If you are new to Canada, chances are you will need a car. Having a car can make adjusting to a new life in Canada much easier than you think. Trips to work, school, going sightseeing or simply getting groceries can be much easier and time efficient if you have a car. Here are some answers to questions that will help make getting a car in Canada that much easier.
Do I need a Canadian Driver’s License to buy a car in Canada?As long as you’ve been given a Social Insurance Number (SIN), have a Canadian government issued photo ID (ex: BCID) and have a valid driver’s license from your country of origin, you’re eligible to finance a vehicle. For most situations, your current driver’s license from your country of origin is [...]
Subprime auto loans are a fancy term to describe high lending rates.
They are higher than prime lending rates which means you have to pay more interest than a regular or “Prime lending rate”. These exist because in case you don’t have a decent credit score, banks and other lending institutions simply don’t trust you enough to offer you money and feel confident that they will get paid in full.
It is pretty clear to see the problem. Life can get messy and getting hit with unexpected expenses or debt can seriously affect your credit score leaving you with a tarnished credit score that really stacks against you.
We will take a look at: types of credit, what affects your credit score, and how you can help raise your credit score.
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