Auto Loan for New Immigrants in BC

Auto Loan For New Immigrants In BC

Auto loan for new immigrants in BC is possible when you are new to the country. New immigrants are faced with initial challenges and acquiring an auto loan is no exception. Typically, the lack of credit history will get you declined with most banks. Nowadays however, there are some lenders who are making exceptions with certain conditions that depend on your current immigration status and employment.

Auto Loan for New Immigrants in BC

If you are a new immigrant who’s SIN number starts with a 9, you could also qualify for an auto loan. However, the term of the loan will only be for the same time as the working permit.  In addition, you will likely require a down payment along with having full-time employment. Not everybody who is qualified to sell a car will necessarily have the means or know how to help get you the loan so, It would be wise to consult with an auto credit specialist instead to increase your chances for an approval.

Auto Loan for New Immigrants

Another type of financing sometimes offered by auto dealers is called an in house financing. This is only offered through a dealership. Basically, the dealer is privately loaning you the money to purchase a vehicle on their lot. Like a lender, they will dictate the term, and interest rate for the loan. This type of financing is rarely available and only as a last resort. Note that not all dealers that offer in house financing report the loan to the credit bureau.  If ever you are offered an in house finance, it’s important that the auto loan is reported to the credit bureau so you can start establishing credit. A way for future lenders to see you have the ability to meet your monthly obligations.