{"id":5793,"date":"2020-08-25T17:55:06","date_gmt":"2020-08-25T17:55:06","guid":{"rendered":"https:\/\/www.carpages.ca\/blog\/?post_type=cp_guides&p=5793"},"modified":"2021-07-12T15:49:11","modified_gmt":"2021-07-12T15:49:11","slug":"car-financing-international-students","status":"publish","type":"cp_guides","link":"https:\/\/www.carpages.ca\/blog\/car-financing-international-students\/","title":{"rendered":"Car Financing For International Students: The Complete Guide To Buying A New Car In Canada"},"content":{"rendered":"\n

<\/p>\n\n\n\n

If you’re an international student in Canada, owning a car can do wonders for your day-to-day needs. Investing in a vehicle offers maximum convenience as you travel to and from school, plus it gives you the freedom to be more independent. <\/p>\n\n\n\n

There\u2019s just one big problem: getting a new car presents you with some challenges, including finding the funds to make an official purchase.<\/p>\n\n\n\n

Getting your first car<\/strong><\/a> as a student is a big deal and the process can seem intimidating if you don’t know where to start. The good news is that you can get yourself a car without breaking the bank or going through the hassle of building credit!\u00a0<\/p>\n\n\n\n

Get ready to say goodbye to public transport and say hello to epic road trips<\/strong><\/a> and street cruising! In this guide, we’ll give you an in-depth look at car financing for international students in Canada.<\/p>\n\n\n\n

Qualifying for Car Financing as an International Student<\/h2>\n\n\n\n

Getting a car loan means that you need to meet some important eligibility criteria like good credit history, a social insurance number, and other relevant student documentation. Once you have everything ready, you’ll be ready to submit the requirements along with your loan application.<\/p>\n\n\n\n

Car loans for students don’t always have the same interest rate and loan term, so it’s important to find the right loan type for your situation. To help you gather more information about student loans for cars, let’s discuss some auto financing options and other helpful tips for completing auto loan applications.<\/p>\n\n\n\n

\n Find Great Rates and Get Approved Today<\/span>\n
\n Car Financing Canada<\/a>\n <\/div>\n<\/div>\n\n\n\n

Getting your Social Insurance Number<\/h2>\n\n\n\n

You can’t get a student car loan without a social insurance number, so make sure you secure one beforehand. This is crucial for purchases over $10,000 since they need to be filed at a local revenue agency for taxes. Once you have a SIN, you can get a work permit and start applying for a student car loan while enjoying government benefits. <\/p>\n\n\n\n

At this stage, you’ll have to provide paperwork from your school to prove that you’re enrolled. Once you’ve got all your documents, you can find a Service Canada<\/strong><\/a> location near you. Take note that international students may only secure a temporary SIN if they aren’t a permanent resident just yet. Once approved, your SIN should be given to you on the same day.\u00a0<\/p>\n\n\n\n

Have a Driver’s License<\/h2>\n\n\n\n

Before getting a car loan and buying a vehicle, you need to apply for a driver’s license. In case you don’t have any previous driving experience, you’ll need to take the vision test, knowledge test, and road test at local government institutions. If you’ve already been through this process in other countries, you can present your international driver’s license to get it verified for authenticity. <\/p>\n\n\n\n

Applying for Car Financing without Credit History<\/h2>\n\n\n\n

If you’re worried about your credit score as a student, there are ways to make vehicle purchases without going through traditional lenders or banks. Car dealerships are the top choice for students on a budget since they offer great quality vehicles at a lower cost and interest rate. To boost your chances of loan approval, it helps to request a recommendation letter, a record of your good grades, and an indication of what course you’re taking.<\/p>\n\n\n\n

The loan terms may vary depending on the vehicle price and the amount you need to loan. Usually, international student loans can range anywhere between $15,000 to a maximum of $20,000, which means used cars are the ideal way to get the best value for your money. You should also remember that securing auto insurance is mandatory for auto loans and purchases.<\/p>\n\n\n\n

Student and Work Permit<\/h3>\n\n\n\n

For car loans, students will need to present a student permit and a work permit. A study permit must be issued by the Citizenship and Immigration<\/strong><\/a> Canada office to provide confirmation that you\u2019re eligible to study in the country. Just a quick disclaimer: make sure that the expiry date of your study permit doesn’t exceed the total length of time it’ll take to pay off your loan. By law, it’s your responsibility to make sure you don’t risk running into unpaid debts.<\/p>\n\n\n\n

To secure a work permit, you’ll need to ask permission from the school to work on campus, off-campus, or as an intern. Follow the guidelines from the Canadian embassy<\/strong><\/a> and you should have no problem getting the documents you need to start working and earning income. Once you start making money, you can gradually build your credit score in preparation for a student\u2019s car loan.<\/p>\n\n\n\n

Proof of Income<\/h3>\n\n\n\n

If you\u2019re a part-time working student, you have to provide proof of employment and income from any companies that you work for. You should also provide more details about your bank account to prove that you’re earning a regular salary during the loan assessment. Of course, it\u2019ll also help to start a savings account with a few thousand dollars or start collecting any documents that indicate you’ve been paying your bills.<\/p>\n\n\n\n

If you don’t have a job, it’s time to consider thinking of ways to earn money so you can make your payments to the dealership without using a credit card. This helps you avoid high-interest rates and take care of maintenance if you encounter any issues with your vehicle.<\/p>\n\n\n\n

Putting a Down Payment<\/h3>\n\n\n\n

Finally, paying a large cash down payment for your new car acts as a security deposit for the car dealership. This will make sure you pay according to the agreed plan while decreasing your bottom line in the long run. By paying a bigger percentage of the loan, you’ll have the chance to settle your balance sooner and avoid penalty fees from the dealership. <\/p>\n\n\n\n

Once you’ve taken care of the down payment, you can expect to pay less every month and add your new car purchase to your growing credit history. Be ready to pay at least 60% upfront to make sure your loan is guaranteed at all costs. <\/p>\n\n\n\n

At the end of the day, car financing for international students isn\u2019t as difficult as it seems. Just follow the steps we\u2019ve outlined and we guarantee you\u2019ll have no problem getting student car loans in no time!<\/p>\n\n\n\n

\n Find Great Rates and Get Approved Today<\/span>\n
\n Car Financing Canada<\/a>\n <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

If you’re looking to buy a new car as a student, there are some important things you need to know about the process. In this guide, we’ll give you everything you need to know about car financing for international students in Canada.<\/p>\n","protected":false},"author":38,"featured_media":5796,"template":"","categories":[1,2],"class_list":["post-5793","cp_guides","type-cp_guides","status-publish","has-post-thumbnail","hentry","category-guides","category-popular"],"acf":[],"yoast_head":"\nCar Financing For International Students: The Truth About Student Car Loans In Canada<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.carpages.ca\/blog\/car-financing-international-students\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car Financing For International Students: The Truth About Student Car Loans In Canada\" \/>\n<meta property=\"og:description\" content=\"If you're looking to buy a new car as a student, there are some important things you need to know about the process. 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