Auto Loan under PoF

[Hamza Moazam]

Gents -

As a requirement stated on CIC website, can anyone clarify if my Auto Loan might affect my application and Proof of Funds condition? I will be getting a letter from the bank stating all the facts of my accounts, average balances as well as my liabilities and Auto Loan (Pending Principal) will be a part of it.

Shall i disclose the fact that i have Auto Loan? Will the closing Bank Balance be considered after netting off with the Auto Loan balance amount?

From CIC: "The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans"

Cheers.

 

[saina0830]

I have same concern. Anyone? Thoughts? Suggestions?

 

[Hamza Moazam]

Anyone?

 

[bestofluck]

The loan will not affect present balance. They just need today's balance in your name and preferably it should be maintained throughout the process.

 

[Hamza Moazam]

Thanks mate. So even if the bank letter says current balance $xxx and Auto Loan due $xxx, it would not be a problem?

Cheers.

 

[Stanlee]

Gents -

As a requirement stated on CIC website, can anyone clarify if my Auto Loan might affect my application and Proof of Funds condition? I will be getting a letter from the bank stating all the facts of my accounts, average balances as well as my liabilities and Auto Loan (Pending Principal) will be a part of it.

Shall i disclose the fact that i have Auto Loan? Will the closing Bank Balance be considered after netting off with the Auto Loan balance amount?

From CIC: "The applicant should provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans"

Cheers.

Generally, home loan or auto loan is a secured loan, in the event of a default, the lender has a charge on the asset. CIC is not concerned about home loan or vehicle loan, they are more concerned if the applicant has availed a loan to meet the POF requirements, which I believe is not the case for you (since you have already maintained the required funds). If you choose to mention it, it will not impact your application.

 

[Hamza Moazam]

Thanks Stanlee - Appreciate the response. It shall be fine i suppose.

Cheers!

 

[saina0830]

I have maintained required balance(Although not required since i got ITA under CEC) and i don't have any default payments on my car financing, so that works out perfect for me.
Thanks Stanlee! +1 for you

 

[hassaan_anwar]

Guys,

I have two banks that i am dealing with, one i use for my daily expenses and also which i will be using for my POF. The other bank i just have an auto loan with them and i dont have any account with them. I wanted to know if i need to disclose my auto loan bank ? and also will it be an issue that i have an auto loan?

Thanks.

 

[saina0830]

Guys,

I have two banks that i am dealing with, one i use for my daily expenses and also which i will be using for my POF. The other bank i just have an auto loan with them and i dont have any account with them. I wanted to know if i need to disclose my auto loan bank ? and also will it be an issue that i have an auto loan?

Thanks.

Anything related to Finances is not an issue if you received your invitation under CEC. However, if you are invited under any other category such as FSW you need to maintain a certain balance.
I didn't mention my Auto Loan and my application was approved with no issues few weeks ago

 

[hassaan_anwar]

Anything related to Finances is not an issue if you received your invitation under CEC. However, if you are invited under any other category such as FSW you need to maintain a certain balance.
I didn't mention my Auto Loan and my application was approved with no issues few weeks ago

Awesome! thanks for the help!

 

[applicant_2016]

Hello All,
Any inputs/feedback on this ? I am in a similar situation - have enough funds to show but also have a car loan in the same bank where I have the money. I have about 20000 CAD in a/c but also a car loan of about 34000 CAD EMI for which I pay every month. Every looks good except the loan part - I am not sure how CIC considers it.

Anyone who has gone through similar situation - please advise.

Thank you in advance.

 

[K0099]

same here, will it create any problem? when I fill out an application, they did not ask me about any kind of Loan or debt.

 

[uppperkut]

They don't require you to settle your loans, it's not mentioned anywhere.

However, if you are going to show statements, then it makes sense to mention your loans because they would be shown on the statements.

I would also guess that if you're above the required minimum every month, then there should be no problem.

 

[chikoo1985]

Anything related to Finances is not an issue if you received your invitation under CEC. However, if you are invited under any other category such as FSW you need to maintain a certain balance.
I didn't mention my Auto Loan and my application was approved with no issues few weeks ago

Were you FSW Express Entry and not CEC?