Hello there, I was thinking about buying my father-in-law’s truck. I am a work permit holder. So I went to my bank TD and asked for a auto loan, they said they don’t do any kind of loan for temporary residency status. So I was wondering, where would I be able to get a auto loan in BC? I have a good job and good credit score. Thank you.
Auto Loans in BC
- Thread starter wallbr
- Start date
Yes I did. But the ones that I found people were complaining a lot. So I was wondering if someone had the same experience as me so they can recomend me some companies with their experience
To be honest, many "loan" companies only exist to separate you from your money as efficiently as possible, with bad terms and high interest payments. Good luck.
Temporary residents are extremely high-risk, as many take the money and leave Canada without ever paying it back.
You are better off buying something used with cash until you are a permanent resident. The terms on the loans you will get won't be great because, as mentioned, you are high risk and could leave at any time. I don't recommend this for the family members but if your family are PRs or citizens they could likely co-sign. That way you would qualify for a better loan.
Can't you give your father in law a monthly payment instead of paying back a loan shark?