Your success in financing a vehicle as a newcomer to Ontario depends on more than just your income—it hinges on preparation. From credit building and budgeting to understanding taxes and interest rates, applying the right financial principles can open the door to more favourable loan terms and long-term savings.
Kia of Newmarket supports new Canadians through every step of the vehicle financing process. When you understand how to manage down payments, compare leasing and financing, and budget beyond monthly payments, your first Ontario vehicle becomes a smart financial decision—not a costly learning curve.
- Build Canadian credit early with secured credit cards and bank newcomer programs
- Follow the 20% rule: keep all vehicle-related costs under 20% of your gross monthly income
- Compare both leasing and financing options to match your financial and driving needs
- Prepare for Ontario’s 13% HST and $500–700 in additional licensing and registration fees
- Pre-qualify for financing to benchmark interest rates before visiting the dealership
Ontario’s vehicle financing system differs from other countries and requires credit history, income verification, and tax planning. These financial basics help newcomers make informed decisions and avoid common settlement-stage pitfalls.
