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Compare bad credit car loans in BC

Where to find bad credit auto loans in BC and how to qualify for finance.

Bad credit doesn’t have to stop you getting a car loan. Many lenders are willing to accept borrowers with a less than perfect credit history — you just need to know where to look.

In this guide, we’ll take a closer look at bad credit car loans in BC, what you need to apply, and how much you can expect to pay.

4 bad credit car loan providers in BC

CarsFast logo

1. CarsFast bad credit car loans

CarsFast is an online comparison site where you can shop for finance for your next car. After filling out a quick application, you can compare finance offers from multiple lenders and shop for vehicles at 350 dealerships around the country.

Loan details

  • APR: 3.90% - 29.90%
  • Loan amount: $500 – $75,000
  • Loan term: 12 - 96 months
  • Minimum income: $2,000/month


  • Compare multiple finance offers
  • Pre-approval within minutes
  • Available across Canada
  • Large inventory of vehicles

What to watch out for

  • High rates for bad credit
  • Financing limited to dealership vehicles

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Loans Canada

2. Loans Canada bad credit car loans

Loans Canada is an online broker rather than a direct lender. After you fill out an online application, Loans Canada’s loan matching platform lets you compare finance offers from the broker’s network of lenders.

Loan details

  • APR: 0% - 46.96%
  • Loan amount: $500 – $50,000
  • Loan term: 3 - 60 months
  • Minimum income: $1,800 per month


  • Large network of lenders
  • Get multiple offers with just one application
  • Service is provided free of charge

What to watch out for

  • High rates for bad credit
  • Not a direct lender

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Canada Auto Finance

3. Canada Auto Finance bad credit auto loans

Canada Auto Finance is an online car financing platform designed to match you with a car loan from an auto dealership near you. It has partnerships with car brands and dealerships across the country.

Loan details

  • APR: 4.90% - 29.95%
  • Loan amount: $500 – $45,000
  • Loan term: 3 - 96 months
  • Minimum income: $1,500 monthly


  • Large dealership network
  • Fast approvals
  • Free service

What to watch out for

  • High rates for bad credit
  • No online quotes

Driving With Steve

4. Driving With Steve bad credit auto loans

Driving With Steve is an online platform where you can compare vehicles and financing rates from various dealers. Simply fill out an online application form to see what’s available.

Loan details

  • APR: Not available
  • Loan amount: Not available
  • Loan term: Not available
  • Minimum income: Not available


  • Easy online application
  • No fees
  • Bad credit OK

What to watch out for

  • High rates for bad credit
  • Limited info on website

How to compare bad credit car loans in BC

There’s a lot to consider when choosing a bad credit auto loan, so make sure you take into account the following factors:


Bad credit car loans in BC commonly come with steep car loan rates up to 29.99%. The APR combines the interest rate and loan fees into a single percentage figure to show the true cost of a loan. Use it to compare loan products between lenders.

Loan term

Check the minimum and maximum loan terms each lender offers. While a longer term means a lower monthly payment, it also means the loan will cost you more to pay off in total.

Loan amount

Consider the amount you want to borrow and check whether that fits within the lender’s minimum and maximum loan limits.

Additional fees

Read the fine print to find out whether there are any other fees that may apply, such as NSF and late payment fees.

Down payment requirements

Will you need to make a minimum down payment to take out a loan, or is $0 down payment financing available?

Eligibility criteria

Read the terms and conditions to make sure you’ll qualify for a bad credit car loan in BC. You will usually have to satisfy minimum monthly income requirements and have been in steady employment for at least three months.

Repayment flexibility

Can you make extra loan payments whenever you want? Can you pay the loan back early without incurring any penalties?

Lender reliability

Research the lender to make sure you only ever deal with legitimate providers. Check that they’re registered in BC, find out whether they’re BBB accredited (optional, but good to have), and read independent reviews from other borrowers. And if the lender uses high-pressure sales tactics to try to get you to take out financing, walk away.

How to increase your chances of getting approved

If you’ve got bad credit, there are several simple things you can do to improve your chances of getting approved for a bad credit auto loan in BC. These include:

Check your credit score

Start by finding out just how bad (or good) your credit score actually is. This will give you a better idea of where you stand and which lenders may be willing to offer you a loan.

Improve your credit score

From paying down debts to disputing inaccuracies in your credit file, there’s lots you can do to improve your credit score and make yourself a lower-risk prospect in the eyes of lenders.

Get pre-approved

Apply for car loan pre-approval with multiple lenders to find out which lenders are willing to work with you and what sort of rates you can expect.

Work out how much you can afford

Sit down with a calculator to assess your monthly income and work out a reasonable monthly car loan payment. Remember that you’ll need room in your budget to cover all your regular expenses as well as unexpected emergencies.

Apply with a cosigner

If a family member with a higher credit score and income with you is willing to cosign your loan, this will increase your chances of approval and also allow you to access larger loan amounts.

Compare your options

Don’t just settle for the first bad credit car loan you come across. Shop around and compare products from a range of lenders to find the best value.

Eligibility requirements for bad credit car loans in BC

The exact eligibility criteria you’ll need to meet to qualify for a bad credit car loan in BC vary between lenders. However, you’ll generally need to satisfy the following requirements:

  • Be 19 years of age or older
  • Be a Canadian citizen or resident
  • Meet minimum monthly income requirements (usually $1,600 or more per month)
  • Have held your current job for at least three months
  • Have an active bank account

You may also be asked to provide a range of documents and information during the application process, such as:

  • Proof of ID, such as your driver’s licence or passport
  • Bank statements for the past 90 days
  • Recent pay stubs
  • Your employer’s name and contact information

How to apply for a bad credit car loan in BC

When you’re ready to take out a bad credit car loan in BC, here’s what you need to do:

  1. Compare options. Compare a variety of lenders that specialize in bad credit car loans. Make sure to consider only legitimate lenders, and check their eligibility criteria to see whether you might qualify for a loan.
  2. Get pre-approval. Apply for pre-approval from multiple lenders. Getting pre-approved allows you to see “quotes” for various loans and compare costs between lenders.
  3. Submit an application. Once you’ve found the lender that offers an affordable loan and terms that suit your needs, complete an online application. You’ll need to provide your name and contact details as well as income and employment information.
  4. Provide documentation. Next, provide any documentation the lender needs to process your application, such as proof of ID and recent bank statements.
  5. Get approved. Once you’re approved, the funds will typically be sent to your account within 24 hours.
  6. Drive away. Hit the road in your new set of wheels.

How much are cars in BC?

Buying a car in BC? The price you can expect to pay will vary depending on whether you buy a new or used vehicle.

According to AutoTrader, the average price of a new car in BC in March 2023 was $63,726, 15.8% year-on-year increase. Used cars won’t set you back quite as much, with an average BC price as of March 2023 of $43,425 (4.7% year-on-year increase).

Orange car on road with $63,726 price and green car on road with $43,425 price

It’s worth noting that if you have bad credit, getting approved for a car loan of $20,000 or more can be quite difficult. As a result, you’ll either need to consider buying a more affordable vehicle, so save a larger down payment so you don’t have to borrow such a large amount.

How much will a bad credit car loan cost me in BC?

The interest rate you get and the loan term you choose can both have a big impact on the total cost to repay your loan. Check out the tables below to see how an APR of 12.99%, 15.99% and 18.99% can affect your repayments over loan terms ranging from five to seven years.

$15,000 car loan at 12.99% APR over 5-7 years

Loan amountInterest rateTermMonthly paymentTotal interestTotal cost to repay loan
$15,00012.99%5 years$341.22$5,473.16$20,473.16
$15,00012.99%6 years$301.03$6,674.33$21,674.33
$15,00012.99%7 years$272.80$7,915.02$22,915.02

$15,000 car loan at 15.99% APR over 5-7 years

Loan amountInterest rateTermMonthly paymentTotal interestTotal cost to repay loan
$15,00015.99%5 years$364.69$6,881.47$21,881.47
$15,00015.99%6 years$325.30$8,421.24$23,421.24
$15,00015.99%7 years$297.85$10,019.02$25,019.02

$15,000 car loan at 18.99% APR over 5-7 years

Loan amountInterest rateTermMonthly paymentTotal interestTotal cost to repay loan
$15,00018.99%5 years$389.03$8,341.54$23,341.54
$15,00018.99%6 years$350.56$10,240.68$25,240.68
$15,00018.99%7 years$324.03$12,218.62$27,218.62

As you can see, while a longer term means a lower monthly payment, it means you’ll end up paying significantly more interest in the long run. And even on a shorter loan term of five years, a 3% difference in APR can substantially increase the cost of repaying a loan.

Use the car loan calculator below to work out how much it’ll cost you to pay off your car purchase.

Car loan calculator

Calculate how much you could expect to pay each month
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Fill out the form and click on “Calculate” to see your estimated monthly payment.


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Bottom line

Bad credit car loans in BC can help you buy the car you need, but they come at a cost. Steep interest rates apply, so it’s worth considering whether you’d be better off paying down existing debt and improving your credit score before you apply.

If you decide that you’re ready for a loan now, make sure to compare bad credit car loans before deciding where to apply.

Frequently asked questions about bad credit car loans in BC

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