Moving a financed car from USA to Canada
- Thread starter Mounika92
- Start date
That's essentially impossible. Yes, you may have a 1% chance of getting a 20K loan with no credit history in Canada, but 99% you won't get it. You should look to take care of this in the US.
If you have a strong credit score in the US, try and get a personal loan there and use that money to pay off the car. Of course this all depends on your circumstances, but in any case, you should try and get things sorted in the US before you move here, cause otherwise it's a huge pain to try and manage this between two countries.Oh, hopefully I'll figure something out .Thanks for your suggestion
Hello Everyone, I am going to provide an absolute fresh perspective to thos topic since I moved to Canada from the US last week. I had loans on my car in the US and I am in the process of applying car loan in Canada.
To the first point you can bring in financed/leased cars only if you are doing a soft landing. If you intend to move permanently then you have to import the cars. I learnt it the hard way since I drove to the Canadian border for the hard landing, and they said they will process my PR but a canadian PR cannot drive US plated cars unless imported and hence I will have to go back and return it. So I went back to the US shipped it to a friends place took a car on rent and drove back to Canada. If at all you are doing a soft landing meaning you have to maintain your US address and have to convince them that you will go back shortly after you land they will allow you to drive the cars in Canada but depending on the province you can drive it only for couple of months or so.
Now, talking about financing in Canada, they have car loans for newcomers, you can check ford, RBC etc. As long as you have a job you will get Loan of any amount without A credit. Secondly, you have to walk into a dealership and they work on the financing part and not the banks directly. I am currently in that process and will.let you know if my loan goes through in the next few days.
Feel free to ask any follow up questions. Btw I am in Ontario.
To the first point you can bring in financed/leased cars only if you are doing a soft landing. If you intend to move permanently then you have to import the cars. I learnt it the hard way since I drove to the Canadian border for the hard landing, and they said they will process my PR but a canadian PR cannot drive US plated cars unless imported and hence I will have to go back and return it. So I went back to the US shipped it to a friends place took a car on rent and drove back to Canada. If at all you are doing a soft landing meaning you have to maintain your US address and have to convince them that you will go back shortly after you land they will allow you to drive the cars in Canada but depending on the province you can drive it only for couple of months or so.
Now, talking about financing in Canada, they have car loans for newcomers, you can check ford, RBC etc. As long as you have a job you will get Loan of any amount without A credit. Secondly, you have to walk into a dealership and they work on the financing part and not the banks directly. I am currently in that process and will.let you know if my loan goes through in the next few days.
Feel free to ask any follow up questions. Btw I am in Ontario.
Yes, please keep us posted. I think the "loan of any amount" part is a bit exaggerated, but it will be interesting to know what kind of loan you're approved for. And this isn't for a new car you're buying from the dealership.. this is for your existing car?
Sure thing, will keep you guys updated.
A loan is determined by the income you make, and hence if the bank determines that you can repay the loan then yes the loan can be of any amount irrespective of your credit, since you don't really have a credit as a newcomer.
Right, it is for a new car from the dealership and not for my US plated car. My cars are currently in the US and are getting ready to be sold as we speak.
A loan is determined by the income you make, and hence if the bank determines that you can repay the loan then yes the loan can be of any amount irrespective of your credit, since you don't really have a credit as a newcomer.
Right, it is for a new car from the dealership and not for my US plated car. My cars are currently in the US and are getting ready to be sold as we speak.
Your case is entirely different since you are buying a car in Canada, not getting a loan to pay off the lease on a car you already own in the US. That's the difficult bit.
Buying a car when you have a steady job is easy enough, as you said, there are programs aimed specifically for newcomers. However, that's not the situation in question.
Didn't find a newer thread on the topic, so trying my luck here.
If there is outstanding (US) loan on the car which will be paid off in 4 to 5 months. But I am moving now to Canada, can I add it on Goods to Follow and import it once the loan is paid off?
I don't have the title due to outstanding loan. Wondering if I can add the make, model and VIN of the car and take registration card as a proof?
If there is outstanding (US) loan on the car which will be paid off in 4 to 5 months. But I am moving now to Canada, can I add it on Goods to Follow and import it once the loan is paid off?
I don't have the title due to outstanding loan. Wondering if I can add the make, model and VIN of the car and take registration card as a proof?
Assuming you are moving temporarily and will come back to US, you sure can do that.
Yes, just make sure to mention it in the GTF list along with the VIN# and keep the list safe.
Are you going to make a soft landing and return to the US? If yes, then yeah, you can do this.
If you are moving for good, then no because you'll need to import the car at the border, and you can't do that without the title.
Thanks for sharing your experience. So this means we cannot do a 14-day quarantine as well? We are planning to travel to Canada in our own car (financed) to complete our PR process in hope of doing a soft landing. Not sure if they would process our PR application for doing a soft-landing because I didn't see people sharing any experiences of soft landing after Nov 21st.
See you aren't allowed to go in with a US car if you are settling - if you say you are going in only for 2 weeks, then by definition you are not a settler. So, you can go in your car as long as you say you plan to go back now / after 2 weeks. Now if they complete your landing for a short landing is entirely at their discretion - by rules you should only come at border if you are settling(land border restrictions).
I am in a similar situation as i was planning on living in windsor for a little while (till family is ready to move) with my american vehicle that has a lien on it but i guess with the borders closed i wont be able to drive back unless i am deemed an essential worker, which i am not. any thoughts?