Legal status in Canada  Newcomers to Canada need legal status, like a work permit, study permit, or permanent residency, to get a car loan.

Establishing credit history Get a Canadian bank account and credit card to establish a positive credit history in Canada.

Creditworthiness Lenders assess the borrower's creditworthiness, including their credit score, debt-to-income ratio, and payment history.

Employment and income stability Newcomers need to show proof of employment, like pay stubs or income tax returns, to get a loan and prove they can repay it.

Down Payment Vehicle down payments vary based on cost and lender policies. Some dealerships offer no down payment options.

Loan amount and terms Lenders consider income, credit history, down payment, and vehicle value when determining loan amounts.

Pre-approval process Getting pre-approved for a car loan is helpful for newcomers. It helps them understand their qualified loan amount before shopping.

Documentation requirements  To apply for a car loan, newcomers must provide ID, proof of address, and proof of income.

Co-signer or guarantor A co-signer or guarantor can help someone get a loan or improve their credit score by sharing responsibility for repayment.

Research and comparison  To find the best loan terms, compare options from multiple lenders by considering interest rates, repayment terms, fees, and eligibility requirements.

Professional Advice Financial professionals can assist with individual financial situations and loan applications.