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823 Regent Ave.W, Winnipeg, MB, R2C 3A7, Canada
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Mon - Thu 9:00AM - 9:00PM
Fri - Sat 9:00AM - 6:00PM
Sun Closed
Dealership hours of operation
Mon - Sat 9:00AM - 5:00PM
Sun Closed
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We want your vehicle! We're buying today! Click here for a trade valuation

How to prepare for car purchases as newcomers

How to prepare for car purchases as newcomers

Buying a car can be one of your first significant expenses after you settle in Canada. Here is some information that can make your car purchase experience smooth.
Research before buying.

  • Check the car dealer’s websites for safety information, price comparison, performance, and customer reviews of different models. In this way, you can narrow down your favorite choices before you start to see the vehicle.

Decide whether you want a lease or a car loan.
In Canada, People generally borrow money to buy a car. The two most common financing methods are obtaining car loans or signing lease contracts.

  • Car loan: You can borrow up to the full amount of the car price. After you pay off the loan, you will own the car completely.
  1. If you plan to use the car for more than five years, a loan may be a suitable option. In general, people will apply for a loan from the bank they have. But new immigrants may not have the best credit score to get approved for a bank loan. However, there are over 3,500 car dealers in Canada. Most of them have an in-house financing option for people with a lower credit score.
  2.  The loan will be repaid within a set time, usually one to five years.
  3.  You can pay off partial or full borrowing at any time.
  • Lease: You do not own the vehicle, but you are responsible for all repairs and maintenance during the leasing.
  1. If you like to get a new car every two or three years, leasing is for you. You will pay a monthly amount to the rental company for a specific period (usually one to five years). At the end of the lease contract, you will need to return the car or pay off the rest of the price stated on the lease agreement.
  2. Leasing cars usually have an upper limit on the mileage you can drive each year. You will be charged for the excess mileage.
  3. The car must be maintained regularly.

Understanding your spending habit and set up a reasonable budget.

  • It would be best if you did an all-round analysis of the payment which you can afford (including fuel costs, insurance, parts, and maintenance cost).

Get a car insurance quote.

  • You must get a car insurance quote before buying a car in Canada.

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