Studying abroad is a popular option among Indian students. Although the car smooths out your daily journey, it has its difficulties.
An increasing number of Indian students are choosing to go abroad for postgraduate and postgraduate studies. Although it is not easy to get into a good foreign college, the difficulties do not end there. As an international student in any country, you have to follow certain rules and follow certain restrictions. This means that you have to go through additional steps when working or making mistakes. Canada is currently one of the best choices for Indian students. Let’s see how easy it is for an Indian student to buy a car in Canada!
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As mentioned above, an Indian student has to go through several stages to buy a car while studying abroad. This includes working with a car dealership, meeting financial requirements, etc. included. All of these factors can cause additional difficulties in classroom work. Fortunately, this experience is easier for international students in Canada. So, if you want to buy a car in Canada as an international student, you need to follow these steps:
You need a social security number
The easiest way to financially support the purchase of a car is to get a loan. However, since all major ticket purchases in Canada (anything over $ 10,000) must be reported to the Revenue Agency, you must have a SIN (Social Security Number) to obtain a car loan in Canada.
a. How to get Canadian SIN?
Indian students can go to the nearest location in Canada to get a SIN. For this process, you need a student permit issued by CIC (Canadian Citizenship and Immigration). This essehttps: //youtu.be/jWz7rqPuIfgntially Permission to work in Canada. In addition to the visitor’s permit issued by the CIC, you will need a diplomatic ID and a work permit.
b. You need a valid driver’s license and car insurance
In addition to the SIN number, you obviously need a driver’s license and car insurance. However, if you have an Indian driver’s license, which is valid without the usual procedure, you can go to Service Canada. If not, you will need to provide proof of driving experience (approved by the Embassy). You must have at least 12 months of driving experience. You will also need to take a vision test and a written test in accordance with state regulations. You will need to pass a road test to complete the process.
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How to get a student car loan
To apply for a car loan in Canada, you must have a credit history. To simplify the process, you can show a salary card and make an initial payment.
a. You need to check your student permit
You must be able to repay your loan before your student permit expires.
b. You can show active income
Banks / lenders have more confidence in Indian students who work legally while studying. Having a stable salary significantly increases the chances of getting a car loan. You also get a low interest rate.
в. You can make an advance payment to speed up the loan process
Making a small down payment will further enhance the car loan approval process. The down payment guarantees that you will be able to repay the loan amount in full to the banks / creditors on time.
Because the Canadian landscape is very different from India, it is important to be aware of local conditions before moving there. In terms of transportation, the car can significantly improve daily travel in a country like India. This is especially important when it comes to work while studying. Given the above factors, an Indian student can easily buy a car in Canada.
Indian students can choose from several car deals to choose a car by price. You can easily secure affordable car financing. Getting a car loan and repaying it on time is also a great way to build your credit history. This is very useful if you plan to extend your stay in Canada (temporarily or permanently). Tell us what you think about buying a car while studying abroad, in Canada or abroad.