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Compare $30,000 car loans

Finance your new ride with a $30,000 car loan from a bank, credit union or online lender.

The average cost of a new car in Canada is just over $38,000, while used cars cost around $20,000 according to the Auto Trader price index. That means that with a budget around the $30,000 mark, you’ll have plenty of options whether you chose to buy used or new. But in order to get the most out of your budget, you’re going to need to get a car loan with competitive rates and terms. Keep reading our guide below to learn about how to get the right $30,000 car loan for you.

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 $30,000 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 $30,000 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.

$30,000 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 $30,000 car loan 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

1 - 7 of 7
Name Product Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
Coast Capital Car Loan
$10,000 - No Max.
Varies
18 - 84 months
650
Able to service debt payment of $300/month
Competitive rates and flexible terms.
Finance new and used vehicles from one of Canada's largest credit unions. No credit union membership required. Available across Canada except SK, QC, NT, NU, YT.
CarsFast Car Loans
$500 - $75,000
4.90% - 29.90%
12 - 96 months
300
Min. income of $2,000 /month, 3+ months employed
Get a new or used vehicle delivered to your door.
Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs.
Loans Canada Car Loans
$500 - $35,000
0% - 31.99%
24 - 120 months
300
Min. income of $1,800 /month, 3+ months employed
Compare rates from 60+ lenders.
Complete a single application to get quotes from different lenders. Bad credit, CERB and EI borrowers considered. 0% APR for new cars only, used car rates start at 7.99%.
Canada Drives Car Loans
$7,500 - $99,999
4.75% - 29.99%
12-84 months
400
Min. income of $1,800 /month
Buy a used car online and get it delivered to your door in under 24 hours.
Get pre-approved for financing in 3 minutes with no impact to your credit score. No fees or penalties for early loan repayment.
Carloans411 Car Loans
$500 - $50,000
1.90% - 19.99%
Up to 72 months
300
Min. income of $1,600 /month, 3+ months employed
High application approval rate.
Get connected with suitable lenders to finance your next car, van or truck. Check eligibility for this loan through LoanConnect.
Canada Auto Finance
$500 - $45,000
4.90% - 29.95%
3 - 96 months
300
Min. income of $1,500 /month, 3+ months employed
Get financing from partnered local lenders.
Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
Splash Auto Finance
$10,000 - $50,000
9.90% - 29.90%
24 - 84 months
300
Min. income of $2,200 /month, 3+ months employed
Apply with any credit score.
Get financing for a new or used car. Auto loans for borrowers with fair credit, bad credit, no credit or bankruptcy.
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Compare up to 4 providers

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

Calculate how much you could expect to pay each month
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

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

or

Compare car loans now
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

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.

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 2021 and 2022 models. The actual cost you end up paying will depend on where you live, your negotiation skills and any special promotions you can qualify for.

2020 modelStarting MSRPBody
2022 Kia K5$29,595Sedans
2021 Mazda3 GT$28,750Compact sedan
2021 Toyota Corolla XSE CVT$29,050Hatchback
2021 Volkswagen Tiguan$29,795SUV
2021 Honda Civic Touring$30,265Sedan
2022 Toyota Camry$27,510Sedan
2022 Toyota Prius$29,150Hybrid-electric sedan
2022 Honda CR-V$30,770Compact SUV (Crossover)
2021 Toyota Rav-4$28,590Compact SUV (Crossover)
2021 Mazda CX-5 GX$31,276SUV
2022 Hyundai Tucson$27,799SUV
2021 Kia Niro EX$30,195Hybrid-electric SUV (Crossover)
2022 GMC Canyon Extended Cab$27,995Mid-sized pickup truck

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.

Frequently asked questions about $30,000 car loans

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