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Compare Car Loans

Get a competitive interest rate and save money on your next car purchase.


Car loans from CarsFast

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  • Rates from 4.90% - 29.90%
  • Terms from 12 - 96 months
  • New and used vehicles
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Get Financing and Purchase Your Vehicle Completely Online: CarsFast Car Loans

$500 – $75,000
Loan amount
4.9% – 29.9%
12 - 96 months
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.
  • Easy application
  • Multiple lenders
  • Quick financing
  • No collateral required
  • Long loan terms
  • Bad credit doesn't matter
  • Available Canada-wide
  • Higher interest rates for bad credit
  • Only some lenders showcased
Loan amount $500 – $75,000
APR 4.9% – 29.9%
Term 12 - 96 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees Varies by lender, loan type and province
Origination Fee N/A
Turnaround Time Get pre-approved in less than 60 seconds.

Access Extensive Loan Options for a Range of Borrowers: Loans Canada Car Loans

$500 – $35,000
Loan amount
0% – 29.99%
3 - 96 months
Get access to financing from multiple lenders across Canada through a single application with Loans Canada. Bad credit, CERB and EI borrowers are considered.
  • Affordable interest rates
  • Flexible loan terms
  • Low minimum credit score requirements
  • Bad credit, CERB and EI borrowers are also eligible
  • Only get quotes from affiliated providers
  • Have to call and speak to a customer service representative to negotiate your loan terms
Loan amount $500 – $35,000
APR 0% – 29.99%
Term 3 - 96 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees Varies by lender
Origination Fee Dependent on lender
Turnaround Time Varies

Borrow large amounts to finance a new or used vehicle: Coast Capital Car Loan

Starting at $10,000
Loan amount
18 - 84 months
Finance or lease both new and used vehicles with competitive rates and flexible terms from one of Canada's largest credit unions. You do not need to have a membership with Coast Capital to apply for or receive a car loan.
  • Large borrowing amounts
  • Direct lender
  • Flexible payment options
  • Long terms
  • Need a good credit score
  • Interest rates not advertised
  • No new loans for recreational vehicles
Loan amount Starting at $10,000
Term 18 - 84 months
Interest Rate Type Fixed
Min. Credit Score 650
Fees No application or origination fees
Origination Fee N/A
Turnaround Time 48 - 72 hours

Fast Online Application and Pre-Approval: Canadian Auto News

$7,500 – $55,000
Loan amount
3.99% – 29.95%
12 - 84 months
Answer a few simple questions to get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.
  • Apply online in just minutes
  • Easy and fast application
  • Only operates in some provinces
  • High minimum borrowing amount
Loan amount $7,500 – $55,000
APR 3.99% – 29.95%
Term 12 - 84 months
Interest Rate Type Fixed
Min. Credit Score 300
Fees Varies by lender, loan type and province
Origination Fee N/A
Turnaround Time 48 hours

Get Pre-Approved in as Little as 24 Hours: LoanConnect Car Loans

$500 – $50,000
Loan amount
9.9% – 46.96%
3 - 120 months
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.
  • Easy application
  • Lots or quotes from different lenders
  • Free service
  • Transparent terms
  • High loan amounts
  • Quick deposits
  • No collateral required
  • Limited providers
  • Fewer options for bad credit
Loan amount $500 – $50,000
APR 9.9% – 46.96%
Term 3 - 120 months
Interest Rate Type Fixed
Min. Credit Score 550
Fees Varies by lender, loan type and province
Origination Fee N/A
Turnaround Time Get pre-approved in as little as 60 seconds, and receive money in as little as 24 hours from the time of your application.

How does auto financing work?

A car loan is a type of financing used specifically to purchase a new or used car. After buying the car, you’ll make monthly payments of both principal and interest until the loan is fully paid off. Auto loans are usually secured loans — the car itself is used as collateral and can be repossessed if you don’t make payments.

How much you can borrow and what interest rate you get depends on the lender and your personal financial situation. The best way to ensure you’re getting the best deal available to you is to compare offers from multiple lenders before signing on to any car loan.

How much do car loans cost?

When it comes to how much you’ll pay for auto financing, you need to factor in both ongoing costs built into the loan and upfront costs. These are going to include:

Ongoing costs

  • Interest rate. The average car loan rate is 4.5% to 6%. The lowest rates hover around 3%, though these are reserved for individuals with excellent credit and a low debt-to-income ratio. Borrowers with poor credit usually see rates in the double digits.
  • Fees. Some lenders charge an origination fee of 1% to 5% of the loan amount. Your loan’s APR is interest and fees expressed as a percentage.

In addition to APR, the length of your loan term also affects the overall cost. Your loan term is the amount of time you have to pay off your loan. A short loan term generally results in higher monthly payments, but a lower total loan cost. A longer loan term gives you lower monthly payments, though you’ll ultimately pay more in interest.

Upfront costs

After your APR and term, you’ll want to pay attention to how much you’ll have to pay up front and in taxes:

  • Down payment. How much you’re expected to put down affects the immediate cost of your car loan. Expect to pay 10% to 20% of the cost of your vehicle up front.
  • Sales tax. Sales tax differs between different provinces and territories, so contact Service Canada to find out more about the tax you should expect to pay. Make sure to factor in sales taxes when estimating the cost of your car, as this can add a hefty amount onto the cost, usually between 13-15%.

Don’t forget to ask about any rebates you might be eligible for

If you’re financing with a dealer, ask about any cashback discounts to avoid leaving money on the table. Three main types include cash rebates, low-interest dealership financing and special leases. Government rebates for low-emission or hybrid vehicles are also available in many states.

Where can I get a car loan?

  • Banks. Your bank most likely offers auto financing or a personal loan you can use to purchase a new car. It’s a relatively hands-off experience, and only applicants with good credit typically qualify.
  • Credit unions. Credit unions often offer financing with lower rates and more lenient credit requirements. But you need to join to qualify, which can add time to the process.
  • Online lenders. Online car loan providers can offer faster funding for people with damaged credit or who are new to auto financing. Some can also help you find a car at a dealership.
  • Online connection services. Loan connection services could be an ideal option if you have bad credit, since many offer loans with low or no credit requirements — though it won’t be cheap.
  • Dealerships. You can always try to get financing directly from the dealership, though you might need to become a master negotiator to dodge typical dealership tactics.

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