880 Walkers Line, Burlington, ON, L7N 2G2, Canada

Tips to Buy a Car as a New Canadian

Tips to Buy a Car as a New Canadian

If you have recently gotten your permanent residency or citizenship in Canada, welcome 😊

 

Something that most Canadians require to live a normal life is a vehicle.  Our Cambridge auto loans team has put together these suggestions that are going to help you buy a car as a new Canadian.

 

Have you changed your license?

 

Most of us get our license when we are 16-18 years old, if you got your license while abroad, you will need to convert it to a driver's license in whatever province you call home. You may have to do a written exam if you passed your license in any language other than English or French.

 

If you do not have a valid driver's license, you cannot go for a test drive which is crucial when trying to select the right car.

 

Establishing your credit

 

When you first got into Canada, you were issued a social insurance number (SIN), this number is used for tax purposes but it is also linked to your credit report. You should only give your SIN on official loan applications and not share it with anyone other than the car dealership.

 

Whenever you apply for a credit card, cell phone, or any other financial product where you are billed it will appear inside your credit report. If you pay all of your debts on time, all of the time then your credit score will be quite high.

 

There are applications available online like Credit Karma and Mogo to name a few, that let you review your credit score.

 

Credit scores range from 300-900 and you should aim for something above 680 but even if you are slightly below that score, you can get a car loan.

 

Picking the right car

 

Do you know what make/model car you want to buy? If you don’t, you can visit a local car dealership and explore your options.

 

You will need to go to a car dealership to get the financing for your new car, so why not schedule an appointment.

 

If you are not sure what type of vehicle is right for you, they can be broadly categorized as conventional which is your typical gas/diesel-powered car.

 

Hybrid is a combination of an engine and electric motor and all-electric or EV. There are no right or wrong answers, you just have to go on test drives until you find the car that you love.

 

After you have selected the car that you like, you will need to apply for financing. The whole process only takes a few minutes, once your credit score has been confirmed you will also need to bring your pay slips.

 

Something you will also need to work into your budget is the cost of auto insurance. All vehicles in Canada must be insured, the cost ranges and is based on your driving history and the value of the car.

 

The process of buying a car in Canada is very simple, and you will have an amazing experience by working with a reputable local dealership. The sooner that you reach out to the dealership, the happier you will be driving your new car so schedule your appointment with them ASAP.

 

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

 

For any questions or concerns, please don't hesitate to contact us here!

 

Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!

Categories: Auto Loan

Tags: ,