Car Loan for student with $40K income

[badalpharm]

Hi There,

I am on student visa in Canada. I am a PhD student and have $40K scholarship. I have a T4a for that.

I have 3 credit cards, I am here since last 10 months.

My question is is it possible to get a car loan?
I checked with all major bank, but the pre-requisite for this is PR.

Can someone guide me here?

 

[seton]

Most banks won't give loans to temporary residents (ie non citizens and PRs) unless it is secured by an investment. You might have better luck with a smaller institution (for example, credit union), but in their eyes it is extremely risky to loan to temporary residents.

 

[Mike_Thompson]

Drop me an email for some advice. Otherwise get a co-signer with a non temporary SIN. Also, there are some lenders whom are outside this box that will give a loan with a substantial downpayment towards the purchase. If you want the best deals, you need that PR pass.

 

[MarkDavidson]

I think it is somewhat difficult to get a title loans for a car when you have permanent residence in Canada. Many government banks won't allow or can say it is against the rule. But, some private finance companies can provide a car loan if you produce any proof to them.