# Apartment/Car Downpayment



## snjm (Apr 22, 2010)

Hi All, 
I am travelling to Markham/Toronto next Tuesday. How much should I take with me to be enough for down-payments (give averages estimates)
-Apartment down-payment (2 bedroom )
-Car down-payment (used Japanese for instance, last three years model) Or Lease.

Thanks


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## EVHB (Feb 11, 2008)

If you are an immigrant with no credit history in Canada, you need at least a downpayment of 30 or 35%. That's what they told me in April, also in Markham.  So depending on how much you would like to spend on buying a house...
Or do you want to rent?

Car: sometimes it's easy, but most of the times as a fresh immigrant, it seems to be difficult to get a loan to buy a car. Maybe you can get a small one if you pay like 80% cash and can proove that you have a job contract (take the contract with you, to show them how much you are going to earn). I'm going to pay it cash (or take a 10% loan only to be able to start building a credit history).
Don't know about leasing a car.


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## snjm (Apr 22, 2010)

EVHB said:


> If you are an immigrant with no credit history in Canada, you need at least a downpayment of 30 or 35%. That's what they told me in April, also in Markham.  So depending on how much you would like to spend on buying a house...
> Or do you want to rent?
> 
> Car: sometimes it's easy, but most of the times as a fresh immigrant, it seems to be difficult to get a loan to buy a car. Maybe you can get a small one if you pay like 80% cash and can proove that you have a job contract (take the contract with you, to show them how much you are going to earn). I'm going to pay it cash (or take a 10% loan only to be able to start building a credit history).
> ...


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## EVHB (Feb 11, 2008)

To get an idea of the price of a used car:
Used Cars, Used Trucks, Buy Sell Ontario, Auto Dealers - AutoTrader.ca (prices do not include taxes!)


We are looking for a detached house, I have no idea about appartments. But you can get an idea of the prices at REALTOR.ca - Welcome
There's corporate housing in appartments (where you rent a furnished appartment) at Square 1 in Mississauga. I think they have a pool and a gym in the building, but I'm not sure. But Mississauga is to far to commute to Markham during rush hour. 
Don't know if there are condo's with these facilities to. Unfurnished. 
Why do you need to be these facilities in the building itself? Most of the time you can find a swimming pool, gym and kids playgrounds in the neighbourhood...

If you would like to rent a house, most of the time they ask that you pay first + last month before you start renting. And if you are an immigrant without credit history, often they will not even consider renting to you! Or they ask that you give them 12 certified cheques, monthly dated, whit the renting amount. Your bank then bloks this money on your account, and the landlord is sure that he will get his money every month.


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