# Financing a car



## Dixie (Jun 15, 2010)

Am I unlikely to be able to get approved for a car loan when I arrive? I am looking to put 50% down. I have the option to rent a car for 2 months at my companys expense, would 2 months of credit history help?


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## Auld Yin (Mar 10, 2009)

Dixie said:


> Am I unlikely to be able to get approved for a car loan when I arrive? I am looking to put 50% down. I have the option to rent a car for 2 months at my companys expense, would 2 months of credit history help?


It will be quite difficult, despite the 50% down. You could use these funds to purchase a good second hand vehicle.


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## JohnandSteph (Aug 28, 2008)

How long do you have to be there before you can realistically start obtaining credit? Does your credit history from the UK not count towards it in either a good or bad way?


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## Auld Yin (Mar 10, 2009)

JohnandSteph said:


> How long do you have to be there before you can realistically start obtaining credit? Does your credit history from the UK not count towards it in either a good or bad way?


I've read many posts on the matter and it appears the UK credit history is not available/used by lenders here. It is also more difficult if you're on a TWP vs if you're a PR. You could possibly/probably obtain a credit card if you secure the limit with cash for say one year, during which time you could prove that you have a good repayment record. 
I'm not saying that obtaining a car lease/purchase is impossible, just that it could prove difficult.


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## wyekoon (Oct 21, 2009)

just to share, I immigrated to Canada in last year and have only started working in the last for 2 months - my wife, only in the last month. OUr credit rating was build primarily through the use of credit cards since we were here

Recently, we applied for for financing for a new car (0% down) - and got approved. No harm done - the finance company may ask you to put down payment or build the equity of your car such as rust coatings, car alarms etc. 

Now is a good time to buy, because the new models (2011) for a number of brands are coming out soon and dealers are looking to clear existing/old stock.


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