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Buying a car - should I wait?

shannonxtreme

Hero Member
Aug 25, 2018
304
87
Markham, ON
Category........
CEC
Visa Office......
Markham
NOC Code......
5121
Job Offer........
Yes
App. Filed.......
22-06-2019
AOR Received.
22-06-2019
Med's Done....
30-07-2019
Passport Req..
12-02-2020
VISA ISSUED...
25-02-2020
LANDED..........
13-03-2020
I'm planning on buying a used car (cash, no financing). My PR application is currently in process and I'm on a work permit. Would I be wiser to wait for PR before I make this purchase?
 

21Goose

VIP Member
Nov 10, 2016
5,247
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AOR Received.
Feb 2017
Do you need the car right now? Then buy it. Your PR application really has nothing to do with this. If you don't get PR, you can always sell the car. Since you aren't taking a loan it will be easy enough to sell.
 

shannonxtreme

Hero Member
Aug 25, 2018
304
87
Markham, ON
Category........
CEC
Visa Office......
Markham
NOC Code......
5121
Job Offer........
Yes
App. Filed.......
22-06-2019
AOR Received.
22-06-2019
Med's Done....
30-07-2019
Passport Req..
12-02-2020
VISA ISSUED...
25-02-2020
LANDED..........
13-03-2020
Do you need the car right now? Then buy it. Your PR application really has nothing to do with this. If you don't get PR, you can always sell the car. Since you aren't taking a loan it will be easy enough to sell.
It's more a deep deep desire to own one for road trips. I love driving and miss it very much.

Your point about (knock on wood) not getting PR is interesting, thank you. I hadn't thought about the ease with which I could resell if I bought outright.

Off topic a little, but are there any models you'd recommend under $9k? I'm aiming for reliability and comfort.
 

mahi2020

Hero Member
Oct 7, 2016
278
51
It's more a deep deep desire to own one for road trips. I love driving and miss it very much.

Your point about (knock on wood) not getting PR is interesting, thank you. I hadn't thought about the ease with which I could resell if I bought outright.

Off topic a little, but are there any models you'd recommend under $9k? I'm aiming for reliability and comfort.
toyota corolla
 

Zan*

Full Member
Jan 8, 2020
29
0
I'm in a similar predicament. But I'm going to take out either a personal loan or bank financing for the car. Should I not proceed with the purchase as it might significantly affect my settlement fund? I'm about to lodge my EE profile.
 

21Goose

VIP Member
Nov 10, 2016
5,247
1,615
AOR Received.
Feb 2017
I'm in a similar predicament. But I'm going to take out either a personal loan or bank financing for the car. Should I not proceed with the purchase as it might significantly affect my settlement fund? I'm about to lodge my EE profile.
What do you mean "affect my settlement fund"? If you don't have the minimum funds in your account when you file your application, you'll be rejected. You just need to have the minimum though.
 

Zan*

Full Member
Jan 8, 2020
29
0
What do you mean "affect my settlement fund"? If you don't have the minimum funds in your account when you file your application, you'll be rejected. You just need to have the minimum though.
Hi, I do have the minimum amount of funds in my account. I just want to find out if obtaining a car loan or a personal loan (for the purchase of a car) will be considered a debt by CIC and therefore will be subtracted from my settlement fund. I have read in other threads that in the previous years, mortgage/loan were not considered as liabilities/debt by CIC.
 

21Goose

VIP Member
Nov 10, 2016
5,247
1,615
AOR Received.
Feb 2017
Hi, I do have the minimum amount of funds in my account. I just want to find out if obtaining a car loan or a personal loan (for the purchase of a car) will be considered a debt by CIC and therefore will be subtracted from my settlement fund. I have read in other threads that in the previous years, mortgage/loan were not considered as liabilities/debt by CIC.
Yes, it may be considered a liability and thus deducted from your settlement funds. It depends on your financial profile. If you have a large amount of savings and a healthy income, then a low interest car loan isn't the worst thing in the world. However, if your car loan is a large % of your salary, you're asking for trouble.

Personal example - I had 12,000 USD remaining on my car loan when I applied. I also had about $8,000 in credit card debt.

I had ~28,000 USD saved up so if you deducted $20,000 I would have been short of funds.

However, my yearly salary at the time was well over $130,000 USD, so as a percentage of my income, this wasn't very much. In addition, the six months of bank statements showed that I always had substantial savings, and my credit cards would be paid off in full every three months. This just happened to be the month where they were high.

I didn't have any questions asked about my funds, nor did I have any issues getting PR. I got my PR in roughly 95 days.
 

csadangi

Hero Member
Jul 1, 2017
326
77
Category........
CEC
Visa Office......
Edmonton
NOC Code......
2121
Job Offer........
Yes
App. Filed.......
17-07-2019
Doc's Request.
Additional documents submitted upfront on 16-08-19
AOR Received.
17-07-2019
IELTS Request
Jan-2019
Med's Done....
16-08-2019
It's more a deep deep desire to own one for road trips. I love driving and miss it very much.

Your point about (knock on wood) not getting PR is interesting, thank you. I hadn't thought about the ease with which I could resell if I bought outright.

Off topic a little, but are there any models you'd recommend under $9k? I'm aiming for reliability and comfort.
I took a risk and leased a vehicle 2 months before getting my PR (was on WP). It paid off - both the car & the PR ;-)
I would suggest Honda Civic if you are looking at Sedan models & Honda HRV/CRV if you are looking for SUVs.
 

shannonxtreme

Hero Member
Aug 25, 2018
304
87
Markham, ON
Category........
CEC
Visa Office......
Markham
NOC Code......
5121
Job Offer........
Yes
App. Filed.......
22-06-2019
AOR Received.
22-06-2019
Med's Done....
30-07-2019
Passport Req..
12-02-2020
VISA ISSUED...
25-02-2020
LANDED..........
13-03-2020
I took a risk and leased a vehicle 2 months before getting my PR (was on WP). It paid off - both the car & the PR ;-)
I would suggest Honda Civic if you are looking at Sedan models & Honda HRV/CRV if you are looking for SUVs.
Thank you! I'm settled on a 2013 Civic. My PR application is taking its sweet time and I'm sick of putting my life on hold while I wait. Thanks again!
 
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shannonxtreme

Hero Member
Aug 25, 2018
304
87
Markham, ON
Category........
CEC
Visa Office......
Markham
NOC Code......
5121
Job Offer........
Yes
App. Filed.......
22-06-2019
AOR Received.
22-06-2019
Med's Done....
30-07-2019
Passport Req..
12-02-2020
VISA ISSUED...
25-02-2020
LANDED..........
13-03-2020
what ontario drivers licence you got , G2 or G ?
G! Under 25 though so my insurance is going to be amazing, in Toronto. Lol.
 
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Reactions: dgeorge

dgeorge

Hero Member
Feb 2, 2020
644
159
Thank you! I'm settled on a 2013 Civic. My PR application is taking its sweet time and I'm sick of putting my life on hold while I wait. Thanks again!
Hey Shannon I’m in the same situation I just can’t wait any longer I’ve been waiting for 6 months life on hold lol taking transit everyday reallllyyy want to buy a car but my PR application is in progress only 2 more days remaining to hit 100% still no updates!!!! Did you take the risk and get the car? Also did you get your Pr? Please help! Thanks
 

shannonxtreme

Hero Member
Aug 25, 2018
304
87
Markham, ON
Category........
CEC
Visa Office......
Markham
NOC Code......
5121
Job Offer........
Yes
App. Filed.......
22-06-2019
AOR Received.
22-06-2019
Med's Done....
30-07-2019
Passport Req..
12-02-2020
VISA ISSUED...
25-02-2020
LANDED..........
13-03-2020
Hey Shannon I’m in the same situation I just can’t wait any longer I’ve been waiting for 6 months life on hold lol taking transit everyday reallllyyy want to buy a car but my PR application is in progress only 2 more days remaining to hit 100% still no updates!!!! Did you take the risk and get the car? Also did you get your Pr? Please help! Thanks
Yes! I got a 2015 Accord (and got PR in April ish)