Can you buy a car with no deposit ?
Mar 17th 2013, 7:03 pm
#16
Forum Regular
Thread Starter
Joined: Sep 2012
Posts: 39
Re: Can you buy a car with no deposit ?
Yep we had an unsecured line of credit on a TWP with Scotia Bank. Actually still have it but are PRs now and therefore could extend it and eventually could tie it to the house, once that is built.
We found Scotia were the easiest to deal with and the most flexible.
We first bought a rubbish old cheap car for cash, then set up mobiles and got a credit card and payed that in full each months which got us a good credit rating very quickly.. After a year we used the old car as a trade in and got a car loan with no extra down no problem.
We found Scotia were the easiest to deal with and the most flexible.
We first bought a rubbish old cheap car for cash, then set up mobiles and got a credit card and payed that in full each months which got us a good credit rating very quickly.. After a year we used the old car as a trade in and got a car loan with no extra down no problem.
Mar 17th 2013, 7:37 pm
#17
BE Forum Addict
Joined: Jun 2010
Location: Almonte, ON
Posts: 1,061
Re: Can you buy a car with no deposit ?
We moved on a TWP April 2010 and bought the old car then and traded it in April 2011, car loan no problem and got the Scotia unsecured line of credit early 2012. I guess we could have had it earlier we just never needed it and only got it when we started looking to buy. We only became PRs in September 2012.
Mar 21st 2013, 2:32 am
#18
Soulless bureaucrat
Joined: Aug 2006
Location: Ottawa
Posts: 361
Re: Can you buy a car with no deposit ?
We were able to buy a new car (Mazda) with $0 down at 0% finance via Scotiabank after being in Canada for around 9 months.
Dealership originally said it couldn't be done, but as we had already taken out a CIBC credit card a few months earlier, this seemed to be enough to pass the check.
The dealership heavily tried to bully us into putting money down, including saying that as new immigrants we couldn't possibly expect to get this deal etc etc.
After we threatened to walk, they caved, ran the numbers with Scotiabank and decided that they could actually do the deal after all.
This was back in 2007 and you may have a different experience, but just wanted to say that what you are told at first may not always be totally accurate.
Dealership originally said it couldn't be done, but as we had already taken out a CIBC credit card a few months earlier, this seemed to be enough to pass the check.
The dealership heavily tried to bully us into putting money down, including saying that as new immigrants we couldn't possibly expect to get this deal etc etc.
After we threatened to walk, they caved, ran the numbers with Scotiabank and decided that they could actually do the deal after all.
This was back in 2007 and you may have a different experience, but just wanted to say that what you are told at first may not always be totally accurate.
