We walk newcomers to Canada through the car-buying process, from determining what kind of car is right for you to signing the paperwork.
Purchasing a vehicle can be an exciting but overwhelming task, especially if you are new to the process and have just arrived as a new immigrant to Canada.There are so many things to consider - what type of vehicle do you want? How will you finance it? Is this your first car? What documents do you need? But don't worry - we're here to help! Our guide will walk you through the process step by step, from determining what kind of car is right for you to sign the paperwork. We'll ensure that by the time you drive off the lot, your new car is exactly what you wanted.Browse Inventory
First, to purchase a vehicle in Canada, you will need a valid driver's license. The government of Canada allows newcomers to use their home country's driver’s license for a short period. However, rules vary depending on the province you live in.If you're new to Canada, you may wonder what the process is for getting a driver's license. The good news is that the process is relatively straightforward, and as long as you have a valid driver's license from your home country, you'll be able to use it for a short period. However, rules vary depending on the province you live in, so it's important to check with your local government to determine the specific requirements. In most cases, all you'll need to do is pass a written exam and perhaps an on-road driving test before being issued your Canadian driver's license. So don't worry - you’ll behind the wheels of your new or used car in no time!Another important document you'll need as an immigrant in Canada to buy a car is a 9-digit social insurance number (SIN). All newcomers and permanent residents must have a SIN in order to work in Canada, and you'll need one to open a bank account as well.
If you have the documents above, you will also need to consider the following items.
A great question to ask yourself when purchasing a vehicle is to figure out why you are buying it. Some may be purchasing to get around town faster and easier, or others might be purchasing it for leisure. First and foremost, determine the purpose of your vehicle. Are you buying it for transportation purposes or leisure? This will help narrow down your search significantly.
Next, consider your budget. How much can you realistically afford to spend on a car? Remember that you'll also need to factor in additional costs like gas and insurance when creating your budget. So keep these in mind when considering the purchase price of your vehicle.
Finally, decide whether you want to buy a used or a new car. There are pros and cons to both options, so be sure to weigh them carefully before making a decision. Used vehicles are cheaper, but new vehicles have lower maintenance. You can also consider the amount of driving experience you have and how comfortable you are on the road. This decision will also help you to navigate if purchasing from a car dealership or a private seller will better suit your needs. Ultimately, it’s up to you to decide which route makes the most sense for your budget and driving needs – but don’t forget to factor in all the costs before making your final decision!
When purchasing a vehicle, you have a few different financing options available to you. You can take out a car loan directly through a bank or dealership, or you can use your own personal funds if you have the means to do so.If you opt to take out a loan, there are a few things that lenders will look at to determine if you qualify. Your credit score and credit history are one of the main factors that will be considered. If you have good credit (link to vinn blog if there is one), it's more likely that your loan will be approved. However, even if your credit isn't perfect, options are still available to help you get financing for your new vehicle.One way to improve your chances of getting approved for financing is by ensuring that all of your financial obligations are up-to-date and in good standing. This includes paying off any outstanding debts and keeping up with regular payments on time. Additionally, having some money saved up for a down payment can show lenders that you're serious about making this purchase and willing to invest in it yourself. It will also decrease your monthly car payment.No matter what route you decide to go when financing your new vehicle purchase, doing some research ahead of time can help make the process run smoothly and increase your chances of getting approved for the loan amount that you need.The next step is ensuring you have money to pay for the vehicle. As a borrower, you will need to provide proof of income that pays at least $1700-1800/month. This can be proven via direct deposits through your bank account for the last three months of your work history.If approved by the lender, you will be able to finance a vehicle. Financing a vehicle is when you borrow money and pay it back over a period of time through monthly payments. Interest rates usually vary depending on factors such as credit score and employment history. It's usually good to put down a down payment of (~ 20%) which can lower your monthly payments and interest rate.At VINN, we work directly with you to guide you through the process of finding a new car. Our vehicle experts will work with you to ensure that you get the best value for the right car, and you can also browse our inventory.Happy driving!
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