TORONTO — RBC Royal Bank announced it has made a number of enhancements to make it easier for newcomers to manage their finances and settle in Canada. The changes being made recognize the unique needs of newcomers and better enable access to credit products, including options that require no Canadian credit history.
“Each year, we welcome approximately 650,000 immigrants to Canada and one of the common challenges newcomers face is establishing credit in their new home country,” said Christine Shisler, director, Multicultural Markets, RBC. “We want to be the bank that helps people with their important firsts – their first bank account, their first credit card, their first car purchase and their first home. These are significant milestones and we want to make the transition to Canada as seamless as possible by recognizing their needs and values.”
The changes affect three major areas of the journey to Canada: Buying your first car and home, establishing a Canadian credit history and getting reaccredited in your field. These changes will make it easier to get the credit products they need without waiting to build a Canadian credit history.
Buying your first car in Canada
Upon settling in Canada, many people require a vehicle. In a study conducted by RBC, about one in four (26 per cent) newcomers who have been in Canada for one year or less report they expect to buy a vehicle in the next year. However, more than one-third (39 per cent) of these say they don’t know how they are going to finance it. RBC has made it easier to make a first car purchase in Canada by introducing a new “no credit history required” loan at over 3,500 dealerships nationwide.
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