Car loan from canadian bank?

[chikoo1985]

Hello,
Is there any bank in Canada which can pay off my current car loan with the US bank? This way I will be able to take my car to Canada.

I know this is like long shot but I am curious.

Thanks,
Chikoo.

 

[steaky]

Get a personal loan!

 

[VOBuckeye]

Get a personal loan!

The interest rate with personal loans are so much higher compared to auto loans.

 

[chikoo1985]

The interest rate with personal loans are so much higher compared to auto loans.

I have researched a lot, It looks like best option is to pay the current loan (not suggested if this is huge amount) + the duty for export and import of the car

the other best option is to sell the car here in the U.S. and buy another in Canada.

 

[VOBuckeye]

I have researched a lot, It looks like best option is to pay the current loan (not suggested if this is huge amount) + the duty for export and import of the car

the other best option is to sell the car here in the U.S. and buy another in Canada.

I'm also trying to figure out what to do with mine. I think the best option is to sell it here in the US and buy another in Canada.

 

[steaky]

The interest rate with personal loans are so much higher compared to auto loans.

So you have savings to pay off your current loans? If not, just sell it and buy one in Canada?

 

[VOBuckeye]

So you have savings to pay off your current loans? If not, just sell it and buy one in Canada?

I think I might sell it here in the US and pay off the difference (since it's worth less than what I owe), then look to buy or lease one in Canada.

 

[RoseDB]

I have researched a lot, It looks like best option is to pay the current loan (not suggested if this is huge amount) + the duty for export and import of the car

the other best option is to sell the car here in the U.S. and buy another in Canada.

- As Per my knowledge if you paying off you car in US and taking the same to Canada you do not have to pay any Dusty on it. Just when you move to Canada you have to declare you have a car. This is as per my knowledge. Please comment if I am missing any information.

 

[next2015]

I'd strongly advise you sell off the car, regardless the amount, IF you do not have the funds to pay off the loan. Now, you may be upside-down on the vehicle, especially if you bought it brand new. In that case, if your outstanding is say $20,000 but the car is worth $13,000 if sold privately; a private sale is to an individual not a dealer (the dealer will always buy at a wholesale prices which is lower). Basically, pay the $13,000 towards the loan and get a personal loan for the $7000, preferably from a credit union (friendly terms). You can make the monthly payment for the personal loan while in Canada. But don't mention that you'll be moving to Canada, just apply for the loan, explain that you're selling off the car, its monthly payment is killing you.

That means you move to Canada without a car, but you may not even need it there.

All the best.

 

[chikoo1985]

I'd strongly advise you sell off the car, regardless the amount, IF you do not have the funds to pay off the loan. Now, you may be upside-down on the vehicle, especially if you bought it brand new. In that case, if your outstanding is say $20,000 but the car is worth $13,000 if sold privately; a private sale is to an individual not a dealer (the dealer will always buy at a wholesale prices which is lower). Basically, pay the $13,000 towards the loan and get a personal loan for the $7000, preferably from a credit union (friendly terms). You can make the monthly payment for the personal loan while in Canada. But don't mention that you'll be moving to Canada, just apply for the loan, explain that you're selling off the car, its monthly payment is killing you.

That means you move to Canada without a car, but you may not even need it there.

All the best.

make sense.