On work permit buying a car

[canadahelp7]

I am planning on buying a car and was wondering if there are issues in getting the finance approved from the dealer/bank if you are on WP with the PR application in process. If anyone have experience going through this process, please can you share the experience

Is it better to go for a new car as I am thinking of getting a used car for the time being.

Do you have any suggestion & what are the documents that must be submitted. Thanks very much.

 

[nevenj]

I would advise you to first check how much would insurance cost you

 

[rahul.tiwari]

Did you get any solution?

Old/New Car?

Lease/Finance/Cash ?

I am in same situation..& they refused to finance car as I have left 1& half year WP left & PR in process

 

[marsiangal]

I was still on work permit when I got my SUV last year. Sponsorship was also in process.
My sales agent, knew about the situation. And he did not include my SIN number with the application so the banks won't see it up front and deny it right away. It was sent to 5 different banks.(creditors) I think that is their normal policy so that the customer can get the best rate and can choose which one to go with incase multiple ones approve the financing. I got approved with TD and servus. Buy went with td because try didn't ask for any other documents.

i would suggest that you go to a dealership that is within a community that is known to have a lot of immigrants. They are more understanding and have more experience on our case that way.

By the way, it was a brand new vehicle, on financing with down payment.
They didn't look at my permit, I also have a good credit profile.

Hope that helps you.

 

[rahul.tiwari]

Thanks a lot..for quick reply.this really helped me.

By the way..for how many years did they finance? Was it more than validity of your current status in canada?
I will go & check again..meanwhile i am thinking about leasing new car & once i get the PR..i will finance the same car. I am ok with 24k km limitation. Otherwise i dont see any problem..please suggest.

 

[ajay93]

Did you get any solution?

Old/New Car?

Lease/Finance/Cash ?

I am in same situation..& they refused to finance car as I have left 1& half year WP left & PR in process

Hi Rahul,
Check Nissan,They Have A programme for New commers to the provience.
could help you i think so.
Best of luck.

 

[marsiangal]

Thanks a lot..for quick reply.this really helped me.

By the way..for how many years did they finance? Was it more than validity of your current status in canada?
I will go & check again..meanwhile i am thinking about leasing new car & once i get the PR..i will finance the same car. I am ok with 24k km limitation. Otherwise i dont see any problem..please suggest.

Hi, My financing is for 7 years 3% interest. That is because my credit is really good. (The finance manager in the dealership said this is the best anyone can get because I chose a really popular vehicle and It's a good way for me not to pay too much monthly.)Although it is an open loan and I can pay it off anytime I want. I am wondering maybe you got declined not because of your immigration status but because of your credit profile? Have you established one?

Also yes it was waaaay longer than the validity of my permit and they never even looked at it so they won't even know. I went to a GMC dealership.

I've also had a lot of friends that were able to get financing even when they were just on permits. Most of them went to Go Auto.

And you do know that you can try and go to different dealerships around the city right? Look for the one that can give you the best deal.
After all they don't make money if they don't sell. (pretend to walk away.haha.)

My husband said I should not get a lease cause I'd be paying more money in the end than what the car is worth, so I waited until I can have financing and stayed with my old vehicle until then.

Hope that helps!

 

[rahul.tiwari]

Thanks a bunch! Marsingal & Ajay for your advice..

Guess, I need to put some more energy & time here to find out the best deal.
They didn't check my good credit history at all.