Getting a car loan if someone is new to the country can be a difficult task. Even though you do not have to be a permanent resident to get a car loan, it is not always easy for long term visitors and immigrants to do the same. It is especially tough for people on temporary work visas to get a car loan. The biggest challenge is a lack of credit history. Even someone new to the county who has a good amount of cash for a down payment may be turned down for a loan because of a lack of credit history. However, with some planning, research and effort, a person who is new to the country can develop a solid credit history and obtain a car loan.
Canadians have problems getting car loans and maintaining a good credit rating, and immigrants can find that those same problems can be much more complex and magnified. For someone new to the country, developing a solid credit history is of upmost importance. The lender needs to see that the person attempting to get the car loan will pay it back in a timely fashion. While some lenders are willing to take the chance that someone new to the country will pay the car loan back, others need to see proof of the ability to afford the monthly payments of the loan. An immigrant could get a small loan from a bank and make low payments on time each month for a few months to establish a good credit history.
For someone new to the country, getting a car loan and the terms that come with it can be difficult to understand. They should be sure to do as much research as they can about the potential lender. They should also comprehend the borrowing terms, which can be less than ideal. An immigrant trying to get a car loan should educate themselves as much as they can to get the best deal and the lowest possible interest rates. It is possible that some loan companies thrive on the lack of comprehension for someone new to the country, so a reputable lender that one can trust should be chosen. A potential borrower should also make sure to learn about the country’s tax terms and vehicle insurance available.
Someone new to the country should come up with a budget and try to live within their means. This is the only way to pay the car payment on time every month. Also, an immigrant or person on a work visa would have better luck when dealing with a company like us at Vancouver Auto Credit, who specializes in securing car loans, from our large pool of lenders. That way you have a better chance at getting approved for a car loan.
We also truly care about our customers and will ensure you fully understand the details of your loan and we will work very hard to get you the lowest rate and best term available.