Auto Loan & Car Insurance

[Sanazeh]

Hi Guys,

Its been a while since I posted here. We are finally in Canada - and the place has been good to us so far. Husband got a job and starting work tomorrow.

We are now searching for some good car options. After much research and talking to a lot of people we have decided to opt for auto financing. I have a few questions related to car financing as well as insurance,please help if you can.

1. What is a better option to get finance from - bank or dealerships?
2. If you have contacts of any reliable dealerships which will have a good rate for new comers please share.
3. Who has given you the best car insurance rate? Please share the company/bank - I am getting insurance quotes of CAD300+ with a G license. If you think it could be less please share any tips/contacts.

Many Thanks,

 

[canuck78]

Your finance rates will be mostly dependent on your credit report/score. You'll have to look around for various financing options. Some manufacturers offer better rates than others as a promotion. You should identify what types of cars you are considering and then test drive them. Once you have narrowed down what car you are interested in go to a dealership (or two) and see what price you can negotiate. There is some flexibility in the price but don't expect a huge discount. That insurance quote is quite reasonable. Car insurance is extremely expensive.

 

[duyguu]

Hi Guys,

Its been a while since I posted here. We are finally in Canada - and the place has been good to us so far. Husband got a job and starting work tomorrow.

We are now searching for some good car options. After much research and talking to a lot of people we have decided to opt for auto financing. I have a few questions related to car financing as well as insurance,please help if you can.

1. What is a better option to get finance from - bank or dealerships?
2. If you have contacts of any reliable dealerships which will have a good rate for new comers please share.
3. Who has given you the best car insurance rate? Please share the company/bank - I am getting insurance quotes of CAD300+ with a G license. If you think it could be less please share any tips/contacts.

Many Thanks,

Hi, I am always curious about the experiences of other newcomers. We are planning to land mid October. Do you mind telling me when you landed and how long it took your husband to find a job? Is it a survival job or a regular job similar to the one he had back home?

Thank you

 

[alok4best]

1. What is a better option to get finance from - bank or dealerships?
2. If you have contacts of any reliable dealerships which will have a good rate for new comers please share.
3. Who has given you the best car insurance rate? Please share the company/bank - I am getting insurance quotes of CAD300+ with a G license. If you think it could be less please share any tips/contacts.

Answers:
1. Dealerships usually have better rates. Sometimes as low as 0 - 1 %. But with no Canadian history, it will be difficult for you to obtain a car loan, either from a dealership or from a bank. Give it a try however, you may find something, but at a very high rate.

2. There is no such thing as a reliable dealership. Decide what car you want to buy, and then shop around. Ask half a dozen or more dealers to give you a quote. Don't hesitate to bargain.
3. 300 and whereabouts is the norm for people starting with their Canadian insurance history. Do you already have G? If you take a MTO certified beginner driver's ed, you could get some discounts for that. Other than that, things like clubbing home/rental insurance with car insurance, or using winter tires, etc, can get you more discount. Also shop around for rates, talk to some brokers, and also search online on Kanetix.