Your First Car Loan: A Step-by-Step Guide for No Credit or New-to-Canada Buyers
Here's what you need to know to secure your first auto loan confidently.
1Understand What Lenders Look For
Even without a credit score, lenders consider:
- Employment status (full-time, part-time, self-employed)
- Income level and stability
- Residency status or proof of address
- Down payment ability
- Co-signer (if available)
Our team works with multiple lenders that offer first-time buyer programs, including those designed for newcomers to Canada.
2Gather the Right Documents
To speed up the approval process, bring:
- Valid government-issued ID
- Proof of income (pay stub, job letter)
- Proof of address (utility bill, lease agreement)
- SIN or immigration documentation (for newcomers)
3Choose the Right Vehicle for Your Budget
We'll help match you with a vehicle that not only suits your lifestyle, but fits your approval window. With flexible terms and a wide inventory, there's something for every stage of life.
Why First-Time Buyers Choose Steele Buick GMC
Whether you're buying your first car in Fredericton, just arrived in Atlantic Canada, or are new to the workforce, we're here to help you get started.
Steele Advantage for First-Time Buyers
Our "Welcome to Canada" and "No Credit? No Problem." finance programs are built to give you confidence on the road and peace of mind with your finances.
Take the First Step Today
Your first car loan is a big deal -- but it doesn't have to be stressful. Let us help guide the way.
