New Comer to Canada

Everything You Need to Know About Buying a New Hyundai as a Newcomer to Canada

If you have just arrived in Canada and settled in the Mississauga region, we first want to welcome you! We also want to tell you a little bit about the different financing options that allow you to purchase a new or pre-owned Hyundai
vehicle and how automotive financing works for newcomers in Canada.

Here we will go over the options available, the documentation you need, and other relevant information that will help you purchase your first vehicle as a Canadian resident. If you have any questions, call us today, and our team of
financing specialists will be there to assist you every step of the way. We aim to make your first vehicle purchase in Canada as easy and stress-free as possible.

What documentation will you need to purchase a vehicle as a newcomer to Canada?

Different documentation will be required depending on your newcomer status in Canada. Here we take a look at the most common documentation requirements.

Permanent resident

  • Proof of permanent residency status: This can include a permanent resident card or an IMM 5292 form.
  • Proof of income: The proof of income is proof of employment from a qualified employer in Canada.
  • Proof of permanent Canadian residence: You must provide proof that you hold a permanent residence and address in Canada.

Foreign worker on temporary work permit or VISA

  • Proof of income: Like a permanent resident, temporary residents must provide proof of employment and income.
  • Work permit documentation: A work VISA with a determined expiry date or an IMM 1442 work permit form is required.
  • Valid driver's license: A valid Canadian driver's license will be required for a vehicle loan.
  • Proof of car insurance: You will also need proof of insurance when you come in to pick up your vehicle and sign the loan papers.

This is just an overview of the documentation required to apply for a vehicle financing loan as a newcomer in Canada. Our team will be happy to assist you in determining the documents you must provide to apply for financing based on your

What type of vehicle loan am I eligible for as a newcomer?

There are slight differences between traditional vehicle loans and loans for newcomers. That said, you have options at your disposal and finding the perfect new, or pre-owned Hyundai vehicle is a fairly easy process, even if you are new to
Canada. Here are some elements to remember when applying for a vehicle loan as a permanent resident or temporary foreign worker.

    Vehicle age:

    Depending on the financial institution, there are restrictions on how old the vehicle you are buying can be. The maximum age is usually ten years old, although some financial institutions will restrict pre-owned vehicle loans to models
    that are four years or less.

    Maximum loan amount:

    There may also be restrictions on how much you can borrow for your vehicle purchase. The maximum limit tends to be $75,000, more than enough to find the perfect new or pre-owned vehicle for your needs at 401 Dixie Hyundai.

    Maximum term and amortization:

    Again, there will be differences in maximum term and amortization periods for your newcomer automotive loan in Canada, depending on the financial institution that provides your loan. That said, the maximum term usually ranges from 60 to
    96 months, giving you some flexibility.

    Downpayment requirements:

    Most newcomer vehicle loans will require a downpayment, although each situation will differ. If a downpayment is required, it will usually be equivalent to about 10% of the total value of the loan.

Foreign worker on temporary work permit or VISA

We hope you have found the above information useful. Although it may seem like there are many considerations to account for when buying your first vehicle as a newcomer to Canada, the process is straightforward.

More importantly, 401 Dixie Hyundai will be here to guide you through the entire process and provide you with a detailed list of everything you will need while offering you a wide range of different financing solutions to fit your needs
and budget. If you are new to Canada, call us today and let our financing specialists find the perfect new Hyundai for you and get you the financing you need.

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    AutoCanada Newcomer