jameswales

I've been here for 5 months - have a credit card etc that I am handling well in order to build a favorable credit rating.

I'm trying to get a car lease ($340 a month) and am being refused due to my virtually non-existent Canadian credit rating. I could use a co-signer, but don't have anyone here who can.

Is there any way to improve my credit score quickly, or do I just need to sit out for a few years and wait for it to improve?

CanadaJimmy

Hmm, did they not offer any alternatives like an additional security deposit or anything like that?

Improving your credit rating does usually just take getting a secured credit card or secured line of credit and waiting unfortunately.

alexisatk

Check with ScotiaBank they are supposed to have a special car loan for new immigrants where you have to have a larger downpayment.

http://www.scotiabank.com/cda/conten....html#autoLoan

Tangram

Very strange. I was here a month on a work permit and managed without much query to lease a brand new Mazda CX7 for about $600 I think straight from the dealer with a $1000 down.

Alan2005

If this was pre shtf in 2008 then it's not really comparable. Credit market is different innit.

sinurt

We managed to lease a car within a week of getting here in march 2008 with no money down and I was on a twp. They must have really tightened up since then!! I hated having to lease and would rather have bought but it was the only option available to us then.

Lorna999

We arrived in May 2010 and got offered a car lease sraight away. We are on a 2 year TWP, so they were only happy to give us the lease over 2 years so payments are steep, but at least we got something!
Good luck!