Building credit history and getting your first car in Manitoba.

[MC]

Heyy Guys

I moved to Winnipeg about three months a go and its a great city.
This is something I found out your Indian credit history doesn't count here ,so to get a credit card , or a house on rent or get a loan is very difficult.
If you want to buy a car you have to buy it cash down or pay 15-16% interest rate that is if you get a loan or put money in a secured account and get a loan on your own money by paying 5% interest.

I just started working with Destination Mazda and found that Mazda Canada offers purchase financing on new vehicles to new Canadian immigrants. Landed immigrants without a credit history can now qualify for financing on the purchase of a new Mazda2 or Mazda3.
This will also help you build credit for future loans and credit cards.

Winnipeg, Manitoba November 1, 2010 -- Destination Mazda can put new Canadian immigrants into brand new Mazda2s or Mazda3s. Through Mazda Canada’s First Time Buyers Plan, Destination Mazda can secure financing for Landed Immigrants that meet the following qualifications:

1) no Canadian credit history,

2) a job,

3) a $1000 down payment. If you put in 25% of the car cost then you can go for any Mazda car not just the mazda 2 and Mazda 3.

Destination Mazda financed 10 (ten) new car purchases through this
plan in the month of October 2010. Individuals that had previously been denied credit or did not think that they would qualify are now driving brand new cars.

Contact New Immigrant Manoo Chopra , Sales Consultant at (204) 885-2623 to set
up an appointment today. This program may end at any time, so act fast to secure your financing.

Contact:

Manoo Chopra, Sales Consultant
Destination Mazda
(204) 885-2623

 

[KarenCee]

Good information. I do wonder if Nova Scotia might have a similar program. Would you know how to guide me in using Google to find out this information?

 

[MC]

Heyy Karen

It is a great plan for new Immigrants. It is offered by Mazda Canada so you should be able to get this from any Mazda dealership in Canada. Its just they should know about it. We have a great Business manager who keeps a lookout for new programs so we are lucky to know of it.
How long have you been in Canada , hows the settling in the new Country going for you.

Best of luck with it.

Manoo Chopra

 

[KarenCee]

Thanks for the information. I haven't landed yet but will more than likely need a car so having this information on hand when I do land - whenever that may be - will be so helpful to me and my husband. I will definitely check this out once I am given permission to land.

 

[dreaming of canada]

My husband bought a 2010 ford truck shortly after we landed with no Canadian credit. We live in Alberta. He paid 5000 down. Toyota denied him. Credit is not carried over here your right! Even US credit doesn't matter here. I know Kia also has new immigrant program as well.

 

[links18]

The last thing you want to do as a new immigrant is land in debt problems. If you buy a new car, make sure you can afford it. Don't go on just what the salesman tells you can afford (no offense to MC). Make sure you are comfortable with the payment. Remember car insurance is expensive in Canada. The insurance payment might end being more than the car note!

 

[MC]

Heyy Links

No offense taken, that is very sound advise.
This is for those who need a car and can afford it.Rather than getting into a old pre-owned and paying crazy interest rates and the car ends up costing you more than a new with interest ,while the value of the pre-owned car only goes down.This is a great option for people to not only get a new car with but also build credit.

The other day we had someone in for a car and at another dealership they got a loan on a preowned at 26% interest, we got them into a brand new Mazda 3 with only a 4.9% interest which got them into a new car with warranty rather than a old pre-owned with no warranty.

Also pls dont go about shopping for approvals , Single out the car you want and the budget and just go for that.People go about trying to get approval for loans at 4 different dealerships and that shows up at every new credit application you go for and that can hurt you rather than help you get a better rate.

To get better insurance payments please carry your Drivers abstract (driving history) from your country. What that will do is get a advanced drivers insurance rate rather that a new or novice drivers insurance rate.This is a very good tip.The drivers abstract will also help you get a class 5 drivers license if they don't have your country's license in there records which happens a lot.

Hope this helps new Immigrants.

Manoo

 

[jenni_usa]

My husband bought a 2010 ford truck shortly after we landed with no Canadian credit. We live in Alberta. He paid 5000 down. Toyota denied him. Credit is not carried over here your right! Even US credit doesn't matter here. I know Kia also has new immigrant program as well.

I am assuming you guys were newly landed PR? I wonder if any of the dealerships allow you to finance a car if you are here on a work permit?? Did your husband finance through the dealership with Ford Motor Credit (if they have that here) or what finance company did they use?

We just moved to BC last summer and will be looking for a new car in the next few months - I wanted to get something new, but if we have to I guess we will just pay cash and buy a used car. I looked at the Scotiabank's site on new immigrant loan programs and it does say "temporary workers". We are in the process of getting our PR through the provincial nominee program, but I am not sure we will have in within the next 6 months (I have heard that PR plays a role in getting credit). We do bank through RBC and have a secured visa through them. But, I would totally switch to Scotiabank if they offer more benefits to newcomers!

For the car salesman (MC) - the program you are talking about is Scotiabank...right? Have you seen anyone get loans as temp work permit holders or only perm residents/newly landed immigrants? What are the biggest factors in getting approved for a loan (income, PR, etc) when you have absolutely no established credit here in Canada yet? Do you think it helps if you have a huge downpayment? Would they be more likely to give you a loan (at a decent interest rate) if you put down 20-30% of car purchase price?

 

[MC]

Heyy jenni

Yes people on work permit can get a loan with 25% down till one year after the expiry of the visa and you can get into any Mazda.
Its through Scotiabank, Pls do remember that if you have no credit is fine it should not be bad credit.
Also when you get denied for credit at different places it hurts your chances of getting credit at this program to as it does show up that you tried at different places and you were denied. So you have to be careful.

Hope this was helpful.
Best of luck with the PR in the long run and getting a new car.

Manoo

 

[CharlotteJ]

Hmmmm ... why bother so much?

Come to Toronto and establish yourself here, you don't need a car to start with if you live anywhere around subway line and busses run frequently too.

Second, if you open a bank account at Scotia bank, they will help you get credit to buy a car.

My advisor wanted to know if I wanted to buy a car the day I was opening an account. Go to Scotia and avoid such "clever" sales technics.

MC, are you on Commission?

 

[jenni_usa]

Well, if they are only giving loans until one year after expiry...probably not going to bother. Work permit being renewed in July (can only renew it a year at a time) and we are in the process of doing our PR...which who knows how long that will take. Probably just wait until we get PR to apply for a car loan or just pay cash for a used car. Oh well.

 

[jenni_usa]

Has anyone tried to take over a car lease? Perhaps that might be a better option and easier to get approved for?

 

[MC]

Hey Charlotte

Yes I do work on commission, But sell cars only in Winnipeg.Not all over canada.
Also Its because I work in this field I know of a program that can help new immigrants like me.

Did u not like that someone is doing a honest days work and making money or just want to make things look bad for people.Its just sad.

Its a great program that can help people get a new car with warranty as low as 0% financing rather than buying a old beat-up with no warranty with 15 to 20% interest rate so it costs them as much as a new car in the long run but has very low value and life.
Also helps u built credit history. It is through Scotia bank, you can do it yourself or we can do it for you.

@Jenni You can go to Scotia bank or any Mazda dealer and the business office there will give you more detailed information on the leasing program or financing program. Best of luck with that.

Manoo

 

[clubcanada]

why would you buy a new car and get into a long-term financing (= DEBTS) right from the start? without a job and knowing whether you're going stay in Canada at all you should not get into this kind of committment.
I bought a pre-owned car after having it checked at a body shop. Overall I'm quite happy with my purchase. I strongly recommend not to spend money ("financing") that you do not have - even for 0% financing!!!
Also consider those high regular maintenance/services cost for new cars (otherwise the value drops) and insurance for new immigrants is crazy!!!

@ CharlotteJ : it depends where you live and where you work. most people in GTA will need a car to get to work as the coverage of TTC is very limited outside downtown.

 

[MC]

Heyy Club Canada

Thats a good point , dont get a car if you dont have a job.
To get financed you need a full time job for at least 3 months and you should not get into it if you are not sure u are going to live here.Also not everyone has enough money to pay cash down for a pre owned, so they have to get into financing on crazy high interest rates.with The interest rate the preowned ends up costing you as much if not more than a new car.

Also just one point I will disagree, its preowned cars are more expenses to maintain than new car's and what this program does is get people who want to live here in a new car which they can drive for a long time and give you more value when u sell it The most Important point start your line of credit which will help Built credit to buy a house in the long run.

People move here for a better and more comfortable life for that you need to have good credit.

Manoo