Compare $30,000 car loans

Finance your new ride with a loan from a bank, credit union or online lender.

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The average cost of a new car in Canada is over $36,000, while used cars cost around $19,000. If you’re looking to finance another vehicle, you have a few options to consider. While a secured car loan through a bank or online lender typically comes with the most competitive rates, you may be able to secure financing faster by going directly through a dealer.

CarsFast Car Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $75,000
  • Interest Rate: 4.90% to 29.90%
  • Loan Term: 12 months - 8 years
  • Choose from thousands of vehicles
  • Multiple financing options
  • Pre-approval in 60 seconds
  • Vehicle delivery to your door

CarsFast Car Loans

Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $75,000
  • Interest Rate: 4.90% to 29.90%
  • Loan Term: 12 months - 8 years
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Where can I get a $30,000 car loan?

You have a few options when you’re looking to borrow $30,000 for a car loan, including:

  • Secured car loans. Secured car loans use the vehicle you’re buying as collateral. Although this means more risk for you — you’ll lose your car if you can’t repay the loan — it typically results in a lower interest rate and better terms. Most car loans will be secured, so these will make up most of your $30,000 car loan options.
  • Unsecured car loans. Unsecured car loans don’t require collateral. You won’t risk losing your car if you’re unable to afford repayments, but you’ll likely have a higher interest rate and less competitive terms. Additionally, lenders will probably require a very good credit score. These types of car loans aren’t very common, so you’ll have to do some digging around.
  • Car leases. Rather than buying a new car outright, a car lease allows you to drive one for a select number of years or miles. At the end of your term, you can usually choose to return your car, extend the lease or buy the car outright. Most dealerships offer financing to help you pay for this monthly expense.
  • Personal loans. A $30,000 personal loan can also be used to buy a car. If you’re interested in an unsecured option, you likely won’t find as competitive rates as you would with a secured car loan. However, if you want to take out a loan to cover both the cost of a new car as well as other expenses, then a personal loan may suit your needs better.

Types of lenders

From online lenders to financing through a dealership, there are several places to turn to when hunting for a $30,000 car loan:

  • Bank. If you have good or excellent credit, compare pre-approval offers from your bank as well as other banks — many don’t require you to hold an account in order to apply for a car loan.
  • Online lender. You can get great rates from online lenders, especially if your credit isn’t good enough to qualify for a bank loan. You can often fold taxes, titling, registration and other fees into the loan amount.
  • Credit union. You usually have to be a member of a credit union to take out a car loan.
  • Dealership. Most dealerships offer in-house financing through the car manufacturer or a local bank. You can usually get approved and drive off the lot the same day, but you may get a higher interest rate than if you went through a bank or online lender.

Compare $30,000 car loans

Name Product Min. Loan Amount Interest Rate Fees Loan Term Min. Credit Score
CarsFast Car Loans
$500
4.90% to 29.90%
Varies by lender, loan type and province
12 months - 8 years
300
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs. Apply online to purchase a new or used vehicle and get the vehicle delivered to your door.
Car Loans Canada
$7,500
3.99% to 29.90%
Varies by lender, loan type and province
12-84 months
300
Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
Loans Canada Car Loans
$500
0% to 29.99%
Varies by lender
3-96 months
300
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
Carloans411 Car Loans
$500
1.90% to 19.99%
Varies
Up to 72 months
300
Get connected with suitable lenders through CarLoans411. Finance your next car, van or truck with loans available in amounts from $500 to $50,000. Check eligibility for this loan through LoanConnect.
LoanConnect Car Loans
$500
10.00% to 46.96%
Varies by lender, loan type and province
6-60 months
550
Get access to 25+ lenders through LoanConnect's brokerage. Receive pre-approval in as fast as 60 seconds and get your funds in as little as 24 hours.
Auto Arriba Car Loans
$3,500
8.99% to 29.50%
Contract fee of $499.00
6-84 months
N/A
Auto Arriba offers car loans starting at $3,500 up to $100,000, with as little as a 30 minute loan turnaround time. On a limited number of approved loans, Auto Arriba is currently offering a rebate of the amount of your first scheduled payment 30 days after it has been processed up to a maximum of $500.
Fairstone Secured Personal Loan
$5,000
19.99% to 23.99%
Varies by province
3-10 years
560
Fairstone offers secured personal loans up to $35,000.
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Calculate your monthly payments: How much will a $30,000 car loan cost?

Both your monthly payments and the overall cost of the loan depends on your interest rate and the loan term. Choosing a long term will result in smaller payments, but you’ll pay more interest over the life of the loan. Choosing a small term will result in larger payments, but you’ll save on interest in the end.

Most car-buying experts recommend dedicating no more than 15% – 20% of your monthly budget towards all car expenses — including your loan payment, fuel costs, insurance premium and regular maintenance.

Use the calculator below to figure out how a $30,000 car loan breaks down for you.

Car loan monthly calculator

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Fill out the form and click on “Calculate” to see your estimated monthly payment.

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$ in principal and $ in interest charged Compare car loans now

Representative example: Ash buys a Kia

Ash, an Ontario resident, is looking for a new car. He visits a dealership where he finds a 2020 Kia Optima Ex priced at $30,500.00. After trading in his old car for $2,800.00 and putting a 20% down payment of $5,540.00 on the Kia, Ash heads to his local bank where he applies for an auto loan to cover the remaining cost ($22,160.00) plus 13% HST. Because of his solid credit history, he is approved for loan. Ash also pays approximately $150.00 to register his vehicle with the province of Ontario – this includes the cost of a license plate sticker and vehicle permit. (Fortunately, he can reuse his old plates and doesn’t need to buy new ones.)

Cost of new car$29,245.00
Loan typeAuto loan (term loan)
Loan amount$22,160.00
Interest rate (APR)5.50%
Loan term5 years
Additional fees
  • 3.00% origination fee ($664.80)
  • $0 application fee (waived by bank)
Payment $462.78 monthly or $213.46 biweekly
Total loan cost$27,766.80 with monthly payments or $27,749.80 with biweekly payments

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

Popular cars you can buy for around $30,000

Whether you’re on the hunt for a sports car or truck, you have plenty of options to choose from. Below are the manufacturer suggested retail prices (MSRPs) of some of Canada’s most popular 2020 models. The actual cost you end up paying will depend on where you live, your negotiation skills and any special promotions you qualify for.

2020 modelStarting MSRPBody
Kia Forte5 GT Limited$29,995Compact hatchback
Mazda3 GT$26,500Compact sedan
Toyota Corolla XSE CVT$28,490Hatchback
Hyundai Elantra GT N$27,249Hatchback
Volkswagen Golf Highline$26,220Hatchback
Subaru Legacy Limited$29,745Sedan
Honda Civic Sport$28,160Sedan
Toyota Camry LE AWD$29,850Sedan
Toyota Prius AWD-e$29,550Hybrid-electric sedan
Ford Mustang Ecoboost Fastback$30,080Sports car
Chevrolet Camaro 1LS RWD Coupe $29,448Sports car
Honda CR-V LX-2WD$28,690Compact SUV (Crossover)
Toyota Rav-4 LE FWD$28,090Compact SUV (Crossover)
Mazda CX-5 GX$27,950SUV
Hyundai Tucson Preferred$28,249SUV
Kia Niro EX$29,245Hybrid-electric SUV (Crossover)
Ford F-150 XL$30,339Full-sized pickup truck
GMC Canyon SLE and SLT$24,798Mid-sized pickup truck
Chevrolet Colorado Base$24,098Mid-sized pickup truck
Nissan Frontier King Cab SV (2019 model)$26,148Mid-sized pickup truck
Kia Sedona L$31,995Minivan
Dodge Grand Caravan SXT Plus$28,917Minivan

Bottom line

You definitely have options when looking to borrow $30,000 to buy a car — from online lenders, to banks and credit unions, to dealership financing. So brush up on your negotiation skills and get ready to compare deals so that you can stay on budget and find the best car for you.

Read our detailed guide on car loans to learn more about how vehicle financing works.

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