Guide For International Students To Buy A Car in Canada
In Canada, you should have little difficulty obtaining a car loan as an international student. In a new country, you need to focus on doing well in school, making new friends, and acquainting yourself with the culture. The last things you should experience are unreliable auto dealerships and banks, as well as rush hour buses and late classes.
Getting a car loan as an international student can be more straightforward than you think. If you meet the following criteria, Approved Auto Loans can provide financing to all international students. Getting a new car could be as simple as counting to three. Just follow these 3 simple steps:
1. Obtaining your Social Security (Insurance) Number i.e. SIN
Your first step should be to obtain a Social Security Number (SIN) if you don’t have one already. It is necessary to be able to receive payments in Canada. To get a job, you will need a work permit. However, this permit does not allow you to work all by itself. However, you’ll need a SIN before you can apply for a permit.
A student identification number will be issued once you provide proof of being a student in Canada. The social insurance number you receive begins with a 9 if you are a temporary worker or international student (temporary residents receive temporary social security numbers starting with nines).
Fortunately, Service Canada makes getting a SIN pretty straightforward. You only need to gather the necessary documents and then visit the nearest Office of Service Canada to complete the process. Your SIN will be issued before you leave the building, as long as everything goes well. Simple, isn’t it?
2. Talk With Us About Auto Financing in Canada
As soon as you have your SIN, you’ll probably be able to get a car loan in Canada. A speed bump will appear here: you don’t have a credit history in Canada as a new student. In turn, banks and most dealerships have difficulty providing you with financing for a new car. If you lack a credit history, they aren’t sure if you can repay your loan when it is due.
But don’t worry, we at Approved Auto Loans are here to assist you.
To find a solution for international student car loans in Canada, we need to consider three major problems:
- The expiration date of the student permit
- No proof of income
- Insufficient credit history
The good news is that we can work around each of these problems.
3. We Work on Getting You a Car Loan
Expiration Date of Your Work Permit: To determine whether the term of your financing doesn’t exceed the expiration date of your student permit, we must determine your student permit expiration date. You must pay off the loan we give you for a new car in full within four years if you’re going to be studying in Canada for four years. Fortunately, it isn’t too difficult.
In the absence of proof of income: Full-time enrollment in medical and post-doctoral programs can provide a great deal of assistance in overcoming the lack of income. Car financing becomes much easier while studying at a medical or Ph.D. program in Canada because the income stream you receive from foreign governments is more predictable. If you are one of these students, great! This is a major plus for you. Despite not being approved, Approved Auto Loans can still help you!
Having no credit history: You should put down a large amount of money when you get your loan as an international student to get approved for auto financing. With Approved Auto Loans, you can finance any vehicle with 0% down payment in British Columbia, Canada.
With Approved Auto Loans, you can get an International Student Car Loan in Canada
Canada does not offer structured programs for student car loans. Instead, we treat each situation individually. However, we finance more international students than any other company in Lower Mainland, BC Canada, and a large part of our success has been the ability to offer car loans to people with bad credit or no credit.
Getting a car loan in Canada is a great way to establish a credit history if you plan to remain here for a few years while you study. If you plan on staying here and buying a home, you will find this extremely valuable.
Don’t schedule inconvenient, long school trips. Get approved for a car loan with Approved Auto Loans! We’ll get you approved quickly.
With Approved Auto Loans, you can choose from over 1000 vehicles. In addition to Honda, Volkswagen, Toyota, Hyundai, KIA, and many others, we work with all brands. So, whatever you want, we can provide. For a competitive price, too.
As an international student in Canada, you can apply for a car loan today. We’d be glad to assist you.