Hi, I do have the minimum amount of funds in my account. I just want to find out if obtaining a car loan or a personal loan (for the purchase of a car) will be considered a debt by CIC and therefore will be subtracted from my settlement fund. I have read in other threads that in the previous years, mortgage/loan were not considered as liabilities/debt by CIC.
Yes, it may be considered a liability and thus deducted from your settlement funds. It depends on your financial profile. If you have a large amount of savings and a healthy income, then a low interest car loan isn't the worst thing in the world. However, if your car loan is a large % of your salary, you're asking for trouble.
Personal example - I had 12,000 USD remaining on my car loan when I applied. I also had about $8,000 in credit card debt.
I had ~28,000 USD saved up so if you deducted $20,000 I would have been short of funds.
However, my yearly salary at the time was well over $130,000 USD, so as a percentage of my income, this wasn't very much. In addition, the six months of bank statements showed that I always had substantial savings, and my credit cards would be paid off in full every three months. This just happened to be the month where they were high.
I didn't have any questions asked about my funds, nor did I have any issues getting PR. I got my PR in roughly 95 days.
