Finance a New Car as Immigrant

[tata0692]

Hi
I moved to Calgary in march 2018 and planning to Finance a new car.
Does anyone have an idea of the interest rate applicable when i get a new car? My credit score is 695.

I went to the dealer and he told i will get 0% which i believe is not possible and if he does a hard check, its gonna hit my score which i dont want.
So, if there is anyone who recently got a car , any inputs would be welcome.

i am planning to put 25-30% of the MSRP of the car as down payment.

Thanks

 

[BC4life]

Hi
I moved to Calgary in march 2018 and planning to Finance a new car.
Does anyone have an idea of the interest rate applicable when i get a new car? My credit score is 695.

I went to the dealer and he told i will get 0% which i believe is not possible and if he does a hard check, its gonna hit my score which i dont want.
So, if there is anyone who recently got a car , any inputs would be welcome.

i am planning to put 25-30% of the MSRP of the car as down payment.

Thanks

Are you currently working? Having stable employment is more important to banks that your numerical credit score. If you are not working you are unlikely to be approved especially if your credit history is new.

You will not be able to avoid the hard check if you need a car loan, in fact more than likely you will have multiple hard checks since dealerships will send your applications to multiple banks in order to increase chances of approval and better rates.

 

[foodie69]

Hi
I moved to Calgary in march 2018 and planning to Finance a new car.
Does anyone have an idea of the interest rate applicable when i get a new car? My credit score is 695.

I went to the dealer and he told i will get 0% which i believe is not possible and if he does a hard check, its gonna hit my score which i dont want.
So, if there is anyone who recently got a car , any inputs would be welcome.

i am planning to put 25-30% of the MSRP of the car as down payment.

Thanks

Buy a $5000 car and avoid finance. There are other ways to get a good credit score.

 

[steaky]

The dealership also said 0 percent financing but the financial manager said the promotion rate was not better than thousands of $ in rebate. So I chose the rebate instead.

 

[tata0692]

Thanks for your input

 

[sid1987]

so each dealership on its own... i will give u example
Honda toyota easy to work with.. they might ask down or A+ signer but are good...
Luxury cars are pain.. for my Macan i had to give so many documents ... downpayment blah blah...

 

[MaryLee]

I am also of the opinion to avoid financing or leasing. You can get a good GRAND CARVAN around 8000

 

[canuck78]

Make sure to take any secondhand car to another garage and pay for an inspection before signing anything. Don't believe what sellers are telling you. Don't get a Caravan unless you need a van. Would go for a smaller or mid-sized sedan unless you need something bigger. Type of car also should vary base on where you are living. You should also invest in winter tires unless you live in some areas of BC especially if you have never driven in snow.

 

[canuck78]

The dealership also said 0 percent financing but the financial manager said the promotion rate was not better than thousands of $ in rebate. So I chose the rebate instead.

You only get the rebates if you are paying for the car that day. If you need to finance you can't get the rebates.

 

[sid1987]

You only get the rebates if you are paying for the car that day. If you need to finance you can't get the rebates.

Thats totally not true.... rebates and all depends ur capability of negotiating period.... rebates has nothing to do with financing options

 

[steaky]

You only get the rebates if you are paying for the car that day. If you need to finance you can't get the rebates.

Your dealership sucks. My dealership offers both finance and rebates to customers like me.

 

[sid1987]

Your dealership sucks. My dealership offers both finance and rebates to customers like me.

Agreed... in both my car and wife car brand new.. we got both

 

[canuck78]

Your dealership sucks. My dealership offers both finance and rebates to customers like me.

'

Rebates and negotiating the price of a vehicle are different. Rebates usually come from the manufacturer not the dealership.

 

[steaky]

'

Rebates and negotiating the price of a vehicle are different. Rebates usually come from the manufacturer not the dealership.

I did not negotiate the price. Again your dealership and/or manufacturer sucks!