bellejolie Posted January 6, 2021 Report Share Posted January 6, 2021 Hello - i was wondering how its possible to finance a car with no income? I've been told by CIBC i need "proof of medical license" which i wouldn't get until August, and by Scotia that I need "proof of income and pay" which I wouldn't have until July so I'm not sure how to do this. Do i need co-signer? Should i pay cash with LOC? Any advice/help would be appreciated. Quote Link to comment Share on other sites More sharing options...
robclem21 Posted January 6, 2021 Report Share Posted January 6, 2021 Once you match, your program can provide you with a letter showing your income. You don't need to wait until July. The other option would be to find someone to cosign the financing for you. bellejolie 1 Quote Link to comment Share on other sites More sharing options...
Anti_Dentite Posted January 11, 2021 Report Share Posted January 11, 2021 You have an LOC with a subprime interest rate and an interest only grace period, why not use that? It makes no sense to finance through a bank and pay a higher interest rate when you already have the funds available to you. Quote Link to comment Share on other sites More sharing options...
robclem21 Posted January 11, 2021 Report Share Posted January 11, 2021 9 hours ago, Anti_Dentite said: You have an LOC with a subprime interest rate and an interest only grace period, why not use that? It makes no sense to finance through a bank and pay a higher interest rate when you already have the funds available to you. It might be cheaper still to finance through the bank. Most cars can be financed for <2% (most for <1%) DrOtter 1 Quote Link to comment Share on other sites More sharing options...
Anti_Dentite Posted January 11, 2021 Report Share Posted January 11, 2021 12 hours ago, robclem21 said: It might be cheaper still to finance through the bank. Most cars can be financed for <2% (most for <1%) Interesting, I always thought they were around 4-5%. Good to know! Quote Link to comment Share on other sites More sharing options...
cotecc Posted January 11, 2021 Report Share Posted January 11, 2021 dealers do give incentives if you finance through them Quote Link to comment Share on other sites More sharing options...
bellejolie Posted January 13, 2021 Author Report Share Posted January 13, 2021 thanks for all your advice - problem with LOC is i used it for a condo so i have quite a high load on it and wanted to make sure I had some wiggle room for residency in case of any unexpected debt otherwise would totally use that. For the car i want (a coveted rav4 hybrid) interest at the dealer is 5-6% unfortunately, so that's why i'm looking into a bank. I will definitely be using a chunk from LOC for the down, just looking into what options would have the lowest interest rate otherwise. Quote Link to comment Share on other sites More sharing options...
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