It’s hard to imagine life in Canada without a car. For many new immigrants, transportation costs are their second-largest expense after housing costs. People often consider leasing a car, but this has some notable disadvantages. For one, you may have to pay extra if you exceed the allowable mileage. Also, you’ll have to return the car in the exact same condition you received it in. If you’re interested in buying a car but you don’t know much about which auto financing options are applicable to people with bad or no credit, the tips below are for you!
Banks and Credit Unions
A lot of banks and credit unions are now approving loans for borrowers who lack long credit history. But there are a few disadvantages in this new arrangement. For example, you may have to pay a substantial down payment for the loan, and this could be around 25% of the loan’s amount. When you’re new to the country and responsible for managing a handful of other important expenses, you don’t want to be spending a lot of money unnecessarily. Banks and credit unions also have very strict identification and employment requirements, and these could be problematic for immigrants who have complicated documentation.
Car dealers like us have been offering bad- and no-credit auto loans for a long time. We know exactly what new Canadians need when buying a first car. Applying for car loans is easy when you go through a dealership. All you have to do is fill out the online contact form, provide information about your employment history, and detail what your current housing situation is. The application process takes a few seconds, and best of all it can be completed online. If you’re approved, our representatives will contact you to discuss your options so you can get the process started.
Why Should You Choose Us?
As it was said earlier, banks may pre-approve you for a loan, but they consider several factors before doing so, including your debt/income ratio, the terms of the lending agreement, and your down payment amount. In comparison, car loans that come from a dealer are far less complicated. We offer a stress-free process, and you can make either monthly or bi-weekly payments. Our wide collection of vehicles is second to none.
If you have questions about getting approved for a vehicle in Canada or Nova Scotia car loans please call us or fill out the following for to get started: