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New Comer to Canada - Issue in getting car finance

Discussion in 'Settlement Issues' started by jagan542, Oct 12, 2019.

  1. Hello Experts,
    I need your suggestion on getting finance to buy a car for myself.
    I am new to Canada, it's been a week. Most of the banks and dealers are asking for a job appointment letter, which I do not have one in hand right now. I started applying for jobs at this point in time.

    Please suggest me if you have any solution for this or if you know any dealers that would help the new comers.

    Thanks in advance.
  2. No job and no Canadian credit history? The only people who are likely to finance you are people you do NOT want to borrow from.
    Buletruck likes this.
  3. I would consider buying a second hand car with your savings.
  4. I would keep looking, until I find something.
  5. Why finance a car? If you look hard enough and in the right places you will find a very good quality 2nd hand car.
  6. One word of advice.. Consider going to a reputable dealer rather than buying privately from a stranger, at least until you have been here for a while and "learned the ropes".
  7. Sure! Thank you!
  8. Make sure to get an inspection from an independent garage before you buy.
  9. a cheap second hand car is ok for the start. And even that one I would not advise until you get a job.
    Word of advice, try to move close to public transport first. Start applying and just rent out a tiny car if needed for that day or week. Get your Canadian driving licence started (or exchanged) and only once you get a job then go for a car (again you can do 1 or 2 weeks renting there).
    Why? You do not know if you will get your job offer fast or slow. And with just a learner driving licence, you can forget to insure that car (which means to be able to get plates for it as well).
  10. If you have been here just for a week, I am assuming you haven't got your Canadian driving license yet? How do you plan to get insurance without that license?
  11. I don’t know your background, driving history, profession or financial situation. Except that you are jobless, in a new country, without an established social network.

    My advice to you would be - don’t get a loan or a lease, buy an used car that you can afford, and ask for a Carfax report.

    And if you’re in Ontario, get a G license first, before buying or insuring a car.

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