{"id":767143,"date":"2019-03-10T14:48:41","date_gmt":"2019-03-10T18:48:41","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?page_id=767143"},"modified":"2026-05-26T08:56:36","modified_gmt":"2026-05-26T12:56:36","slug":"luxury","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/luxury","title":{"rendered":"How to finance a luxury car"},"content":{"rendered":"<p>Luxury car financing in Canada is very similar to getting a regular car loan \u2014 but the numbers are bigger. To qualify for a loan of this size, you would need to prove that you can afford the monthly repayments. Banks, credit unions, alternative lenders and car dealerships offer loans to potential buyers, so keep reading to find out how to finance a luxury car.<\/p><h3>How to finance a luxury car<\/h3><p>A luxury car loan works the same as a regular car loan but you\u2019ll be committing to a larger amount of money \u2014 most luxury cars start upwards of $40,000. A loan of this size is a serious undertaking, and you should make sure your budget can handle the monthly payments before you start browsing lenders.<\/p><p>Fortunately, there are plenty of loan options out there. Whether you\u2019re seeking a secured or unsecured loan or a loan with a fixed or variable interest rate, you can find luxury car loans that suit your needs.<\/p><h3>Where can I get luxury car financing?<\/h3><h4>Banks<\/h4><p>Many of the big banks in Canada have loan options available for luxury purchases. Having a history with the bank and proof that you\u2019re able to pay back the loan is integral to being approved though.<\/p><p>Banks typically charge around 5% interest rates for car loans.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p><strong>Benefits of getting a loan from a bank<\/strong><\/p><ul class=\"list-1\"><li><strong>Competitive rates.<\/strong> Banks can offer some of the lowest rates available when applying for a loan.<\/li><li><strong>Loan terms.<\/strong> Loan terms from banks can last 6 or 7 years.<\/li><li><strong>Fixed or variable interest rate.<\/strong> You could get a choice of either a fixed or variable rate, which can influence your monthly payments. Fixed rates stay the same for the duration of the loan, while variable rates change over time.<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p><strong>What to watch for<\/strong><\/p><ul class=\"list-12\"><li><strong>Credit score.<\/strong> You\u2019ll need to have a good to excellent credit score to be approved.<\/li><\/ul><\/div><\/div><h4>Credit unions<\/h4><p>Credit unions offer car loans to customers in most of Canada. Coast Capital has no maximum loan amount, which helps when you\u2019re looking for a larger amount for your new wheels.<\/p><p>Credit unions usually charge between 3% and 8% for interest rates.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p><strong>Benefits of getting a loan from a credit union <\/strong><\/p><ul class=\"list-1\"><li><strong>Competitive rates.<\/strong> Similar to the banks, credit unions often have good rates when it comes to loans and luxury car financing.<\/li><li><strong>Fixed or variable rates.<\/strong> Credit unions also often offer fixed or variable rates, depending on which lender you choose.<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p><strong>What to watch for<\/strong><\/p><ul class=\"list-12\"><li><strong>Credit score.<\/strong> Like the banks, credit unions may require you to have a good to excellent credit score to apply.<\/li><\/ul><\/div><\/div><h4>Dealers<\/h4><p>Some dealers offer financing themselves, and oftentimes partner with other lenders such as major banks. RBC offers financing at more than 4,500 dealerships across Canada, with options for monthly, semi-monthly, bi-weekly or weekly payments and terms between 1 and 8 years.<\/p><p>Dealers usually charge between 2% and 10% interest, depending on the specifics of your loan. You can also get <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/0-car-loans\">0% car financing<\/a>, but this offer has its share of drawbacks.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p><strong>Benefits of getting a loan from a dealership<\/strong><\/p><ul class=\"list-1\"><li><strong>Convenient.<\/strong> Being able to get a loan from the same place that you pick up your new car makes the process easy and fast.<\/li><li><strong>They\u2019re often bank loans run through the dealership.<\/strong> Big banks have partnerships with dealerships all over the country to offer loans to customers. You\u2019re really getting a bank loan through the dealership, so it can offer fixed or variable rates as well.<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h4>What to watch for<\/h4><ul class=\"list-12\"><li><strong>Sales pressure.<\/strong> Don\u2019t be pressured into taking a luxury car loan from a dealer just because they\u2019re selling you the car. There are other options available and taking your time to do the research can pay off.<\/li><li><strong>Fees.<\/strong> There could be more fees associated with the loan since it\u2019s coming through the dealership, which could act as a third party.<\/li><\/ul><\/div><\/div><h4>Alternative lenders<\/h4><p>Alternative lenders, that is lenders that aren\u2019t banks or dealerships, are also an option when looking for a luxury car loan. Companies such as<a href=\"https:\/\/www.finder.com\/ca\/car-loans\/canada-drives-review\"> Canada Drives<\/a> help Canadians find the best car loan possible, even if they\u2019ve already been rejected by the dealership or bank.<\/p><p>Interest rates can vary for alternative lenders, usually anywhere between 2% and 40%.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p><strong>Benefits of getting a loan from an alternative lender<\/strong><\/p><ul class=\"list-1\"><li><strong>Tons of options.<\/strong> There are tons of options available for those who choose to use an alternative lender for their car loan.<\/li><li><strong>More open to lending to people with bad credit.<\/strong> If your credit score isn\u2019t great, there are still options available for you to get a loan through alternative lenders. Check out our rundown of <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/bad-credit\">bad credit car loans<\/a>.<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><p><strong>What to watch for<\/strong><\/p><ul class=\"list-12\"><li><strong>Interest rates.<\/strong> Alternative lenders tend to have higher interest rates than the other lenders mentioned above.<\/li><\/ul><\/div><\/div><article class=\"luna-card luna-card--primary\"><div class=\"luna-card__block\"><h4>Representative example: Sergei buys a BMW<\/h4><p>Sergei lives in Ontario and recently got a new job in another city, so he wants to buy a car that he can use for the daily commute. Sergei finds a luxury vehicle at a dealership for $53,000.00. After putting a 15% down payment of $7,950.00 on the car, he heads to his local bank where he applies for an auto loan to cover the remaining cost.<\/p><p>Because Sergei has a solid credit history, he is approved for a loan to cover the outstanding amount plus $5,856.50 HST on the purchase price. Along with the cost of his loan, Sergei also pays approximately $180.00 to register his vehicle with the province of Ontario \u2014 this includes the cost of licence plates, a sticker and a vehicle permit.<\/p><table class=\" custom-table js-custom-table\" width=\"906\"><tbody><tr><td><strong>Cost of new car<\/strong><\/td><td>$45,050.00 ($53,000.00 less $7,950.00 down payment)<\/td><\/tr><tr><td><strong>Loan type<\/strong><\/td><td>Auto loan (term loan)<\/td><\/tr><tr><td><strong>Loan amount<\/strong><\/td><td>$51,940.00<\/td><\/tr><tr><td><strong>Interest rate (APR)<\/strong><\/td><td>5.90%<\/td><\/tr><tr><td><strong>Loan term<\/strong><\/td><td>7 years<\/td><\/tr><tr><td><strong>Additional fees<\/strong><\/td><td>3.00% origination fee ($1,558.20)<\/td><\/tr><tr><td><strong>Payment<\/strong><\/td><td>$756.28 monthly or $348.68 biweekly<\/td><\/tr><tr><td><strong>Total loan cost<\/strong><\/td><td>$62,263.32 with monthly payments or $63,459.76 with biweekly payments<\/td><\/tr><\/tbody><\/table><p><small>*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.<\/small><\/p><\/div><\/article><p><a id=\"longtermloans\"><\/a><\/p><div class=\"must-read u-bg--purple-subtle u-rounded--lg\" data-component=\"must-read\">\n    <div class=\"must-read__block\">\n        <h4 class=\"must-read__title\">\n            <span class=\"must-read__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <path d=\"M26.9325 26.9998H5.0675C3.49 26.9998 2.5 25.3486 3.26625 24.0111L14.1988 5.02734C14.9863 3.65234 17.0138 3.65234 17.8013 5.02734L28.7338 24.0111C29.5 25.3486 28.51 26.9998 26.9325 26.9998Z\" fill=\"#B469FF\"><\/path>\n                    <path d=\"M29.6 23.5113L18.6688 4.52758C18.3956 4.06249 18.0056 3.67686 17.5375 3.40891C17.0694 3.14096 16.5394 3 16 3C15.4606 3 14.9306 3.14096 14.4625 3.40891C13.9944 3.67686 13.6044 4.06249 13.3312 4.52758L2.4 23.5113C2.13717 23.9612 1.99866 24.4728 1.99866 24.9938C1.99866 25.5148 2.13717 26.0265 2.4 26.4763C2.66966 26.9442 3.05896 27.332 3.52795 27.5997C3.99694 27.8675 4.52873 28.0057 5.06875 28.0001H26.9313C27.4708 28.0052 28.0021 27.8669 28.4706 27.5991C28.9391 27.3314 29.328 26.9439 29.5975 26.4763C29.8607 26.0267 29.9997 25.5152 30.0001 24.9942C30.0005 24.4732 29.8625 23.9614 29.6 23.5113ZM27.8662 25.4751C27.771 25.6376 27.6341 25.7719 27.4698 25.8642C27.3055 25.9564 27.1197 26.0033 26.9313 26.0001H5.06875C4.88034 26.0033 4.69446 25.9564 4.53016 25.8642C4.36586 25.7719 4.22904 25.6376 4.13375 25.4751C4.04743 25.3289 4.0019 25.1623 4.0019 24.9926C4.0019 24.8228 4.04743 24.6562 4.13375 24.5101L15.065 5.52633C15.1622 5.36455 15.2997 5.23068 15.4639 5.13773C15.6282 5.04479 15.8138 4.99595 16.0025 4.99595C16.1912 4.99595 16.3768 5.04479 16.5411 5.13773C16.7053 5.23068 16.8428 5.36455 16.94 5.52633L27.8713 24.5101C27.9568 24.6567 28.0015 24.8235 28.0006 24.9933C27.9997 25.163 27.9533 25.3294 27.8662 25.4751ZM15 18.0001V13.0001C15 12.7349 15.1054 12.4805 15.2929 12.293C15.4804 12.1054 15.7348 12.0001 16 12.0001C16.2652 12.0001 16.5196 12.1054 16.7071 12.293C16.8946 12.4805 17 12.7349 17 13.0001V18.0001C17 18.2653 16.8946 18.5197 16.7071 18.7072C16.5196 18.8947 16.2652 19.0001 16 19.0001C15.7348 19.0001 15.4804 18.8947 15.2929 18.7072C15.1054 18.5197 15 18.2653 15 18.0001ZM17.5 22.5001C17.5 22.7968 17.412 23.0868 17.2472 23.3334C17.0824 23.5801 16.8481 23.7724 16.574 23.8859C16.2999 23.9994 15.9983 24.0291 15.7074 23.9713C15.4164 23.9134 15.1491 23.7705 14.9393 23.5607C14.7296 23.351 14.5867 23.0837 14.5288 22.7927C14.4709 22.5017 14.5006 22.2001 14.6142 21.9261C14.7277 21.652 14.92 21.4177 15.1666 21.2529C15.4133 21.0881 15.7033 21.0001 16 21.0001C16.3978 21.0001 16.7794 21.1581 17.0607 21.4394C17.342 21.7207 17.5 22.1023 17.5 22.5001Z\" fill=\"#232320\"><\/path>\n                <\/svg>\n            <\/span>\n            <span class=\"must-read__title-text\">Must read: What you need to know about long-term loans<\/span>\n        <\/h4>\n        <div class=\"must-read__content\">\n            When you\u2019re looking into buying a luxury or exotic car, lengthier loan terms may start to pop up to make the purchase more affordable. The average term for a non-luxury car loan is about 5 to 6 years, but in Canada you may be able to get a 6-to-8-year loan to finance a more expensive ride. The interest rates can often fall between 3.99% and 6.99% for a 5-to-8-year loan, and it takes a knowledgeable buyer to get the most out of it.<p>The following shows the interest you might pay over various loan terms, assuming that your car costs $55,000, you\u2019re making a $5,000 down payment, and your credit is good.<\/p><p><small>Note: these figures and interest rates are for <em>example purposes only<\/em>. Actual amounts vary based on your credit score, income, the age of your vehicle, dealer rebates, the trade-in value of your old car and other factors. Ask your lender what rates apply to you.<\/small><\/p><table style=\"border: 1px solid #000000; border-collapse: collapse; padding: 5px;\" width=\"805\"><tbody><tr><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\"><strong>Loan Term<\/strong><\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\"><strong>Interest Rate<\/strong><\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\"><strong>Monthly<br>Payment<\/strong><\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\"><strong>Total Interest<br>Paid on Loan<\/strong><\/td><\/tr><tr><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px; background-color: #d4edfe;\"><strong>60 months <\/strong><strong>(5 years)<\/strong><\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px; background-color: #d4edfe;\">4.99%<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px; background-color: #d4edfe;\">$943.33<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px; background-color: #d4edfe;\">$6,599.80<\/td><\/tr><tr><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\"><strong>72 months <\/strong><strong>(6 years)<\/strong><\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\">4.79%<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\">$800.39<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\">$7,627.68<\/td><\/tr><tr><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px; background-color: #d4edfe;\"><strong>84 months <\/strong><strong>(7 years)<\/strong><\/td><td style=\"text-align: center; border: 1px solid #000000; border-spacing: none; padding: 5px; background-color: #d4edfe;\">4.49%<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px; background-color: #d4edfe;\">$694.78<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px; background-color: #d4edfe;\">$8,361.06<\/td><\/tr><tr><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\"><strong>96 months <\/strong><strong>(8 years)<\/strong><\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\">3.99%<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\">$609.23<\/td><td style=\"text-align: center; border: 1px solid #000000; border-collapse: collapse; padding: 5px;\">$8,486.21<\/td><\/tr><\/tbody><\/table><p>In this scenario, going for a 96 month (8 year) loan might get you a lower interest rate, but you\u2019d also end up paying around $2,000 more in interest fees! If you know luxury, exotic and classic cars well and can realistically commit to making steady payments for a long time (and don\u2019t mind paying more interest fees), then you may be able to handle a long-term loan.<\/p><p>Longer loan terms aren\u2019t for everyone. If your financial circumstances change during the lengthy repayment period, you\u2019ll be stuck with an expensive loan that you can\u2019t afford. If you can afford to pay a higher monthly payment over a shorter time period, you should do it to save money in the long run.<\/p>\n        <\/div>\n    <\/div>\n<\/div>\n<h3>How to compare luxury car loans<\/h3><p>Beyond loan term, fees and repayment options, you\u2019ll want to keep an eye out for loans that have these features:<\/p><ul class=\"list-10\"><li><b>Fixed or variable rate. <\/b>Would you prefer a stable monthly payment, or are you willing to take a gamble on a fluctuating interest rate that could be lower down the road?<\/li><li><b>Secured or unsecured. <\/b>Do you want to use your new luxury car as collateral to get a lower rate, as would be the case with a secured loan? Or are you okay with paying a little extra to avoid losing your exotic wheels, as would be the case with an unsecured loan?<\/li><li><b>Flexibility.<\/b> Look for a lender that allows you to pay off your loan early without any penalties and that has a really good reputation for providing top-notch customer service.<\/li><\/ul><h3>Secured vs unsecured luxury car loans<\/h3><p>The biggest difference between a secured loan and an unsecured loan is that a secured loan requires you to provide collateral to the lender. Secured loans for exotic car financing usually have better rates since lenders have something to recoup their losses on if you can\u2019t pay them back.<\/p><p>Unsecured loans don\u2019t require collateral but can come with higher interest rates and fees. The upside to that is you, as the borrower, don\u2019t risk losing any collateral if you miss payments.<\/p><p>Most car loans in Canada are secured, but it is possible to find a lender willing to provide an unsecured car loan.<\/p><h3>How much is a down payment on a luxury car?<\/h3><p>A down payment on a standard car usually starts around 10% and goes up from there. If you plan on reselling the car in a few years, you should consider a higher down payment, say 20%, to get the vehicle paid off faster.<\/p><p>Luxury cars tend to depreciate faster than a \u201cnormal\u201d car, so getting it paid off faster could benefit you in the long run.<\/p><h3>4 mistakes to avoid<\/h3><ul class=\"list-12\"><li><strong>Small down payments.<\/strong> A hefty down payment helps reduce the cost of the loan and lower your monthly payments. Paying more upfront will save you a lot of interest fees down the road.<\/li><li><strong>Adding one-time costs into the loan.<\/strong> Some lenders might let you include the taxes and cost of vehicle registration in your loan, but remember \u2014 anything added to your loan balance will increase the interest you have to pay.<\/li><li><strong>Not comparing your options.<\/strong> A luxury car should not be a spur-of-the-moment purchase. Take your time to review your loan options and your financial situation to be sure you can handle the payment schedule.<\/li><li><strong>Long terms.<\/strong> Unless you\u2019re buying your car as an investment, going for an <a class=\"scroll\" href=\"#longtermloans\">extra-long term<\/a> means you\u2019ll pay a lot more in interest.<\/li><\/ul><h3>How to apply for luxury car financing in Canada<\/h3><p>All lenders will require different information when you apply for a loan, but here is some of the information you\u2019ll most likely need to provide.<\/p><ul class=\"list-7\"><li>Personal information, including your name, Social Insurance Number and proof of identity<\/li><li>Employment information, including your income, your employer, the length of your employment and Notices of Assessment from the current and previous tax years<\/li><li>Financial information, including your assets, credits, and debts and liabilities<\/li><li>Vehicle information, including make, model, condition and price (this can be obtained from your dealership)<\/li><li>Business information if the car is being purchased by a business<\/li><\/ul><p>Since you\u2019re borrowing a large amount, your credit score needs to be high with a near-perfect payment history. Lenders are unlikely to extend a loan to someone whose score and history don\u2019t reflect upstanding financial decisions.<\/p><h3>Can I qualify?<\/h3><p>It depends on your lender but generally you must:<\/p><ul class=\"list-2\"><li><strong>Have good or excellent credit.<\/strong> If you want an unsecured loan, you\u2019ll likely need to have near-perfect credit to be eligible for a large enough loan to buy a luxury vehicle.<\/li><li><strong>Have a low debt-to-income ratio (DTI).<\/strong> You generally can\u2019t qualify for a loan with a <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-to-income-ratio\" target=\"_blank\" rel=\"noopener noreferrer\">DTI<\/a> over 43%, though it\u2019ll likely need to be much lower for a luxury car loan.<\/li><li><strong>Make enough to afford repayments.<\/strong> Lenders for loans of this size often require you to have an income near, or exceeding, six figures.<\/li><\/ul><p><img decoding=\"async\" class=\"wp-image-767266 size-full aligncenter\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/03\/shutterstock_466852061-min.png\" alt=\"White luxury sports car on a neighborhood street\" width=\"895\" height=\"350\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/03\/shutterstock_466852061-min.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/03\/shutterstock_466852061-min.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/03\/shutterstock_466852061-min.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/03\/shutterstock_466852061-min.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/03\/shutterstock_466852061-min.png?fit=1200 1200w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/03\/shutterstock_466852061-min.png?fit=2685 2685w\" sizes=\"(max-width: 2685px) 100vw, 2685px\" loading=\"lazy\"><\/p><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"><\/circle>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"><\/path>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">Popular luxury cars in Canada (2023)<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            These luxury car brands are known for their speed, power and comfort. Starting at around $50,000, these are some of the vehicles that Canada\u2019s well-to-do drivers love to take out on the road.<ul class=\"list-10\"><li><strong>Mercedes Benz GLE Class \u2014 Starting at $75,800. <\/strong>Regularly featuring among the top-selling luxury car brands, Mercedes-Benz is known for its beautiful design and great engineering, and the price you pay reflects it. Its GLE-Class of vehicles comes in four performance-oriented trims with twin-turbocharged 255-603 horsepower engines (depending on the model). Best suited for city driving, these vehicles have been in high demand among Canadian drivers for a number of years.<\/li><li><strong>Mercedes Benz GLC Class \u2014 Starting at $51,600. <\/strong>The GLC class, the little sibling of the GLE class, comes with a substantially smaller price tag to match but doesn\u2019t compromise on features. The 255 horsepower engine can boost you up to 100km\/h in just 6.2 seconds for those looking for a speed thrill. The mid-size SUV is great for the city but can hold its own on dirt roads as well.<\/li><li><strong>BMW 3 Series \u2014 Starting at $55,000. <\/strong>The BMW 3 Series Sedan has been a strong seller in Canada in recent years. Combining refined handling with impressive performance, it offers an engaging drive in the city and on winding country roads. It\u2019s loaded with tech features too, including BMW\u2019s Reversing Assistant and other intelligent driver assistance systems.<\/li><li><strong>Audi Q5 \u2014 Starting at $51,850. <\/strong>This best-selling luxury SUV is small enough to take through any downtown area but big enough to pack full of the essentials for a weekend getaway. The engine produces 261 horsepower, more than enough to get up steep inclines with a full trunk, while the Bang &amp; Olufsen sound system means you can enjoy all your road trip tunes with 3D sound.<\/li><\/ul>\n        <\/div>\n    <\/div>\n<\/div>\n<h3>Bottom line<\/h3><p>Unless you\u2019re prepared to pay cash, it\u2019s important to know how to finance a luxury car. Most cars are bound to depreciate, so understand how much you\u2019re paying, how much debt you\u2019re taking on, and the financial position you\u2019ll be in by the end of your loan term. <a title=\"Car Loans\" href=\"https:\/\/www.finder.com\/ca\/car-loans\" target=\"_blank\" rel=\"noopener noreferrer\">Compare your options<\/a> for luxury car financing in Canada until you\u2019re sure you\u2019ve found the best deal available.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Is there a minimum credit score to finance a luxury car?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Not necessarily, but lenders will want to see that you pay your debts and are able to handle your monthly payments. The best rates are typically given to people with excellent scores (780+), but good scores at, or above, 660 will yield decent rates as well. The lower your credit score, the less chance you have of getting approved for a car loan, especially if you fall below 600. And even if you are approved, your interest rate will be higher to make up for the (perceived) increased risk that you will default on your loan.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">What is the average loan term for a luxury car loan?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>You\u2019ll find car loans with terms as short as 24 months and some as long as 96 months. However, the average new luxury car is financed for around 60 to 72 months. Shorter terms are usually preferable to save money, but longer terms will lower your payments. Consult your financial advisor to determine which loan term is appropriate for you.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">Is there a luxury car tax in Canada?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Yes. The Government of Canada introduced a luxury tax on the sale or importation of luxury vehicles in September 2022. Find out how this tax works by checking out <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/forms-publications\/publications\/ltn2\/subject-vehicles-under-select-luxury-items-tax-act.html\" target=\"_blank\" rel=\"noopener\">this overview from the Canada Revenue Agency<\/a>.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">Will my insurance premium increase?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Yes, having a luxury car usually means paying higher insurance rates. Ontario usually has the most expensive auto insurance due to the high volume of accidents that regularly occur there. In Ontario a 36-40 year-old male could pay $2,000-$4,000 per year for high-end car insurance \u2013 a female would likely pay less. However, in B.C. he might pay $1,300-$2,000 per year, while in Nova Scotia he might pay $900-$1,300 a year. A woman would likely be charged more in both provinces.* Rates for drivers under 25-years-old are always higher \u2013 in Nova Scotia, a male under 25 could end up paying <em>3 times<\/em> what a 36-40 year-old man might be charged!*<\/p><p>Luxury cars are worth more, which means they cost more to insure in the event that they are damaged or stolen. Insurance companies will also determine your rate based on the number of accidents or thefts on record for all drivers who have owned your type of car.<\/p><p>Cars with the following characteristics are known to cause a jump in premiums:<\/p><ul><li>2-door models<\/li><li>Newer vehicles<\/li><li>Cars used for business purposes<\/li><li>Imported cars (due to the cost and difficulty of getting replacement parts)<\/li><li>Sports cars and luxury vehicles<\/li><li>Convertibles<\/li><\/ul><p>However, as with all insurance, your driving record and where you live impacts your annual premium, as does your credit score. Once all of these factors are taken into account, you may see your premium bump up. Try to take into account the list of \u201cred flag\u201d characteristics above when you purchase a car in order to keep your insurance rates from skyrocketing.<\/p><p><small>*Data and rates are purely hypothetical and are based on information obtained from www.insureye.com\/rates. Other factors not discussed here could impact the actual amount you end up paying. Check with your auto insurance provider to find out what rates you qualify for.<\/small><\/p><\/div>\n  <\/div>\n<\/li><\/ul>","protected":false},"excerpt":{"rendered":"<p>Find out how to finance a luxury or exotic car in Canada.<\/p>\n","protected":false},"author":1181,"featured_media":767251,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"how to finance a luxury car","_yoast_wpseo_title":"How to Finance a Luxury Car | Finder Canada","_yoast_wpseo_metadesc":"Looking for luxury car financing in Canada? Find out how to finance a luxury car and get a competitive deal in this guide.","_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_opengraph-image":"","_yoast_wpseo_opengraph-image-id":"","apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"post_is_fact_checked":"false","post_co_author":"37","post_co_author_date":"2026-05-26T08:56:39","post_co_author_manual_date_checked":"false","post_reviewer":"-1","post_reviewer_date":"","post_reviewer_manual_date_checked":"false","post_editor":"-1","post_editor_date":null,"post_author_date":"","post_author_manual_date_checked":"false","_last_updated_date_data":"{\"is_updated_date_published\":true,\"last_updated_date\":\"2023-05-09 02:09:37\",\"timezone_offset\":\" +00:00\",\"last_update_summary\":\"We updated the list of popular luxury car models.\"}","_last_major_update":"{\"isOn\":true,\"date\":\"11\/01\/2020\"}","feature_finder_bot_teaser_enabled":false,"feature_finder_bot_teaser_message":"","feature_finder_bot_teaser_placeholder":"","feature_finder_bot_teaser_suggestions":"","footnotes":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":"","_yoast_wpseo_twitter-image":"","_yoast_wpseo_twitter-image-id":""},"categories":[5831],"tags":[],"asset_tag":[],"class_list":["post-767143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-car-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Finance a Luxury Car | Finder Canada<\/title>\n<meta name=\"description\" content=\"Looking for luxury car financing in Canada? 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