Mitsubishi First Time Buyers Program
As a car is a large purchase, most young Canadians need to borrow money to buy one. Fortunately, there are a few options available to pay for your new vehicle.
If you’re new to Canada you’ll find that owning a car is fairly common here. It can make getting around much easier and be especially convenient in the winter months.
Your first option is a car loan, which isn’t always available from your bank. With a car loan you can borrow up to the full amount of the purchase price and pay it back over a time frame that you and your bank agree to, usually this ranges from 1 to 7 years. You can pay back the loan on a set payment schedule but you can also pay more than your regular amount or even the full outstanding balance at any time.
At Fraser Valley Mitsubishi we recognize that financing your first new car is a big step and we would like to help you obtain financing by offering a Mitsubishi First Time Owners finance program.
You must have:
- No derogatory credit history
- Three verifiable personal references, one must be a relative.
- Verifiable employment for at least 3 months.
- Verifiable monthly income sufficient to cover vehicle payment and insurance, ordinary living expenses (including rent, utilities, etc.), and all currently outstanding debt. Your monthly payment to Mitsubishi/Scotia Bank may not exceed a certain percentage of your gross monthly income.
- Verifiable Proof of insurance (Available Upon Purchase through ICBC at Dealership)
- Minimum down payment of 10%
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