Scotiabank unveiled a new loan program yesterday designed to help provide auto financing solutions to new immigrants and foreign workers.
Called the StartRight Auto Loan Program, the system will be available through all Canadian new vehicle franchise dealerships.
“When new immigrants and foreign workers first arrive in Canada, buying a car is a major purchase for many,” said Ron Porter, senior vice president, automotive finance and indirect lending for the bank.
“The Scotiabank StartRight Auto Loan Program, a first of its kind in Canada from an automotive financing provider, is designed to provide financing to help them obtain a new vehicle, which is often necessary for work.”
The auto loan program is an extension of a larger StartRight Program for Foreign Workers, announced in Calgary yesterday.
Scotiabank calls the new initiative a “comprehensive banking package designed specifically to meet the financial needs of temporary foreign workers who are either planning to come to Canada or have recently arrived.”
Statistics provided by the financial institution indicate that more than 150,000 temporary foreign workers enter Canada each year from over 110 countries including the United States, Mexico, the Philippines, India and China.
“As Canada's most international bank with operations in some 50 countries, Scotiabank has a unique perspective on the needs of temporary foreign workers as they make the transition to live and work in Canada,” said Rania Llewellyn, vice-president of multicultural banking at Scotiabank.
The Scotiabank StartRight Program for Foreign Workers is a natural extension of the Scotiabank StartRight Program for Newcomers launched in 2008 to meet the banking needs of landed immigrants, international students and immigrant investors.
The program offers a range of financial solutions tailored to meet the banking needs of foreign workers, including:
- Establishing free Scotiabank day-to-day banking for one year;
- Sending money worldwide quickly and reliably with Western Union
Money Transfer Services;
- Securing valuables with a free Safety Deposit Box;
- Building a credit history with a No-Fee Scotia Moneyback(R) Visa
credit card; and
- Purchasing a home in Canada with a mortgage designed to the needs
of temporary residents.
For more information on the Scotiabank StartRight Program, visit the nearest Scotiabank branch, www.startright.scotiabank.com or call 1-866-800-5159.