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Buying my first car in Toronto

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frightenedpanda

Hero Member
Sep 12, 2017
425
44
I did my soft landing last year and came back home to India and now I am planning to go back. I already have my SIN number and PR card in hand.

Presuming I get a good job in the next few weeks, how realistic it is going to be to be able to buy a car in Toronto?

The last time I was in Vancouver, I was told I can give them my Indian and US driver's license (expired March 2018) and exchange it for a Canadian one. Not sure what is going to be the case for Toronto though.

Also, I have a credit rating of 740 in the US so I am hoping the dealerships will give me a better deal but if not, are there any "First timer / Newcomer" programs by car companies designed specifically for new immigrants?
 
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APPNOV2014NY

VIP Member
Nov 21, 2014
3,005
1,099
Few new immigrants I know got car loan for less than 4% once they got job. Your US credit score will definitely help. You can swap your US DL with Canadian one before March 2019 if you have more than 2 years of driving history in US.
 
M

mahi2020

Hero Member
Oct 7, 2016
278
51
why r u frightened ? (Canada healthcare is not good for mental health diseases)

you can book Nissan Sentra for 0 down and 0% APR after 3 months in new job

Lexus will be bit more expensive
 
S

Samoinp

Hero Member
May 30, 2017
514
131
frightenedpanda said:
I did my soft landing last year and came back home to India and now I am planning to go back. I already have my SIN number and PR card in hand.

Presuming I get a good job in the next few weeks, how realistic it is going to be to be able to buy a car in Toronto?

The last time I was in Vancouver, I was told I can give them my Indian and US driver's license (expired March 2018) and exchange it for a Canadian one. Not sure what is going to be the case for Toronto though.

Also, I have a credit rating of 740 in the US so I am hoping the dealerships will give me a better deal but if not, are there any "First timer / Newcomer" programs by car companies designed specifically for new immigrants?
Click to expand...
If you have a job, RBC has a newcomer program.
If not, you could shell out significant down payment for a dealer arranged finance. If terms aren't good, try to get it refinanced after a year or two (though i have no idea how that works in Canada). Finally, they didn't even care about US credit history.

Only thing you can leverage from US are DL exchange, AMEX global transfer program for Canadian AMEX credit card (no need of credit history), and Insurance history
 
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