{"id":764344,"date":"2018-08-17T23:53:57","date_gmt":"2018-08-18T03:53:57","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=764344"},"modified":"2026-10-02T10:12:44","modified_gmt":"2026-10-02T14:12:44","slug":"car-loan-interest-rates","status":"publish","type":"page","link":"https:\/\/www.finder.com\/ca\/car-loans\/car-loan-interest-rates","title":{"rendered":"Current Car Loan Interest Rates in Canada"},"content":{"rendered":"

Thinking of buying a car? Locking in a great car loan rate is key to lowering your monthly payments and total cost. Whether you have good or bad credit, are shopping for a new or used vehicle, or live in Eastern or Western Canada, compare car loan rates here to get the right financing for your needs.<\/p>

Compare current car loan rates in Canada<\/h3>

To get a car loan, you\u2019ll need to be employed for at least three months and earn at least $2,000 per month. Some lenders accept bad credit, but only borrowers with strong financial profiles qualify for the lowest rates.<\/p>
Lender<\/th>APR<\/th>Loan amount<\/th>Loan term<\/th><\/th><\/tr><\/thead>
CarsFast<\/strong><\/td>3.90% - 29.90%<\/span><\/td>$500 \u2013 $75,000<\/td>12 - 96 months<\/td>
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Clutch (used car loans)<\/strong><\/td>From 7.99%<\/span><\/td>$7,500 \u2013 No max.<\/td>24 - 96 months<\/td>
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Loans Canada<\/strong><\/td>0% - 35.00%<\/span><\/td>$3,000 \u2013 $50,000<\/td>12-84 months<\/td>
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Approval Genie<\/strong><\/td>3.90% - 29.90%<\/span><\/td>$5,000 \u2013 $75,000<\/td>12 - 84 months<\/td>
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My Auto Approval<\/strong><\/td>0% - 35.00%<\/span><\/td>$5,000 \u2013 $75,000<\/td>12 - 96 months<\/td>
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Dealerhop<\/strong><\/td>6.99% - 35.00%<\/span><\/td>$7,000 \u2013 $50,000<\/td>12 - 96 months<\/td>
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Canada Auto Finance<\/strong><\/td>4.90% - 29.95%<\/span><\/td>$5,000 \u2013 $65,000<\/td>3 - 96 months<\/td>
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LoanConnect<\/strong><\/td>8.99% - 35.00%<\/span><\/td>$500 \u2013 $60,000<\/td>72 - 84 months<\/td>
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CIBC<\/strong><\/td>From approx. 7.44%<\/span><\/td>$7,500 \u2013 No max.<\/td>12 \u2013 96 months<\/td>
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DUCA<\/strong><\/td>From 6.90%<\/span><\/td>Varies<\/td>12 - 60 months<\/td>
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Kawartha Credit Union<\/strong><\/td>From 6.49%<\/span><\/td>Varies<\/td>Up to 60 months<\/td>
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Vancity<\/strong><\/td>From 5.45%<\/span><\/td>$1,500 \u2013 No max.<\/td>Up to 120 months<\/td>
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Newfoundland and Labrador Credit Union<\/strong><\/td>4.3% - 6.7%<\/span><\/td>Varies<\/td>36 - 96 months<\/td>
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WFCU<\/strong><\/td>5.69%<\/span><\/td>Varies<\/td>48 - 96 months<\/td>
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Libro Credit Union<\/strong><\/td>From 7.79%<\/span><\/td>Varies<\/td>12 - 84 months<\/td>
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TD Bank<\/strong><\/td>7.49% - 29.99%<\/span><\/td>$5,000 \u2013 $50,000<\/td>84 months<\/td>
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Scotiabank<\/strong><\/td>From approx. 7.49%<\/span><\/td>Up to $200,000<\/td>up to 96 months<\/td>
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RBC<\/strong><\/td>From approx. 7.49%<\/span><\/td>$7,500 \u2013 No max.<\/td>1 \u2013 8 years<\/td>
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What\u2019s the average car loan interest rate in Canada?<\/h3>

The average car loan rate is 6.66%<\/strong>, according to Statistics Canada.<\/p>

The average buyer may pay between 3.6% and 9.0%<\/strong> interest on their car loan, depending on their credit score, loan amount, loan term, interest rate type and other factors.<\/p>

What are the bank car loan rates?<\/h3>

Below is an overview of bank car loan interest rates in Canada:<\/p>