Financing a car with work permit

[Boshen1996]

Hi guys,

I phoned a dealership in montreal,Quebec about a 2017 ram 1500 around 40000$,
they said that because my work permit expire in 18 months,they can only give me a duration of 3 yrs on financing the truck,
i am able to pay 10000$ as downpayment but still 1000$ monthly for 36 months is too much for me,

It is a pretty big dealership(dodge,ram,chrysler,fiat) and they told me with my current situation that all other dealership will give me no more than 3 yrs finance,
is it true? Or anyone have similar experience but able to get longer duration?

my credit on transunion is around 740,full time job as an telecom technician.

thx

 

[PMM]

HI

Hi guys,

I phoned a dealership in montreal,Quebec about a 2017 ram 1500 around 40000$,
they said that because my work permit expire in 18 months,they can only give me a duration of 3 yrs on financing the truck,
i am able to pay 10000$ as downpayment but still 1000$ monthly for 36 months is too much for me,

It is a pretty big dealership(dodge,ram,chrysler,fiat) and they told me with my current situation that all other dealership will give me no more than 3 yrs finance,
is it true? Or anyone have similar experience but able to get longer duration?

my credit on transunion is around 740,full time job as an telecom technician.

thx

1. You could shop around, but I think that you will find that with only 18 months of status left, the dealer/financier if going to want to ensure that they get most of their money, if you leave in 18 months.

 

[Boshen1996]

HI



1. You could shop around, but I think that you will find that with only 18 months of status left, the dealer/financier if going to want to ensure that they get most of their money, if you leave in 18 months.

I’m planning to stay for sure. I’ll apply for a closed work permit if PR process is not done.

the term length is really depends on different dealer ?

 

[canuck78]

I’m planning to stay for sure. I’ll apply for a closed work permit if PR process is not done.

the term length is really depends on different dealer ?

The fact that you don’t have longterm status in Canada will factor into financing decisions for all delearships. They are already taking a risk if extending your financing term later than your WP length. You may want a 2017 truck now but you may need to start with a less expensive vehicle and get what you want on your next vehicle purchase once you have PR.

 

[Wiggy]

The fact that you don’t have longterm status in Canada will factor into financing decisions for all delearships. They are already taking a risk if extending your financing term later than your WP length. You may want a 2017 truck now but you may need to start with a less expensive vehicle and get what you want on your next vehicle purchase once you have PR.

A lot depends on your own bank. I got a large car loan for 4 years but they wanted a minimum 25% down payment and granted it on an "exceptional" basis. I have a Scotiabank newcomers account which does offer extra benefits