Hey,
So I ordered a S 2000 2002 at Saskatoon Dealer at MSRP, trade in My Civic SiR for 21000, then i put a down pay 10000, all it leaves is only 19000 for financing, but guess what no bank is going to take this risk!!
since i am an Visa student, have no income (parent sends $$) and credit history so my application is declined. Now i am wondering do u guys know any bank will take my case???
Thx

 

Shit, if you we're in Toronto I could probably set you up, but out there I don't know. Give Royal Bank a try, I have a less the stellar credit rating, and the approved me.

Good luck!!
Mike

 

but the problem is I am an Visa student!!!!!

 

Hmm sounds challenging.

You likely won't find a bank that'll touch you as you could fly the coop pretty easy and leave them with a bad debt.

Did you try Honda Financing?

I suspect they might ask your status, then again they might not and I doubt it is illegal to not disclose.

Did you pay cash for the SiR?

 

Yes i did pay cash for the SiR. More ridiculously some banks asked me to put down 19000 cash into their account before they loan the money to me! So if i have 19000 dollar why dont i just Cash out the Car??!! Now i am putting down like 35000 already!! Damn!!!!
i did try the Honda financing, but...........

 

This would likely be a lot easier to do if you had some form of secured colateral. You don't work, probably don't own a home. The only thing they'd have is the car, which is portable and if you default on it all they do is get the car back.

If I was the bank I'd deny it too. However there are places that do high risk loans, not sure what form of horrid payments you'd have to make or which leg they will break but I'm sure there is a very unpleasent "catch" in any of them.

You might want to keep the SiR until you either naturalize or get a job and assets.

Vince

 

I had enough of my SiR!!!
In April 2001 I wanted to trade in my SiR for a 2001 S 2000 too, but also declined. however, the different was the Scotia Bank allow me to borrow $19000, which I did have that much $$ at that time. So I asked my dealer to try the Scotia Bank .
Damn I just cant wait anymore!!!

 

with no credit history and no income i don't see how anyone is going to give you a car loan

 

Well you need to understand one thing. If you have the money on hand, the bank will give you whatever you need. If you don't have the money it is harder.

Banks are in business to make money and NOT take risks. The risks they take in fact are fairly calculated and they will nail you to the wall if you increase that risk to them. So with what your trying to do I would suspect there will be no financial institution (valid) in Canada who will give you a dime unless you have sufficient funds in place to cover the loan.

Like I said before, you might want to get excited about the SiR again. Sounds like you have a lot of saving to do before you can pay cash for the S2000.

Sorry for being a bummer, but its pretty much a non issue on the banks part.

Vince

 

Hey, finally Scotia Bank willing to loan me $19000 . My car will be here in 2002 Jan, damn good, cant wait !!!!