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
Georges Mourad
Language: Arabic