Colonial Honda

Colonial Honda

Newcomer Program

Welcome to Canada!

 

We know it can be difficult to obtain financing without Canadian credit history. We also know how important a vehicle is when you are trying to start out in a new country. We want to help you drive away in your first car in Canada. Colonial Honda’s newcomer program, with the support of Honda Financial Services is one of the best newcomer programs in the automotive industry. We make it easy to get in a new Honda!

 

                         

 

 

 

Permanent Residents

Credit History                                    0-2 Years

Cash Down                                         5% Down or Security Deposit for Homeowner

                                                             10% Down or Security Deposit (No MSRD)

                                                             Repeat Honda customer w/minimum 1-year credit paid may be eligible for no cash down required

Max Monthly Payment                    Max 20% PIR

                                                             Max 40% TDSR

Term                                                   Up to maximum term offered. Require POI

 

Visitor’s Visa

Credit History                                  0-2 Years

Cash Down                                       5% Down or Security Deposit for Homeowner

                                                            10% Down or Security Deposit (No MSRD)

Max Monthly Payment                   Max 20% PIR

                                                            Max 50% TDSR

Term                                                  Only Allowed as secondary applicant

                                                            Require Visa and Proof of Income

 

Work Visa

Credit History                                 0-2 Years

Cash Down                                      5% Down or Security Deposit for Homeowner

                                                          10% Down or Security Deposit (No MSRD)

                                                          Repeat Honda customer w/minimum 1-year credit paid may be eligible for no cash down required

Max Monthly Payment                 Max 20% PIR

                                                          Max 40% TDSR

Term                                               Up to double the length of the work visa

                                                         Require copy of work permit and proof of Income

 

International Students

Credit History                               0-2 Years

Cash Down                                    5% Down or Security Deposit for Homeowner

                                                         10% Down or Security Deposit (No MSRD)

                                                        Repeat Honda customer w/minimum 1-year credit paid may be eligible for no cash down required

Max Monthly Payment               Max 20% PIR

                                                        Max 50% TDSR

Term                                              Match Study Permit or match length of course registered to. Must provide letter from

                                                        school confirming full time enrolment and length of program

 

Investor/Entrepreneurs

Credit History                             0-2 Years

Cash Down                                  10% Down or Security Deposit (No MSRD)

                                                       Repeat Honda customer w/minimum 1-year credit paid may be eligible for no cash down required

Max Monthly Payment              Max 20% PIR

                                                       Max 40% TDSR

Term                                             Up to maximum term offered. Must provide confirmation of permanent residence. Must provide SIN # on document.

 

High Skilled Worker

Credit History                            0-2 Years

Cash Down                                 15% Down or Security Deposit for Homeowner

                                                      Repeat Honda customer w/minimum 1-year credit paid may be eligible for no cash down required

Max Monthly Payment             Max 20% PIR

                                                      Max 40% TDSR

Term                                            Up to maximum term offered. Must provide confirmation of permanent residence. Must provide SIN # on document.

We also have access to all bank’s newcomer programs

                                                     

 

Contact one of our sales associates to get started

 

          An Yuting                                                                                             Georges Mourad

                                          

                                                          Language: Chinese                                                                                  Language:  Arabic

 Contact Me                                                                                               Contact Me