wegotserved

Hi

We're planning our relocation to Waterloo, ON later this summer and I'm in the process of researching car purchases and the evergreen issue of zero credit history.

We'll look at a variety of options for getting our Canadian credit history going, including transferring our Amex cards over - however, having purchased two cars previously with Ford directly using their Ford Credit product here in the UK I was wondering whether a Canadian Ford dealership would take this into account when evaluating a credit offer.

Anyone have any experience of this?

Thanks!
Terry

scrubbedexpat091

Not sure about UK to Canada, but back when I first arrived in Canada from the US, I had previously had a car financed through Ford for 5 years, paid off and in good standing, but it was of no benefit once in Canada.

However, I didn't find it difficult at the time (2006) to get financing with limited credit, but the interest rate sucked.

withabix

Might be worth investigating the Scotiabank Startright bank account package.

They have an Auto Finance programme for newcomers:

http://www.scotiabank.com/ca/en/0,,5208,00.html

Doesn't include Ford though.

I haven't tried it myself - I had the benefit of a company truck as soon as we came over and we also brought a Defender over in our sea can (sorry, 'shipping container').

We are about to buy a car, but haven't investigated finance as I'm probably going to pay cash.

We converted an Amex to a Canadian one. It does take about a month and they won't do it until you are here and require info from your Employer etc first.

Scotiabank gave us a credit card, but (as with all the banks) the initial limit is useless - $500...

colchar

I don't have info to offer on the car and credit issue, but I lived in Waterloo for ten years and am still back in KW very regularly so if you need any info let me know and I'll help out as best I can.

R I C H

That's not strictly true. Banks will provide credit according to your risk profile. I got almost interest free (0.5%) leases/loans on vehicles and equipment within a short time of arrival. My first credit card limit was 5 figures. Develop a decent relationship with your bank and negotiate.

Aviator

I got a five figure limit on my first card before I had moved to Canada. RBC gave me free banking for a year, that turned into 3 years. Had no issues with cards or banks, no deposits required and I did not have a Canadian address at the time, I used my UK address. Did not bring a UK credit history with me, never really thought about it.

I did get turned down for interest free credit on a TV though.

All depends on the individual and the risk.

withabix

Maybe I just need to point out the error in their ways.

I don't NEED the credit limit, but I NEED the creditworthiness for the future I guess (and then there are the associated Points etc, which you don't get paying Interac).

Perhaps I should point them to my deposit account balance and see if that gets me a five figure credit limit.

It should.

Meanwhile, the Amex gets a decent beating every month, but not everyone takes that.

dbd33

'most everyone. The only purchase I've recently for which a credit card would be all appropriate and for which they wouldn't take Amex was at Pet Valu; otherwise I charge everything to it.

wegotserved

Thanks all - I've emailed a few dealerships at this end and they're checking with Ford Canada centrally to see what the rules of the game are. Will report back when I hear....

@colchar - thanks for the offer. Will take you up on it for sure as we continue researching the area.

R I C H

A Ford dealer may offer you a lease or credit facilities via a myriad of financial providers, such as Ford Credit, Bank of Montreal, Mazda Financial Services, Lincoln Automotive Financial Services etc etc.

Until you're in front of a finance manager, with a deposit ready to pay and a credit check to perform, you're unlikely to know what's likely to be offered or made available to you.

Tirytory

We pitched up and got two 4x4 leased to us, with an in house deal- in house only because we wanted to lease them for a year.

Scotia credit card is a measly $1000, pretty useless. There is a lot of account swapping going on at the moment!