Newcomer Automotive Loan Program
Our Newcomer Automotive Loan Program has been designed for You!
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Just moved to Canada? We want to help you get on the fast track to financing your next vehicle.
No previous vehicle buying experience in Canada? That’s okay, our Toyota on the Park Newcomer Automotive Loan Program can give you the opportunity to enjoy a new or used Toyota vehicle of your own.
Buying a vehicle is one of the first big purchases you may make while establishing yourself in Canada. Toyota on the Park is dedicated to helping you every step of the way to ensure you get into the vehicle that's right for you.
Applicants cannot apply from outside of Canada. The program is only available for applicants who have established a Canadian residential address. Applicants, regardless of status, will be considered on a case-by-case basis.
What is the Newcomer Automotive Loan Program?
The Newcomer Automotive Loan Program ensures that individuals who are new to Canada – within 3 years or less – achieve their goal of purchasing their first vehicle in Canada. It also ensures that applications from newcomers are adjudicated using parameters that take into consideration the challenge that newcomers typically face while applying for financing.
How does this program work?
The Newcomer Automotive Loan Program is available for
- Permanent residents
- Permanent resident investors
- Temporary residents with working visas
Applicants are eligible for all new and used vehicles up to 4 model years old for terms up to 60 months. Certain conditions apply.
What can you expect?
All applications under the Newcomers Automotive Loan program must include:
- Proof of Permanent Residency Status
- Proof of Income
- Proof of Established Permanent Residence
- Valid Work Permit or Work Visa with Expiry Date
What should you think about before starting your car buying journey?
- Make a list of your vehicle needs and wants
- How many people - and how much stuff - needs to fit into your vehicle?
- Which safety features are a “must-have”?
- What are your fuel/kilometer needs?
- How much will insurance be?
- Do you want leather seats, an upgraded stereo or navigation system?
Figure out a price range that fits your budget:
Once you've decided what you're looking for, it's time to take a look at your finances to see how you can make this relationship happen. Be sure to set aside a current paystub or a confirmation of employment offer, as it will be required during the credit application process.*
For more information about the Newcomers Automotive Loan program, contact us today!
* Toyota on the Park retains the right to request additional documentation during the credit application process. All requested documentation must be satisfactory to Toyota on the Park.