Getting a Loan as a First-Time Car Buyer in Canada

First-time buyer car loans in Canada can be difficult to come by, simply because first-time buyers (usually) don’t have strong credit histories. But don’t worry. We have a number of special finance programs designed exclusively to get first-time buyers like you into great vehicles at great prices.

So feel free to get excited! Your first vehicle is just a few short steps away!

In the next five minutes you’ll learn:

  • How financing works for first-time car buyers
  • Which vehicles are available for first time buyers
  • The answers to some frequently asked questions

Then, we’ll find a vehicle you love and get the buying process started!

At, it’s that easy.

first time car buyer

How Financing Works for First-Time Car Buyers

If you’re looking for a reason to finance a vehicle through My Ride, look no further: we have one of the largest vehicle inventories in Canada. Use our Car Loan Calculator to work out the budget you’re comfortable with, and we’ll find you a car you actually want within your price range.

We can get you approved for Auto Credit with over 20 different new-vehicle brands, including Ford, Dodge, Toyota, Nissan, Hyundai, Volkswagen, Mazda, Honda, Volvo, and Kia. No matter your style, no matter your budget, My Ride has the perfect vehicle for you.

Vehicles Available for First-Time Car Buyers with My Ride

We have specific programs to secure auto financing for first-time car buyers with four of Canada’s leading brands.

You’ll have more than thirty vehicles to choose from, including some of Canada’s highest-selling trucks, cars, and SUVs: the Ford F-150, Mazda3, Honda Civic, and Nissan Rogue.

Here’s how each of the program’s work.

first time buyer
first time buyer car loans

If You Are a Canadian Immigrant

We Suggest: Ford’s First-Time Buyer Program

Ford’s Newcomer Program is open to the following first-time car buyers:

  • Landed immigrants with Permanent Resident Cards (IMM5688 or IMM5292)
  • Foreign workers with a Work Permit (IMM1102 or IMM1442)
  • International students with Study permits (IMM1208 or IMM1442)

But it’s not open exclusively to new Canadians. If you don’t fall into any of these categories, don’t worry. They still have programs to help give you the opportunity to enjoy a Ford vehicle.

Remember: car companies want you to buy their vehicles. The process isn’t nearly as difficult or scary as some people might make you believe. Plus, we’ve got your back at My Ride.

We do all the leg work for you, so all you’ll need to do is tell us what you want to drive, how much you can afford to pay, and we do the rest.

Get Approved For A Ford
first time car buyer

If You Have Little or No Credit

We Suggest: Nissan’s First-Time Buyer Program

The Nissan Advantage Program is a terrific option for first-time My Ride customers. It is designed specifically for people will little or no credit history, or people who have had a hard time establishing good credit in the past.

The Advantage Program allows first-time buyers the chance to drive some of Nissan’s most popular NEW models:

  • Rogue
  • Sentra
  • Altima

The program allows you to finance up to $30,000, which is great. That means you don’t have to settle for the lowest level of a vehicle—meaning your new car can come with great features like a sun roof, a great sound system, navigation, and advanced safety features.

Here’s all you have to do:

  • Participants must pay a minimum down payment of $1,500
  • You must provide proof of income at the time of purchase
  • Participants must submit an application with onte reference
  • New residents to Canada must present one of the following:
    • Permanent Residency Card
    • IMM 5292 Form (Record of Landing)
    • Work or study permit/visa
    • Diplomat service
  • Non-landed applicants must present job contract and work permit

If you qualify, then getting you financed will be easy! You’ll be on the road with a brand new Nissan at a payment you can easily afford in no time.

Get Approved For A Nissan
first time buyer

If You Want to Buy a Used Vehicle

We Suggest: Mazda’s First-Time Buyer Program

Mazda’s 1st Time Owner Program is fantastic for brand new drivers who have no credit history. If you don’t have a credit card this is the perfect option for you. Mazda’s program with My Ride makes it very easy to get the financing you need.

Best of all, it covers pretty much any new or used Mazda on the market:

  • Certified Pre-Owned vehicles
  • Mazda3
  • CX-5
  • CX-3
  • MX-5
  • Mazda5
  • Mazda6
  • CX-9

That’s right, it includes used vehicles! So if you’re not sure if you want to spend over $20,000 on your first vehicle, Mazda’s 1st Time Owner program is just what you need.

Some applicants might be required to make a small down payment of only $500. But if you’re able to make regular bi-weekly payments on a vehicle, a $500 down payment shouldn’t be too difficult to come up with.

Get Approved For A Mazda
first time buyer car loans

If You’re a New Graduate

We Suggest: Honda’s Graduate Program

We work directly with Honda Canada to help new graduates get the financing they need to secure a vehicle. This way, you can get back and forth to that job you’ve worked so hard to get!

The Graduate Program is tailored for recent grads who have little or no credit history. It allows you to lease ANY vehicle that Honda sells.

This includes Canada’s best-selling vehicle, the Honda Civic, along with recently named SUV of the Year, the Honda CR-V.

Eligible graduates are those who have attended a...

  • Three to four-year accredited university program
  • Two to three-year accredited nursing program
  • Police or military academy
  • Community college

Best of all, there’s no down payment required.

Get Approved For A Honda
first time car buyer

If None of These Options Sound Like You

Don’t worry! We still have a solution just for you.

My Ride is a trusted partner of Yes Plan Financial, an auto finance company that can approve just about anyone for a car loan, even first-time buyers in Canada. No matter your budget or lifestyle, Yes Plan can work out a finance program that makes sense for you.

My Ride has approved so many first-time buyers with Yes Plan that they are comfortable offering a wide variety of vehicle choices. We work with about 20 different vehicle brands (including RAM, Hyundai, Volkswagen, and Toyota), so no matter what you’re looking for, we can find it for you.

Get Approved For A Car Loan

Get Pre-Qualified for Your First Car Loan with My Ride

By far, the most nerve-wracking part of the car buying process is the loan approval process.

Waiting at a car dealership to find out whether you’ve been approved for a car you LOVE can be excruciating.

That’s why we take the pressure out of it.

With us, we can PRE-APPROVE you for a first-time car loan online—with any of the car companies and programs we mentioned earlier. So you don’t have to go to a dealership at all. We’ll work with you online, over the phone, or through email (your choice) to get you approved before you even look at a vehicle.

We’ll find out the budget you’re working with, which vehicles make sense for your situation, and get you the best deal possible with all of the programs we have available.

If it sounds easy, that’s because it is. Like we said, auto financing doesn’t need to be scary. With My Ride, it never is!

What You Need to Pre-Qualify for a Car Loan

My Ride can pre-qualify you for a car loan faster than you would expect. Plus, you can do it from your bed if you want to!

Here’s what you’ll need to get pre-approved for a car loan with My Ride:

How to Budget for Your First Car

Figuring out your car budget is very important. It doesn’t have to be exact, but it’s very helpful if you’re able to provide a realistic range for us to work with.

We recommend budgeting no more than 20% of your monthly income to your vehicle. So if you make $3500 a month, that would mean you should spend no more than $700 a month on your vehicle.

If that sounds like a lot, it is. We have MANY options that are MUCH lower than that. If you can only spend $250 a month on a car, that’s not a problem at all.

We work with all income levels.

Being realistic about your car purchase makes it easier for you to make your payments. This means you maintain great credit, and then you’ll be able to purchase any car you’d like the next time around.

Are Down Payments Necessary?

Thanks to our helpful First-Time Car Buyer programs above, no, they’re not always necessary. But they always help.

If you can afford to put some money down—meaning, pay a lump sum on the day you buy your vehicle—then you should try to do that. A down payment makes your payments smaller because there is less money to finance.

Even if you’re looking to buy a small car your first time around, like a Nissan Sentra, consider making a down payment. Even $500 helps.

However, if you can’t afford a down payment, don’t worry. My Ride can still get you financed for a vehicle you like.

Can I Buy My First Car with No Credit?

You sure can!

That’s what our First-Time Buyer programs are all about. Our partnerships with Nissan and Mazda were created specifically for no-credit customers, and our Honda Graduate Program is also available for no-credit customers that have recently graduated from college/university.

These programs are the easiest, most budget-friendly way for you to purchase your first vehicle in Canada, period.

Not only can get secure you the auto financing you need, we can do it quickly, too!

Get Approved For A Car Loan