If you are an international student in Ontario and just looking to buy a car, here’s the right guide for you. It will be very continence for you to make trips to work, school, and grocery shopping if you have a vehicle, especially in Ontario. International Students Buying a Car in Ontario, Canada, you will need to deal with dealerships, banks, and insurance brokers, but it’s not as difficult as it first sounds.
Getting a vehicle may be easier than you think, as an international student in Canada, driving to class in style has never been so easier!
Steps for International Students buying a car in Ontario?
A driver’s license
If you are planning to purchase a vehicle, a valid Canadian driver’s license is mandatory. You may be able to exchange your old license for a new Canadian license, depending on where you moved from and how much driving experience you have. You can visit a Service Canada location and find out if your country has a reciprocal agreement to obtain a Canadian license.
If you cannot exchange your license, you will need to go through the regular process. In this case, you may be able to use your past driving experience as a credit by providing confirmation of your driving experience written by the Embassy and translated into English by a qualified translator. Then you will have to pass a vision test and a written knowledge test regarding the province’s rules. With less than 12 months of driving, you need to wait till you get 12 months of driving experience for your road test. If you already have over 12 months of driving, you can take a road test immediately.
An insurance policy
After you have your license ready, now you can get car insurance. Since a valid driver’s license is a requirement to qualify for auto insurance in Ontario. Without auto insurance, you will not be able to purchase a new vehicle in Canada.
With your driving license, you are ready to get car insurance by just providing some information to get your insurance.
A Social Insurance Number
If you need a student car loan, a SIN number will be required in order to purchase a vehicle. A Social Insurance Number is a unique 9-digit number that grants you access to get paid in Canada, or to receive a tax refund and government benefits.
It’s easy to apply for a SIN number for an international student in Service Canada via mail, online, or in-person in a Service Canada location. Check out what you need for Apply a Social Insurance Number.
Apply for a Student Car Loan
Once you have your SIN number and driver’s license ready, you may consider applying for a car loan. However, if you are a new resident, you will need your credit history in order to lease or finance a new vehicle. If you are lacking a credit history, having a down payment may help with securing an auto loan. In general, many dealerships guarantee car loans to students if a 60% down payment is presented. In addition, you will need your work or student permit, and make sure the terms of your loan do not exceed your permit’s expiry date. If you have an income in your tax record, it can also help to lower your interest rate as you are deemed less of a risk.
Vehicle registration is very simple for a new vehicle. In general, if you buying a new vehicle from a dealership, they will often file the vehicle registration for you.
While you buying a used vehicle, especially when you buy it from the owner, you must register it with the government to finalize your legal ownership of the vehicle that you have purchased.
At Carnex, we have a large selection of cars from EV, SUV, truck, or van. We have worked with thousands of international students to get their first cars. With plenty of vehicles to choose from and student car deals available, we can help to get your dream car!
Check out our latest deals and offers at Carnex.ca now!
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