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badalpharm

Star Member
Dec 21, 2011
188
11
Thunder Bay, ON, Canada
Category........
Visa Office......
CPP-Ottawa
NOC Code......
3219
Job Offer........
Pre-Assessed..
App. Filed.......
18-10-2013
Doc's Request.
no
Nomination.....
N/A
AOR Received.
25-11-2013
IELTS Request
sent with application
Med's Request
29-04-2014
Med's Done....
13-05-2014
Interview........
n/a
Passport Req..
21-01-2015
VISA ISSUED...
28-01-2015
LANDED..........
11-02-2015
Hi There,

I am on student visa in Canada. I am a PhD student and have $40K scholarship. I have a T4a for that.

I have 3 credit cards, I am here since last 10 months.

My question is is it possible to get a car loan?
I checked with all major bank, but the pre-requisite for this is PR.

Can someone guide me here?
 
Most banks won't give loans to temporary residents (ie non citizens and PRs) unless it is secured by an investment. You might have better luck with a smaller institution (for example, credit union), but in their eyes it is extremely risky to loan to temporary residents.
 
Drop me an email for some advice. Otherwise get a co-signer with a non temporary SIN. Also, there are some lenders whom are outside this box that will give a loan with a substantial downpayment towards the purchase. If you want the best deals, you need that PR pass.
 
I think it is somewhat difficult to get a title loans for a car when you have permanent residence in Canada. Many government banks won't allow or can say it is against the rule. But, some private finance companies can provide a car loan if you produce any proof to them.