Why your credit history starts over
Credit history from your home country usually does not transfer to Canadian credit bureaus. That means most newcomers start with no Canadian credit score, which is normal and expected by lenders with newcomer programs.
Permanent residents vs work permit holders
Permanent residents usually have the most options and may qualify with little or no down payment.
Work permit holders can also qualify. Lenders may ask for a larger down payment and may keep the loan term within the length of your permit. Bring your permit with its expiry date clearly visible.
International students with income may qualify through some lenders, often with a co-signer.
New to Canada? See what you qualify for
Takes about 2 minutes. No SIN needed to start and no hard credit check to see your options.
What lenders look at
- Your status in Canada and how long your permit is valid.
- A Canadian job offer or employment, and your income.
- Your down payment.
- A Canadian driver's licence. Some provinces let you exchange a licence from certain countries.
- Your Canadian bank history since you arrived.
Start building Canadian credit
- Open a Canadian bank account and have your pay deposited into it.
- Get a credit card (a secured card if needed) and pay it in full every month.
- Make every car loan payment on time. Within a year, most people have a usable Canadian credit score.