NorthWestGuy

Hello all,

I'm currently on my 2nd work visa here in Ontario. I have a full time job and I'm currently in the final stage of getting my Provincial Nomination.

I'm just wondering what experience people have had in the past getting car financing while on a work visa? We purchased a car 2 years ago on finance and had no issues, we have a good history here in Canada but are struggling to get financed this time round.

Any information on credit limits, or information on banks which have helped you would be great.

Thanks in advance.

plasticcanuck

Have you contacted the finance company you dealt with first time around?

Engineer_abroad

I know many credit lenders will limit the terms of loans to the expiry of the current work permit, so if you are towards the end of your current work permit this may be the issue.

Sounds like you should probably talk to a broker with all your PNP paperwork and see if they can work something out for you.

NorthWestGuy

Thank you for the advice, it worked a treat. I got a letter from my immigration solicitor explaining my situation and the likely hood of my approval.
The bank did a full 360 and accepted the proposed financing.

johntheScot

I got 4 years finance with 2 years left on my WP. The question never came up if i was a PR or not and there is no way for them to find out your status. don't lie if asked but don't volunteer any information.

The loan is secured on the car so it makes no difference to them.

Aviator

Depends on how much you borrow, cars depreciate, so often the asset is worth less than the loan, it can get stolen, crash, a mobile asset as security is not a good one. In default, the resell value at auction is a fraction of the cost.

Banks are in the business of money, not collecting and disposing of vehicles.

johntheScot

sure but the guys who sell the finance at the dealers only want their commission could not care less about much else.

may be different if you are trying to borrow 80k for a bmw rather than 25k for a chev

Aviator

The OP seems to be using a bank, not dealer financing and banks don't give commissions for lending, they are looking for security.

Dealers don't sell financing either. They fill in the forms and it goes off to the finance company for verification and approval. Dealers make their money on the up sells, insurances and all the other stuff you don't need for your car, but buy anyway as its only a few dollar a week more!

johntheScot

The op seems to have got their situation sorted


dealer finance people are finance brokers, brokers get paid commission


New FCA rules announced today mean commission disclosure for car dealers selling finance


they then try and make even more on the up sells as you have said.