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New Immigrant, where to get a decent car loan?

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bonsai

Star Member
Oct 24, 2009
132
1
Hello,

So I finally got a job after a month of passing my Nursing exam. Problem is I need a car badly haha. I am looking at a Honda civic 2012 or a Hyundai elantra 2012. I don't want a 2nd hand because my cousins cars are all 2nd hand and they always need to fix it and I don't like that headache. Question is what company or bank willing enough to finance my car. I am thinking of putting a down payment of 10,000 and the rest get it financed. This is my situation.
1. I don't have a credit card yet here. I have been here for 3 months and I don't have one yet. Obviously, no credit record yet.
2. I just got a full time job offer and I will start this September 12.

Do you guys know any banks, auto dealers or even a credit union who gives car loans to new immigrants? Greatly appreciate the help. Thank you.
My next problem is, an apartment. I am living with my aunt right now but I don't want to overstay my welcome. But that's another thread after I fix this :p
 
It would be very difficult for you to get financing unless you have somebody to be your co-signer. You said you have cousins there so getting a car for you is just a piece of cake.
 
Yes but as much as possible I don't want to make them my cosigners. I don't think anyone would want to be a cosigner haha. I saw scotia banks offer for car loans for new immigrants sadly I don't see any Honda dealers connected with them.
 
Being a co signer is not a big deal, if they think that you could pay your installments on time. Its a matter of trust only. This is only a good and cheap option for you. I also came across such problem and since i dont had any body to be my co signer I had to buy car on cash.
 
Have you talk to your car dealer whether you are eligible for financing? If you show them you earn great income (in Canada or elsewhere), they might approve your eligibility (even you a new immigrant).

Being a cosigner is acting like a guarantor. If you are in default payment, the cosigner/guarantor might have to pay on your behalf.

BTW, you can check local newspaper for room available or craglist for listings.
 
Ok I shall try all your suggestions. Thank you and I shall update you guys about it. I probably should first get my 1st pay stub and see how it goes from there :p
 
wow so I was right, credit unions will give you better car loan interest. I'll check that out. I just hope they give me a loan. When I was in Texas, I only started working for a month and they already gave me a car loan, it was fast. I hope its the same here.
 
Hello guys,

Just an update, I actually got a 1.9% apr from a dealership. It's so funny because I know car dealerships usually have the worst apr ever and I did not even have to get a cosigner. I bought a honda civic and will get it this Monday. My down payment is half of the price though so I think that helped and you have to show a steady income. I did not even get my 1st pay check yet so I was surprised myself. Thanks for all the suggestions!!
 
bonsai said:
Hello,

So I finally got a job after a month of passing my Nursing exam. Problem is I need a car badly haha. I am looking at a Honda civic 2012 or a Hyundai elantra 2012. I don't want a 2nd hand because my cousins cars are all 2nd hand and they always need to fix it and I don't like that headache. Question is what company or bank willing enough to finance my car. I am thinking of putting a down payment of 10,000 and the rest get it financed. This is my situation.
1. I don't have a credit card yet here. I have been here for 3 months and I don't have one yet. Obviously, no credit record yet.
2. I just got a full time job offer and I will start this September 12.

Do you guys know any banks, auto dealers or even a credit union who gives car loans to new immigrants? Greatly appreciate the help. Thank you.
My next problem is, an apartment. I am living with my aunt right now but I don't want to overstay my welcome. But that's another thread after I fix this :p
Click to expand...

In which city you are ?
 
I am in Vancouver and got Honda Civic over 3 years ago with 1.9% too. It is paid up.
I will buy a new one soon with the same loan conditions.

But American dollar goes up may be for 3-4 more month.
It means that Honda could decrease it's rate soon. Time will tell.
 
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