Car Financing for New Immigrants to Canada
Car Financing is Possible for New Immigrants!
When people come to Canada most new immigrants don't have a credit history in this country, which is the the same as having a no credit or a zero credit rating. This means that many lenders will look at new immigrants as having no credit, or poor credit for a car financing application and immediately dismiss the applicant until they have some credit developed. Car Finance Company has lenders available who welcome new immigrants to Canada for auto loan financing. To many people a car is vitally important and may be the only way to get a specific job, that is why Car Finance Company offers customized car financing solution even if you are a new immigrant.
What is Needed for New Immigrant Car Financing
For new immigrants applying for car financing you will need to provide a signed employment agreement from an employer showing salary and employer contacts, a residential lease, rental agreement or mortgage, or proof that an employer is providing housing.
A Down Payment can make a difference
One of the easiest ways to deal with the no established credit situation faced by new immigrants is to put forward a down payment towards the car loan or in the case of a lease an increased security deposit. When you make this down payment, the overall cost of car financing amount is reduced, which then reduces lender risk. Simply put, the more money you use as a down payment, the greater your approval chances.
Your new immigrant status should not stand in the way of getting a vehicle in Canada. Let us help you with an auto loan approval. Apply Now