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Financing a car - clerkship/residency

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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. 

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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%)

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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. 

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