New To Canada
They will have to have a valid work permit with the following criteria.
• Copy of the valid work permit. The length of the work permit will determine the term of the finance approval. For example, a 2-year work permit will only grant you a two-year finance approval.
• Will have to provide us with an employment letter stating annual income, position, and if this is a permanent or part-time position.
• The financial institution will require a down payment of 25-30% of the finance amount
• Co-applicant may be required because of zero credit utilization in Canada.
Permanent Resident
If you are new to Canada but have permanent residency the following criteria will apply.
• Most recent pay stub within the last 30 days.
• Social insurance number.
• Down payment might also be a requirement from the bank.
• A co-applicant might be needed depending on the customer's credit score and utilization.