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How to Buy a Car as an Immigrant in Georgetown ON

How to Buy a Car as an Immigrant in Georgetown ON

The population of Canada has changed dramatically in the last 10 years, and will continue to do so. Our economy is reliant on immigration and if you're new here, you probably want to buy a car as an Immigrant. Our Georgetown auto loans team can help.

 

This may be your first time financing a major purchase here in Canada, and you may feel slightly apprehensive about it.

 

We are going to provide you with a simplified overview of how car loans work in Canada, and how you can get the best terms possible when you buy a car as an Immigrant in Georgetown.

 

Are you employed, self-employed or both?

 

To begin, we need to better understand how you generate your income. Do you work for a single employer where they pay you a regular salary or are you self-employed?

 

There is also a growing number of Canadians that function as a hybrid of employed but also have a sideline source of income where they are self-employed (example would be an uber driver).

 

Lenders will trust but verify everything

 

Lenders who issue car loans in Georgetown require different income verification documents depending on whether you are employed or self-employed.

 

The simplest type of application is when the borrower is employed full-time.

 

All you have to provide the lender is your pay slip. The pay slip shows your total income and it is easy for the lender to verify.

 

If you are self-employed, lenders require a considerable amount of documentation to calculate how much income you are receiving.

 

What lenders will look for is your income tax assessments to make sure your taxes are current. Also, prospective lenders are going to look at your bank account statements, to get see how much cash your business is producing and whether the income is stable.

 

You must provide these documents, or the lender will not be able to move forward and approve your application.

 

Most Canadians are carrying some type of consumer debt and have a credit score. Your credit score will determine whether you can get a car loan, you can find out your credit score for free by using Credit Karma.

 

You will need a credit score over 620 to get any type of decent car loan in Georgetown but ideally, you need a 680 if you want the lowest interest rates.

 

If your credit score is over 700, you may qualify for zero percent (0%) financing, but that is only for certain cars.

 

Where to find car loans

 

You have a variety of different channels to access car loans in Georgetown. Online is one way to get a car loan, but the interest rates are going to be higher than what you would find by going through a car dealership.

 

Local car dealerships have the ability to secure car loans at wholesale rates, these lower rates will help you save money throughout the life of your car loan.

 

The same local car dealerships, has an inventory of great new and previously owned cars you can choose from. By going through a local dealership, you will have complete peace of mind knowing everything is done properly when you buy a car as an immigrant in Georgetown for the first time.

 

We will use all our skill and experience to deliver the lowest possible Georgetown auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

 

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Categories: Auto Loan

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