There are hundreds of thousands of people who migrate to Canada every year and they need some form of transportation. Most new immigrants are turned down for a car loan when they are applying for credit even with a significant amount of down payment if they go to the major banks or new car dealerships. The biggest challenge for new immigrants is something called “no credit history”. In other words, this means you will have no credit record in this country. The banks and/or lending institutions have no idea if you are a good client that will pay them back on time and therefore unwilling to take a chance on your loan. This is especially true for new Canadians with a SIN number starting with 9
If you fit into this category, the first thing you should do is Do Not to Apply for Credit in a New Car Dealership at all. Not only would this be a complete waste of your time, you may also risk hurting your new credit further because it will put a mark on your credit rating and show you were declined for the loan.
When you apply with Car Loan in Canada we provide and specialize in New Immigrant car loans with programs like like Scotia Bank Startright, as well as special programs offered by Royal Bank RBC, TD Canada Trust and private lenders. All our auto loans are reported back to the credit reporting agencies so that you will be building your credit score with each car loan payment you make!