How to Get a Car Loan in Canada as a Foreign Student?
As a foreign student, you always wonder if it is possible to get a car loan from a credit union, bank, or dealership. After all, having access to personal transport is essential, as it makes your life easier. You can make trips to the supermarket, go for an internship, and much more with a car.
Even if you are an international student, you can still get a car loan. It is quite easy, as long as you follow the steps in this simple guide:
Obtain a social insurance number (SIN)
Without a social insurance number (SIN), you can’t receive your salary in Canada. Also, you should keep in mind that SIN and work permit are two different things. Just because you have SIN doesn’t mean you can work in the country. Only after you get a work permit, will you have the right to get a job in Canada.
You need to submit the study permit, along with other documents, which prove that you are a student at a specific university. As you are an international student, your SIN will start with a 9.
Although this step isn’t necessary, having a source of income will make it easy to get a car loan. With your work permit, you have the freedom of applying for a variety of jobs. Make sure that the working hours don’t collide with your classes.
Maintain good grades
Again, not a necessity, but having good grades is a plus point, from an academic and car loan perspective. Certain lenders have programs for students who are excellent in academics. As a result, it becomes extremely easy to obtain a car loan.
Now that everything is in order, you can now start shopping for car loans. As you may not have a credit history, you should look for credit unions or dealerships that specialize in such situations. The best bet is to contact TakeTheDrive, a top-notch car loan provider in the country. It is always to pay off our car loans, as the monthly payments will fit into your budget. Also, you can select from a myriad of cars, ensuring that you will find the right vehicle!