New to Canada Vehicle Financing

Are you New to Canada and want to finance a vehicle? Here is what you need to know. 


Bank of Montreal
National Bank


Some banks offer a New to Canada program to assist newcomers to finance a vehicle and establish credit here in Canada. Newcomers qualify for these programs in the first three years after they enter the country. Each bank has slightly different requirements. One of our Approval Center Representatives would be happy to guide you through the process. Below is a brief summary of what you need to qualify for financing as a newcomer. 


  • You must be employed full time and be earning a minimum of $2200 monthly before taxes to qualify. 

Down payment 

  •  In most cases you must provide a down payment of 25% of the total amount to finance

  • For example – if you are financing a $15,000 vehicle you must put down 25% of $15,000 +HST and licensing which is approximately $4400.00

Term of the loan 

  • The term of the loan is limited to the time left on your CURRENT work visa. 

  • Some banks will extend the term to double the time remaining on your current visa to a maximum of 60 months.  To qualify for the longer term, the vehicle must be 4 years old or newer.  

To apply for financing, you will need:

  • A copy of the front and back of your valid work visa / PR card 
  • A letter of employment 
  • Two recent pay stubs 


You can apply online here, it’s fast, free and easy or call into our Approval Center and speak with a representative.


Start Shopping

***Applicants on Student Visas do not qualify for financing on their own. You must have a qualified landed cosigner in order to apply***