 2012. I don't want a 2nd hand because my cousins cars are all 2nd hand and they always need to fix it and I don't like that headache. Question is what company or bank willing enough to finance my car. I am thinking of putting a down payment of 10,000 and the rest get it financed. This is my situation.
1. I don't have a credit card yet here. I have been here for 3 months and I don't have one yet. Obviously, no credit record yet.
2. I just got a full time job offer and I will start this September 12.
Do you guys know any banks, auto dealers or even a credit union who gives car loans to new immigrants? Greatly appreciate the help. Thank you.
My next problem is, an apartment. I am living with my aunt right now but I don't want to overstay my welcome. But that's another thread after I fix this :p
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hassanbukhari
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Posts: 158
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« Reply #1 on: August 28, 2011, 03:23:35 pm » |
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It would be very difficult for you to get financing unless you have somebody to be your co-signer. You said you have cousins there so getting a car for you is just a piece of cake.
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bonsai
Star Member
Posts: 132
Ratings: +1
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« Reply #2 on: August 28, 2011, 05:03:38 pm » |
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Yes but as much as possible I don't want to make them my cosigners. I don't think anyone would want to be a cosigner haha. I saw scotia banks offer for car loans for new immigrants sadly I don't see any Honda dealers connected with them.
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hassanbukhari
Star Member
Posts: 158
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« Reply #3 on: August 28, 2011, 05:16:04 pm » |
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Being a co signer is not a big deal, if they think that you could pay your installments on time. Its a matter of trust only. This is only a good and cheap option for you. I also came across such problem and since i dont had any body to be my co signer I had to buy car on cash.
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steaky
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« Reply #4 on: August 28, 2011, 07:06:51 pm » |
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Have you talk to your car dealer whether you are eligible for financing? If you show them you earn great income (in Canada or elsewhere), they might approve your eligibility (even you a new immigrant).
Being a cosigner is acting like a guarantor. If you are in default payment, the cosigner/guarantor might have to pay on your behalf.
BTW, you can check local newspaper for room available or craglist for listings.
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bonsai
Star Member
Posts: 132
Ratings: +1
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« Reply #5 on: August 28, 2011, 08:28:45 pm » |
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Ok I shall try all your suggestions. Thank you and I shall update you guys about it. I probably should first get my 1st pay stub and see how it goes from there :p
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haver
Star Member
Posts: 160
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« Reply #6 on: August 30, 2011, 01:51:44 am » |
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bonsai
Star Member
Posts: 132
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« Reply #7 on: August 30, 2011, 09:07:18 pm » |
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wow so I was right, credit unions will give you better car loan interest. I'll check that out. I just hope they give me a loan. When I was in Texas, I only started working for a month and they already gave me a car loan, it was fast. I hope its the same here.
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haver
Star Member
Posts: 160
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« Reply #8 on: August 31, 2011, 12:27:01 pm » |
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I suggest to check dealerships too. They could offer the best rates.
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bonsai
Star Member
Posts: 132
Ratings: +1
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« Reply #9 on: September 24, 2011, 10:16:32 am » |
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Hello guys,
Just an update, I actually got a 1.9% apr from a dealership. It's so funny because I know car dealerships usually have the worst apr ever and I did not even have to get a cosigner. I bought a honda civic and will get it this Monday. My down payment is half of the price though so I think that helped and you have to show a steady income. I did not even get my 1st pay check yet so I was surprised myself. Thanks for all the suggestions!!
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hassanbukhari
Star Member
Posts: 158
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« Reply #10 on: September 25, 2011, 08:44:49 pm » |
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Unbelievable  from which dealer you get the car. You are lucky. Congrats |
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CANPK
Star Member
Posts: 75
Ratings: +47
LANDED..........: Landed
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« Reply #11 on: September 26, 2011, 12:25:37 am » |
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Hello,
So I finally got a job after a month of passing my Nursing exam. Problem is I need a car badly haha. I am looking at a Honda civic 2012 or a Hyundai elantra 2012. I don't want a 2nd hand because my cousins cars are all 2nd hand and they always need to fix it and I don't like that headache. Question is what company or bank willing enough to finance my car. I am thinking of putting a down payment of 10,000 and the rest get it financed. This is my situation.
1. I don't have a credit card yet here. I have been here for 3 months and I don't have one yet. Obviously, no credit record yet.
2. I just got a full time job offer and I will start this September 12.
Do you guys know any banks, auto dealers or even a credit union who gives car loans to new immigrants? Greatly appreciate the help. Thank you.
My next problem is, an apartment. I am living with my aunt right now but I don't want to overstay my welcome. But that's another thread after I fix this :p
In which city you are ? |
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haver
Star Member
Posts: 160
Ratings: +12
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« Reply #12 on: October 01, 2011, 08:30:00 pm » |
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I am in Vancouver and got Honda Civic over 3 years ago with 1.9% too. It is paid up. I will buy a new one soon with the same loan conditions. But American dollar goes up may be for 3-4 more month. It means that Honda could decrease it's rate soon. Time will tell. |
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