Many clients come into the country and want to know how to get a car loan with a 9 SIN or how to get credit with a 9 SIN . They will get the advice from friends or family to get a car loan to build credit in Canada but are faced with many dealers saying NO. Their are answers to this challenge. It is my suggestion, that to establish credit in Canada with a 9 SIN, to get a secured credit card at your earliest convenience. Their are companies that provide secured credit card at lower limits to establish and build credit. Their are also car dealers that do 9 SIN auto loans .As a 9 SIN you might be faced with a higher interest rate as the lenders do not have a positive credit history to give you a lower rate. This is not always the case, and please be made aware that their will be instances where a 9 SIN # can get a lower rate. From my experience those clients that have made the choice to get a credit card at their earliest convenience, after coming into Canada, will sometimes be approved for a low interest car loan . As a 9 SIN number please don’t be discouraged when given a higher rate. In most car loans the loan is open ended and can be paid off early with no penalty, thus saving you money. In more cases than not, the everyone approved car dealership or everyone approved car loan will be the same place to approve you while having a 9 SIN. My advice is to shop around and look for a qualified person to help you get an car loan with a 9 SIN
Do some research on the Internet and see who is qualified to do a 9 SIN car loans Calgary.
Contact the person that is qualified and ask how much money down is needed, and also ask the person if the auto loan is open ended or if the auto loan can be paid off early with no penalty.
Search for a vehicle in your budget. Don’t worry about spending too much money on a 9 SIN auto loan as this will be a vehicle to establish credit with.
Pay the Loan out early while not missing a payment.
-Just my 2 Cents