{"id":951571,"date":"2021-11-12T10:56:09","date_gmt":"2021-11-12T15:56:09","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=951571"},"modified":"2026-10-09T15:21:08","modified_gmt":"2026-10-09T19:21:08","slug":"car-loans-ontario","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/car-loans\/car-loans-ontario","title":{"rendered":"Car Loans in Ontario: Compare Rates &#038; Terms"},"content":{"rendered":"<p>For many Ontarians, a car is a necessity. And if you\u2019re shopping for a new set of wheels, there\u2019s a good chance you\u2019ll also need to start comparing car loans.<\/p><p>Our guide below explains how car loans in Ontario work, the key features to focus on and the eligibility criteria you\u2019ll need to consider for a successful application. But before that, let\u2019s take a look at Ontario car loans.<\/p><h3 id=\"compare\">Compare car loans in Ontario<\/h3><p><img decoding=\"async\" class=\"alignnone wp-image-949059 size-full\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoansCanada_Supplied_250x100.png\" alt=\"Loans Canada\" width=\"250\" height=\"100\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoansCanada_Supplied_250x100.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoansCanada_Supplied_250x100.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoansCanada_Supplied_250x100.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoansCanada_Supplied_250x100.png?fit=750 750w\" sizes=\"(max-width: 750px) 100vw, 750px\" loading=\"lazy\"><\/p><h4 id=\"loanscanada\">1. <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/loans-canada-car-loans-review\">Loans Canada<\/a><\/h4><ul><li><strong>How they help:<\/strong> Loans Canada is an online loan search platform with the nation\u2019s largest lender network. You can submit one application and then compare offers from multiple lenders. Borrowers with good credit and poor credit are welcome.<\/li><li><strong>APR:<\/strong> 0% - 35.00%<span class=\"table-popover\" rel=\"popover\" data-content=\"0% financing is for new cars only. Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span>. <\/li><li><strong>Loan term:<\/strong> 12-84 months<\/li><li><strong>Serviced areas in Ontario:<\/strong> All<\/li><li><strong>Eligibility requirements:<\/strong> Must have stable employment and earn at least $1,800 monthly income<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5><strong>What do people have to say about Loans Canada?<\/strong><\/h5><p>Customers who praise Loans Canada mention the user-friendly application and loan comparison process. Some negative reviewers seem to refer to scammers impersonating Loans Canada to try and get customers\u2019 sensitive personal and financial information \u2014 a scam that is mentioned in an alert on the Better Business Bureau website.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>1\/5 stars based on 1 review, A+ rating<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>2.3\/5 stars based on 7 reviews<\/td><\/tr><tr><td>Google reviews<\/td><td>4.4\/5 stars based on 253 Google reviews<\/td><\/tr><\/tbody><\/table><p style=\"text-align: center;\"><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/car-loans\/loans-canada-car-loan-ca-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22CAFCL%22%2C%22class%22%3A%22luna-button%2Bluna-button--large%2Bluna-button--success%2Bhas-margin-bottom-small%22%2C%22offer_id%22%3A%2217709%22%2C%22niche_code%22%3A%22CAFCL%22%2C%22product_id%22%3A%2298559dd6-c17b-40fb-a619-3014d270fc9d%22%2C%22product_name%22%3A%22Loans%2BCanada%2BCar%2BLoans%22%2C%22provider_id%22%3A%2212ee2ade-e1e9-43f0-b34b-760e916e902f%22%2C%22provider_name%22%3A%22Loans%2BCanada%22%2C%22post_id%22%3A%22951571%22%2C%22post_path%22%3A%22car-loans%252Fcar-loans-ontario%22%2C%22post_country%22%3A%22ca%22%7D\" class=\"luna-button luna-button--large luna-button--success has-margin-bottom-small\">Go to site<\/a><\/p><hr><p><img decoding=\"async\" class=\"alignnone wp-image-1030461\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/03\/CarsFast-Logo_Supplied_1800x1000.jpg\" alt=\"Carsfast\" width=\"270\" height=\"150\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/03\/CarsFast-Logo_Supplied_1800x1000.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/03\/CarsFast-Logo_Supplied_1800x1000.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/03\/CarsFast-Logo_Supplied_1800x1000.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/03\/CarsFast-Logo_Supplied_1800x1000.jpg?fit=810 810w\" sizes=\"(max-width: 810px) 100vw, 810px\" loading=\"lazy\"><\/p><h4 id=\"carsfast\">2. <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/carsfast-car-loan\">CarsFast<\/a><\/h4><ul><li><strong>How they help:<\/strong> CarsFast offers an online platform where you can compare car loans and rates from multiple lenders. It works with a network of dealers across Canada to help you find the loan you need, and specializes in auto loans for borrowers with bad credit and limited credit histories.<\/li><li><strong>APR:<\/strong> 3.90% - 29.90%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan term:<\/strong> 12 - 96 months<\/li><li><strong>Serviced areas in Ontario:<\/strong> All<\/li><li><strong>Eligibility requirements:<\/strong> Must have steady employment and a gross income of over $2,000\/month<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5><strong>What do people have to say about CarsFast?<\/strong><\/h5><p>There are limited online reviews for CarsFast. However, its website is owned and operated by Consumer Genius, which has received mostly positive reviews on Trustpilot. Most reviewers state they received good, prompt customer service, but some customers say there are hidden terms, so be sure you read any agreement from CarsFast before signing it.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>N\/A<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>3.5\/5 stars based on 21 reviews (for Consumer Genius, which owns CarsFast)<\/td><\/tr><tr><td>Google reviews<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><p style=\"text-align: center;\"><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/car-loans\/carsfast-lendingarch-ca-car-loan-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22CAFCL%22%2C%22class%22%3A%22luna-button%2Bluna-button--large%2Bluna-button--success%2Bhas-margin-bottom-small%22%2C%22offer_id%22%3A%2216112%22%2C%22niche_code%22%3A%22CAFCL%22%2C%22product_id%22%3A%225ba47813-dec4-4734-8778-bfa4edb45aab%22%2C%22product_name%22%3A%22Carsfast%2BCar%2BLoans%22%2C%22provider_id%22%3A%22de539f0b-5b87-4abf-aa61-e7e3b8329b58%22%2C%22provider_name%22%3A%22CarsFast%22%2C%22post_id%22%3A%22951571%22%2C%22post_path%22%3A%22car-loans%252Fcar-loans-ontario%22%2C%22post_country%22%3A%22ca%22%7D\" class=\"luna-button luna-button--large luna-button--success has-margin-bottom-small\">Go to site<\/a><\/p><hr><p><img decoding=\"async\" class=\"alignnone wp-image-971251\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/ClutchLogo_supplied_483x141.png\" alt=\"Clutch\" width=\"219\" height=\"64\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/ClutchLogo_supplied_483x141.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/ClutchLogo_supplied_483x141.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/ClutchLogo_supplied_483x141.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/ClutchLogo_supplied_483x141.png?fit=657 657w\" sizes=\"(max-width: 657px) 100vw, 657px\" loading=\"lazy\"><\/p><h4 id=\"clutch\">3. <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/online-car-dealers-canada\/clutch-review\">Clutch<\/a><\/h4><ul><li><strong>How they help:<\/strong> Clutch is a car buying and financing platform that operates in Ontario, Nova Scotia, New Brunswick, PEI and British Columbia. It allows you to apply for financing, shop for a vehicle and then have that car delivered to your door so you can test drive it for 10 days\/750km.<\/li><li><strong>APR:<\/strong> From 7.99%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan term:<\/strong> 24 - 96 months<\/li><li><strong>Serviced areas in Ontario:<\/strong> All. Location in Etobicoke if you want to pick up your new car in person<\/li><li><strong>Eligibility requirements:<\/strong> Minimum credit score of 580, must have been employed for at least three months, maximum of one bankruptcy<\/li><li><strong>Accepts bad credit:<\/strong> Yes <\/li><\/ul><h5><strong>What do people have to say about Clutch?<\/strong><\/h5><p>With over 7,000 Google reviews, Clutch has received plenty of positive customer feedback. Many reviewers praise Clutch for its easy, no-fuss purchase process and home delivery. There are limited negative reviews expressing concerns about hidden fees.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>4.73\/5 stars based on 441 reviews, B rating<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>4.3\/5 stars based on 411 reviews<\/td><\/tr><tr><td>Google reviews<\/td><td>4.8\/5 stars based on 7,800+ reviews (Mississauga location)<\/td><\/tr><\/tbody><\/table><p style=\"text-align: center;\"><a target=\"_blank\" rel=\"sponsored\" href=\"https:\/\/www.finder.com\/redirect\/ca\/car-loans\/clutch-car-financing-ca-car-loans-secure.html?nb=1&amp;src_country=ca&amp;redirect_tracking_params=%7B%22placement_type%22%3A%22product_link%22%2C%22title%22%3A%22Go%2Bto%2Bsite%22%2C%22site%22%3A%22CAFCL%22%2C%22class%22%3A%22luna-button%2Bluna-button--large%2Bluna-button--success%2Bhas-margin-bottom-small%22%2C%22offer_id%22%3A%2221758%22%2C%22niche_code%22%3A%22CAFCL%22%2C%22product_id%22%3A%22de1c9023-15d0-4348-91ea-3fc9fa05ca59%22%2C%22product_name%22%3A%22Clutch%2BCar%2BLoans%22%2C%22provider_id%22%3A%2264f3760a-9630-4758-a75f-5f8b97ee3ef1%22%2C%22provider_name%22%3A%22Clutch%22%2C%22post_id%22%3A%22951571%22%2C%22post_path%22%3A%22car-loans%252Fcar-loans-ontario%22%2C%22post_country%22%3A%22ca%22%7D\" class=\"luna-button luna-button--large luna-button--success has-margin-bottom-small\">Go to site<\/a><\/p><hr><p><img decoding=\"async\" class=\"alignnone wp-image-1034502\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Approval-Genie-Logo_Supplied_1056x364.png\" alt=\"Approval Genie\" width=\"348\" height=\"120\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Approval-Genie-Logo_Supplied_1056x364.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Approval-Genie-Logo_Supplied_1056x364.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Approval-Genie-Logo_Supplied_1056x364.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Approval-Genie-Logo_Supplied_1056x364.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Approval-Genie-Logo_Supplied_1056x364.png?fit=1044 1044w\" sizes=\"(max-width: 1044px) 100vw, 1044px\" loading=\"lazy\"><\/p><h4 id=\"approvalgenie\">4. <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/approval-genie-review\">Approval Genie<\/a><\/h4><ul><li><strong>How they help:<\/strong> Approval Genie allows you to apply for car loans online or at its locations around Ontario and Quebec. The company says it offers loans for borrowers with good, bad or no credit, including people who have been rejected by other dealerships.<\/li><li><strong>APR:<\/strong> 3.90% - 29.90%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan term:<\/strong> 12 - 84 months<\/li><li><strong>Serviced areas in Ontario:<\/strong> Dealerships in Mississauga, Scarborough, Ottawa, Kingston, Hamilton and Whitby<\/li><li><strong>Eligibility requirements:<\/strong> Min. income of $2,000 \/month, 3+ months employed, Ontario only<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5><strong>What do people have to say about Approval Genie?<\/strong><\/h5><p>Approval Genie has an impressive number of five-star reviews, with happy customers commonly praising the company\u2019s friendly customer service and willingness to work with bad-credit borrowers. Some negative reviewers complain about pushy sales tactics.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>1.9\/5 stars based on 9 reviews, F rating<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>4.7\/5 stars based on 4,893 reviews<\/td><\/tr><tr><td>Google reviews<\/td><td>4.7\/5 stars based on 603 reviews (for the head office location)<\/td><\/tr><\/tbody><\/table><p style=\"text-align: center;\"><\/p><hr><p>\u00a0<\/p><p><img decoding=\"async\" class=\"alignnone wp-image-896290\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/01\/CanadaAutoFinance_Supplied_450x250.jpg\" alt=\"Canada auto finance\" width=\"266\" height=\"148\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/01\/CanadaAutoFinance_Supplied_450x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/01\/CanadaAutoFinance_Supplied_450x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/01\/CanadaAutoFinance_Supplied_450x250.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/01\/CanadaAutoFinance_Supplied_450x250.jpg?fit=798 798w\" sizes=\"(max-width: 798px) 100vw, 798px\" loading=\"lazy\"><\/p><h4 id=\"canadaautofinance\">5. <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/canada-auto-finance-review\">Canada Auto Finance<\/a><\/h4><ul><li><strong>How they help:<\/strong> Canada Auto Finance specializes in car loans for people at all credit levels. You can apply online with $0 down payment and no co-signer, and you\u2019ll be matched with a loan from a dealer near you.<\/li><li><strong>APR:<\/strong> 4.90% - 29.95%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan term:<\/strong> 3 - 96 months<\/li><li><strong>Serviced areas in Ontario:<\/strong> All<\/li><li><strong>Eligibility requirements:<\/strong> Must have income of at least $3,000 monthly. All bankruptcies must be discharged<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5>What do people have to say about Canada Auto Finance?<\/h5><p>There are limited reviews for Canada Auto Finance available online. The company has a customer rating of 4\/5 stars on Finder, with customers generally appreciating the expediency of the financing process. On the other hand, some customers mentioned that interest rates were relatively high.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>N\/A<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>N\/A<\/td><\/tr><tr><td>Google reviews<\/td><td>N\/A<\/td><\/tr><\/tbody><\/table><p style=\"text-align: center;\"><\/p><hr><p><img decoding=\"async\" class=\"alignnone wp-image-1034498\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Autolaons-ca-Logo_Supplied_810x115.png\" alt=\"autoloans.ca\" width=\"250\" height=\"50\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Autolaons-ca-Logo_Supplied_810x115.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Autolaons-ca-Logo_Supplied_810x115.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Autolaons-ca-Logo_Supplied_810x115.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Autolaons-ca-Logo_Supplied_810x115.png?fit=750 750w\" sizes=\"(max-width: 750px) 100vw, 750px\" loading=\"lazy\"><\/p><h4 id=\"autoloans\">6. Autoloans.ca<\/h4><ul><li><strong>How they help:<\/strong> Autoloans.ca specializes in loans for borrowers with bad or no credit. You can apply online and get approved 24\/7, browse an inventory of over 5,000 vehicles, and have the car you buy delivered to you anywhere in Ontario.<\/li><li><strong>APR:<\/strong> Not disclosed<\/li><li><strong>Loan term:<\/strong> Not disclosed<\/li><li><strong>Serviced areas in Ontario:<\/strong> All<\/li><li><strong>Eligibility requirements:<\/strong> Must have a steady source of income<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5><strong>What do people have to say about Autoloans.ca?<\/strong><\/h5><p>Many reviewers praise Autoloans.ca for providing friendly customer service to help them find the right financing and vehicle. However, it\u2019s also worth mentioning that at the time of writing, the Better Business Bureau had issued an alert for Autoloans.ca after being unable to contact the company via mail or telephone.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>1\/5 stars based on 4 reviews, F<\/td><\/tr><tr><td>Trustindex reviews<\/td><td>4.8\/5 stars based on 1,426 reviews<\/td><\/tr><tr><td>Google reviews<\/td><td>4.8\/5 stars based on 1,385 reviews<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><hr><p><a href=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoanConnect-logo_Supplied_550x200.jpg\"><img decoding=\"async\" class=\"alignnone wp-image-1043999\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoanConnect-logo_Supplied_550x200.jpg\" alt=\"LoanConnect logo\" width=\"294\" height=\"107\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoanConnect-logo_Supplied_550x200.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoanConnect-logo_Supplied_550x200.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoanConnect-logo_Supplied_550x200.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2019\/01\/LoanConnect-logo_Supplied_550x200.jpg?fit=882 882w\" sizes=\"(max-width: 882px) 100vw, 882px\" loading=\"lazy\"><\/a><\/p><h4 id=\"kaicen\">7. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/loanconnect-personal-loan\">LoanConnect<\/a><\/h4><ul><li><strong>How they help:<\/strong> LoanConnect is a Canadian loan comparison platform that connects borrowers with a network of over 30 verified lenders. Fill out one application online and get matched with lenders who are willing to finance your auto loan.<\/li><li><strong>APR:<\/strong> From 8.99%<\/li><li><strong>Loan term:<\/strong> 72 - 84 months<\/li><li><strong>Serviced areas in Ontario:<\/strong> All<\/li><li><strong>Eligibility requirements:<\/strong> Be the age of majority in your province, a Canadian citizen or resident and have a valid bank account.<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5><strong>What do people have to say about LoanConnect?<\/strong><\/h5><p>Customers have praised LoanConnect for its efficient customer service and user-friendly platform. However, some users have complained about the high interest rates and fees they were offered from lenders in LoanConnect\u2019s network.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody><tr><td>Better Business Bureau reviews and rating<\/td><td>4.67\/5 based on 3 reviews, A+ rating<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>3.8\/5 stars based on 2 reviews<\/td><\/tr><tr><td>Google reviews<\/td><td>2.5\/5 stars based on 42 reviews<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><hr><p><img decoding=\"async\" class=\"alignnone wp-image-1013368 size-full\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/06\/ApprovalTeam_Supplied_260x113.jpg\" alt=\"Approval Team\" width=\"260\" height=\"113\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/06\/ApprovalTeam_Supplied_260x113.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/06\/ApprovalTeam_Supplied_260x113.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/06\/ApprovalTeam_Supplied_260x113.jpg?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2020\/06\/ApprovalTeam_Supplied_260x113.jpg?fit=780 780w\" sizes=\"(max-width: 780px) 100vw, 780px\" loading=\"lazy\"><\/p><h4 id=\"approvalteam\">8. Approval Team<\/h4><ul><li><strong>How they help:<\/strong> Approval Team accepts all credit scores for Ontario car loans. You can apply online and receive a decision within 48 hours, and borrowers with past bankruptcies or who are new arrivals to Canada are also welcome to apply.<\/li><li><strong>APR:<\/strong> From 6.46%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan term:<\/strong> Not disclosed<\/li><li><strong>Serviced areas in Ontario:<\/strong> All<\/li><li><strong>Eligibility requirements:<\/strong> Must earn at least $1,800 monthly income and be insurable<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5><strong>What do people have to say about Approval Team?<\/strong><\/h5><p>Happy customers praise Approval Team for fast approvals and friendly customer service, while there are occasional complaints about high borrowing costs.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>1\/5 stars based on 1 review, B+ rating<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>3.2\/5 stars based on 4 reviews<\/td><\/tr><tr><td>Google reviews<\/td><td>4.5\/5 stars based on 1,022 reviews<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><hr><p><img decoding=\"async\" class=\"alignnone wp-image-1034511\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Get-Approved-Canada-Logo_Supplied_1774x468.png\" alt=\"Get Approved Canada\" width=\"341\" height=\"90\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Get-Approved-Canada-Logo_Supplied_1774x468.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Get-Approved-Canada-Logo_Supplied_1774x468.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Get-Approved-Canada-Logo_Supplied_1774x468.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Get-Approved-Canada-Logo_Supplied_1774x468.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2021\/11\/Get-Approved-Canada-Logo_Supplied_1774x468.png?fit=1023 1023w\" sizes=\"(max-width: 1023px) 100vw, 1023px\" loading=\"lazy\"><\/p><h4 id=\"getapproved\">9. Get Approved Canada<\/h4><ul><li><strong>How they help:<\/strong> Based in Ottawa, Ontario, Get Approved Canada offers car financing regardless of your credit history. It\u2019s partnered with more than 23 lenders.<\/li><li><strong>APR:<\/strong> From 0%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan term:<\/strong> Not disclosed<\/li><li><strong>Serviced areas in Ontario:<\/strong> All<\/li><li><strong>Eligibility requirements:<\/strong> Must have a steady source of income<\/li><li><strong>Accepts bad credit:<\/strong> Yes<\/li><\/ul><h5><strong>What do people have to say about Get Approved Canada?<\/strong><\/h5><p>Get Approved Canada\u2019s reviews are primarily positive on Google, with customers saying they received excellent service and loan terms. The company responds to most negative reviews as well with a solution or clarification.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>0 reviews, B- rating<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>N\/A<\/td><\/tr><tr><td>Google reviews<\/td><td>4.7\/5 stars based on 126 reviews<\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p><p><a href=\"https:\/\/cdn.finder.com.au\/finder-us\/wp-uploads\/sites\/5\/2022\/05\/401Auto_Supplied_250x250.jpg\"><img decoding=\"async\" class=\"alignnone wp-image-984191\" title=\"Image: Supplied\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/05\/401Auto_Supplied_250x250.jpg\" alt=\"401 Auto Logo - 250x250\" width=\"151\" height=\"151\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/05\/401Auto_Supplied_250x250.jpg?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/05\/401Auto_Supplied_250x250.jpg?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/05\/401Auto_Supplied_250x250.jpg?fit=453 453w\" sizes=\"(max-width: 453px) 100vw, 453px\" loading=\"lazy\"><\/a><\/p><h4>10. 401 Auto Financing<\/h4><ul><li><strong>How they help: <\/strong>401 Auto Financing is a dealer offering in-house car loans for individuals with any credit history, including those who have claimed bankruptcy. You can apply online in less than 2 minutes and have your new vehicle in under 24 hours.<\/li><li><strong>APR: <\/strong>4.00% - 30.00%<span class=\"table-popover\" rel=\"popover\" data-content=\"Interest rates shown reflect the Annual Percentage Rate (APR) range currently advertised by the lender and are subject to change anytime, without notice. Finder does not guarantee that the figures shown will continue to be accurate or current. Figures shown are solely intended to be indicative and for general informational purposes only. Confirm the actual rates currently offered with the lender directly. Your exact rate, if any is offered to you, will be determined solely by the lender based on its assessment of your loan application, which is subject to the lender\u2019s terms and conditions and credit criteria.\" title=\"\" data-original-title=\"\"><\/span><\/li><li><strong>Loan term: <\/strong>12 - 96 months<\/li><li><strong>Serviced areas in Ontario: <\/strong>Dealerships in Cambridge, Barrie, London, Ingersoll, Peterborough, Hamilton, Ottawa, Sudbury, Kitchener and Windsor<\/li><li><strong>Eligibility requirements: <\/strong>Earn at last $1,800 per month before deductions and be a Canadian citizen or resident<\/li><li><strong>Accepts bad credit: <\/strong>Yes<\/li><\/ul><h5><strong>What do people have to say about 401 Auto Financing?<\/strong><\/h5><p>Customer reviews for 401 Auto Financing are generally positive on Google, with many praising the simple application process and responsive customer service. However, most reviews on Trustpilot are negative, with many borrowers saying they had issues with their vehicles that weren\u2019t covered by warranty.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 30%; text-align: left;\" scope=\"col\">Site<\/th><th style=\"width: 70%; text-align: left;\" scope=\"col\">Rating<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Better Business Bureau reviews and rating<\/td><td>N\/A<\/td><\/tr><tr><td>Trustpilot reviews<\/td><td>2.1\/5 stars based on 20 reviews<\/td><\/tr><tr><td>Google reviews<\/td><td>4.6\/5 stars basd on over 1,700 reviews (Cambridge location)<\/td><\/tr><\/tbody><\/table><h3>What are the best car loan interest rates in Ontario?<\/h3><p>The best car loan interest rates in Ontario start at 0%. These are for new cars only. Examples of brands that commonly offer 0% interest car deals in Ontario include Chevrolet, Cadillac, Ram and Buick.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/car-loans\/0-financing-cars-ontario\" style=\"text-decoration:underline; font-size:0.9em;\">0% financing deals in Ontario<\/a>\n<\/div>\n<\/article><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\">Canadians care about cost the most when car loan shopping<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            <p>According to data from a past Consumer Sentiment Survey by Finder<em>, <\/em>these are the three factors that matter most to Canadians when applying for a car loan, and they are all related to cost:<\/p><ol><li>Interest rate (61%)<\/li><li>Monthly payment (58%)<\/li><li>Fees (38.52%)<\/li><\/ol>\n        <\/div>\n    <\/div>\n<\/div>\n<h3>Where can I get car loans in Ontario?<\/h3><p>If you need vehicle financing to help you with your purchase, you have a few options to choose from:<\/p><ul><li><strong>Dealership financing.<\/strong> While you\u2019re test-driving cars at the dealership, you can seek financing there as well. Your dealer will send your details to multiple lenders to see which ones will approve your loan application.<\/li><li><strong>A bank or credit union.<\/strong> Another option is to pre-qualify for a car loan before you go to the dealership. In this case, you\u2019ll apply directly to a bank or credit union of your choice. Popular banks in Canada offering car loans in Ontario include Scotiabank, RBC, CIBC and TD Canada Trust.<\/li><li><strong>An online lender.<\/strong> There\u2019s a wide range of online lenders to choose from, and they often have more lenient eligibility requirements compared to traditional lenders.<\/li><li><strong>An online broker.<\/strong> <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/online-car-loan-brokers\">Online car loan brokers<\/a> could be an ideal option if you have bad credit. By filling out one simple application, you can compare car loan offers from multiple lenders who want to finance your purchase.<\/li><\/ul><h3>Can you get bad credit car loans in Ontario?<\/h3><p>If your credit score is between 300 and 600, you\u2019ll likely need a bad credit car loan in Ontario.<\/p><p>In general, bad credit car loans come with higher interest rates and fees since there\u2019s more risk for the lender. So it\u2019s important to compare your options before committing to a loan to ensure you\u2019re getting the best rates for your financial situation.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Must read: <\/span><a href=\"https:\/\/www.finder.com\/ca\/car-loans\/bad-credit\" style=\"text-decoration:underline; font-size:0.9em;\">Compare bad credit car loans<\/a>\n<\/div>\n<\/article><h3>What is the average rate for a bad credit car loan in Ontario?<\/h3><p>Interest rates on bad credit car loans in Ontario typically range from 12.9% to 29.99%. The financing interest rate you\u2019re approved for will depend on key financial factors like your credit history, income and each lender\u2019s specific eligibility criteria.<\/p><h3>Steps to get car loans for bad credit in Ontario<\/h3><p>If you have bad credit, follow these steps to improve your chances of securing a car loan in Ontario:<\/p><ol><li><strong>Check your credit.<\/strong> Check your credit report with the credit bureaus to make sure your credit history is accurate and to find out your credit score. If you notice inaccuracies, report the errors and make sure they\u2019re removed before you apply.<\/li><li><strong>Focus on bad credit lenders.<\/strong> Steer away from traditional lenders that require a high credit score, and instead zero in on lenders that accept your credit score. With so many bad credit lenders available, decide on which features are most important to you. These could be speed, loan amounts, interest rate and flexibility with repayments.<\/li><li><strong>Check whether you could improve your application.<\/strong> If you have a trade-in or down payment to apply to your bad credit car loan in Ontario, it could help your chances of approval because you\u2019ll require less funding. If you\u2019re willing to include a cosigner, you\u2019ll increase your odds of approval, too.<\/li><li><strong>Pick a lender and complete the application.<\/strong> You can apply by providing your personal details and employment and income information. You\u2019ll need to use your driver\u2019s licence as proof of ID, while the lender may ask for copies of your pay stubs or bank statements to confirm your salary. It\u2019s worth pre-qualifying before car shopping so you know you have the financing in hand.<\/li><\/ol><h4>Car loan calculator in Ontario<\/h4><p>Calculate your potential car loan monthly payments.<\/p><div class=\"monthlyRepayment_calculator_wrapper\">\n\t<div class=\"calc-header-outer\">\n\t<div class=\"calc-header-container\">\n\t\t<h3 class=\"calc-header\">Car loan calculator<\/h3>\n\t\t<span>Calculate how much you could expect to pay each month<\/span>\n\t<\/div>\n\t<\/div>\n\t<div class=\"u-grid\">\n\t\t<div class=\"u-grid__col u-grid__col u-1\/2@s calc-separator\">\n\t\t\t<table class=\"monthlyRepayment_calc-table\">\n\t\t\t\t<thead>\n\t\t\t\t\t<tr>\n\t\t\t\t\t\t<th scope=\"col\" class=\"calc-subheader\">\n\t\t\t\t\t\t\t<div class=\"calc-subheader-text\">Your loan<\/div>\n\t\t\t\t\t\t<\/th>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/thead>\n\t\t\t\t<tbody>\n\t\t\t\t\t<tr>\n\t\t\t\t\t\t<th scope=\"col\" class=\"padding-top-small\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tLoan amount\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/th>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr>\n\t\t\t\t\t\t<td>\n\t\t\t\t\t\t\t<div class=\"luna-affix affix-padded\">\n\t\t\t\t\t\t\t\t<span class=\"luna-affix__label\">$<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input data-id=\"0000000000\" type=\"number\" min=\"0\" class=\"luna-input calc-input monthlyLoan_amount\" title=\"Enter the loan amount you want to borrow\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr>\n\t\t\t\t\t\t<th scope=\"col\">Loan terms (in years)<\/th>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr>\n\t\t\t\t\t\t<td>\n\t\t\t\t\t\t\t<div class=\"luna-affix affix-padded\">\n\t\t\t\t\t\t\t\t<input data-id=\"0000000000\" type=\"number\" min=\"0\" class=\"luna-input calc-input monthlyLoan_term\" title=\"Enter the number of years of your loan\">\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr>\n\t\t\t\t\t\t<th scope=\"col\">Interest rate<\/th>\n\t\t\t\t\t<\/tr>\n\t\t\t\t\t<tr>\n\t\t\t\t\t\t<td>\n\t\t\t\t\t\t\t<div class=\"luna-affix affix-padded\">\n\t\t\t\t\t\t\t\t<input data-id=\"0000000000\" type=\"number\" min=\"0\" step=\"0.1\" class=\"luna-input calc-input monthlyLoan_interest\" title=\"Enter the annual interest rate of your loan\">\n\t\t\t\t\t\t\t\t<span class=\"luna-affix__label\">%<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/td>\n\t\t\t\t\t<\/tr>\n\t\t\t\t<\/tbody>\n\t\t\t<\/table>\n\t\t\t<div class=\"button_wrapper\">\n\t\t\t\t<a class=\"luna-button luna-button--primary calc-button\" data-id=\"0000000000\" data-variant=\"loanAmount\">Calculate<\/a>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t<div class=\"u-grid__col u-grid__col u-1\/2@s\">\n\t\t\t<div class=\"monthlyRepayment_directions\" data-id=\"0000000000\">\n\t\t\t\t<h4 class=\"directions\">Fill out the form and click on \u201cCalculate\u201d to see your\n\t\t\t\t\t\t\t\t\t\t\t<strong>estimated monthly payment.<\/strong>\n\t\t\t\t\t\t\t\t\t<\/h4>\n\t\t\t\t<p class=\"margin-top-small\">or<\/p>\n\t\t\t\t<a class=\"luna-button luna-button--action luna-button--large\" href=\"#compare\" target=\"_self\" rel=\"noopener\">Compare car loans now<\/a>\n\t\t\t<\/div>\n\t\t\t<div class=\"savings-div monthlyRepayment_savings-div\" data-id=\"0000000000\">\n\t\t\t\t\t\t\t\t\tYou can expect to pay back\n\t\t\t\t\t<span class=\"monthlyCost_value\">\n\t\t\t\t\t\t$<span class=\"monthlyCost_cost\" data-id=\"0000000000\"><\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\tper month\n\t\t\t\t\n\t\t\t\t<h5>Based on your loan terms<\/h5>\n\t\t\t\t<table class=\"luna-table monthlyCost_breakdown\">\n\t\t\t\t\t<tbody class=\"luna-table__body\">\n\t\t\t\t\t\t<tr>\n\t\t\t\t\t\t\t<th scope=\"row\">Principal<\/th>\n\t\t\t\t\t\t\t<td class=\"luna-table__numeric\">$<span class=\"monthlyCost_loanAmount\" data-id=\"0000000000\"><\/span>\n\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t<tr>\n\t\t\t\t\t\t\t<th scope=\"row\">Interest<\/th>\n\t\t\t\t\t\t\t<td class=\"luna-table__numeric\">$<span class=\"monthlyCost_interest\" data-id=\"0000000000\"><\/span>\n\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t\t<tr>\n\t\t\t\t\t\t\t<th scope=\"row\">Total Cost<\/th>\n\t\t\t\t\t\t\t<td class=\"luna-table__numeric\">$<span class=\"monthlyCost_totalCost\" data-id=\"0000000000\"><\/span>\n\t\t\t\t\t\t\t<\/td>\n\t\t\t\t\t\t<\/tr>\n\t\t\t\t\t<\/tbody>\n\t\t\t\t<\/table>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<h3>How to compare car loans in Ontario<\/h3><p>With so many options available, here\u2019s how to compare options to <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/best-car-loans\">find the best car loan<\/a> for you:<\/p><ul><li><strong>Eligibility requirements.<\/strong> Check the lender\u2019s credit score or income requirements to determine what you need to qualify for a loan. Also, check whether there are any vehicles the lender won\u2019t finance, such as used cars over a certain age.<\/li><li><strong>Loan amount.<\/strong> Most lenders set limits on how much you can borrow \u2014 typically between $5,000 and $100,000.<\/li><li><strong>Interest rate.<\/strong> Because the interest rate makes up the majority of a loan\u2019s cost, consider what interest rate each lender offers.<\/li><li><strong>Fixed vs variable rates.<\/strong> If it\u2019s important to you to secure either a fixed or variable interest rate, check whether your lender offers the option you want. Make sure you understand the pros and cons of each option, too.<\/li><li><strong>Fees.<\/strong> Beyond interest, lenders may also charge origination fees, prepayment penalties and other administrative charges. Check the fine print for the full details.<\/li><li><strong>Loan term.<\/strong> Most car loans have a repayment period of 6 to 96 months. Ensure your lender provides you with flexibility on loan terms.<\/li><li><strong>Trade-ins and down payments.<\/strong> If you have a car you\u2019d like to trade in to contribute towards your new purchase, or you have a lump-sum down payment, check that your lender facilitates both options.<\/li><\/ul><h3>Are interest rates for car loans in Ontario different from those in other provinces?<\/h3><p>No, interest rates for car loans in Ontario aren\u2019t different from those in other provinces. According to data from the Bank of Canada, the average car loan interest rate around the country is 6.66%.<\/p><p>Ultimately, lenders need to assess how much of a risk it may be to lend you money. Instead of focusing on which province you live in, these are key factors that determine your interest rate:<\/p><ul><li><strong>Your credit score.<\/strong> Your lender will pull your credit report to make sure that you don\u2019t have a history of defaulting on loans. You typically need to have a score of 660 or higher to secure a competitive interest rate.<\/li><li><strong>Your income and employment.<\/strong> Lenders will ask you about your monthly gross income to make sure you can keep up with payments. They\u2019ll also check if you\u2019re employed full-time, part-time or self-employed, or if you\u2019re relying on a pension or government benefits. They\u2019ll also take into account how long you\u2019ve been in your current job.<\/li><li><strong>Your debt-to-income ratio.<\/strong> Your lender will want to make sure there\u2019s a good balance between your monthly debts and monthly income, which is why they look at <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/debt-to-income-ratio\">your debt-to-income ratio<\/a>.<\/li><li><strong>Loan terms.<\/strong> How much you need to borrow and how long you\u2019ll take to repay your loan will affect your rate, too.<\/li><li><strong>The vehicle you\u2019re buying.<\/strong> New or pre-owned, economical or high-end, lenders take stock of what you\u2019re buying and its value. Used cars typically come with higher interest rates.<\/li><\/ul><h3>How much do car loans in Ontario cost?<\/h3><p>The total cost of your loan will vary depending on the interest rate and loan term that apply. To give you an idea of the costs involved, let\u2019s look at an example of a $25,000 loan over a three, five or seven-year term. As you can see in the table below, while a longer loan term means a more manageable monthly payment amount, it also results in you paying a whole lot more interest over the life of the loan.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 20%; text-align: left;\" scope=\"col\">Loan amount<\/th><th style=\"width: 20%; text-align: left;\" scope=\"col\">Loan term<\/th><th style=\"width: 20%; text-align: left;\" scope=\"col\">APR<\/th><th style=\"width: 20%; text-align: left;\" scope=\"col\">Monthly payment<\/th><th style=\"width: 20%; text-align: left;\" scope=\"col\">Total cost<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>$25,000<\/td><td>3 years<\/td><td>7.99%<\/td><td>$784<\/td><td>$28,199<\/td><\/tr><tr><td>$25,000<\/td><td>5 years<\/td><td>7.99%<\/td><td>$507<\/td><td>$30,408<\/td><\/tr><tr><td>$25,000<\/td><td>7 years<\/td><td>7.99%<\/td><td>$390<\/td><td>$32,721<\/td><\/tr><tr><td>$25,000<\/td><td>3 years<\/td><td>15.99%<\/td><td>$879<\/td><td>$31,637<\/td><\/tr><tr><td>$25,000<\/td><td>5 years<\/td><td>15.99%<\/td><td>$608<\/td><td>$36,470<\/td><\/tr><tr><td>$25,000<\/td><td>7 years<\/td><td>15.99%<\/td><td>$497<\/td><td>$41,699<\/td><\/tr><\/tbody><\/table><h3>Vehicles you can finance in Ontario<\/h3><ul><li><strong>New and used cars.<\/strong> Get approved for a loan to buy a brand new or pre-owned car, truck, SUV or minivan. Whether you\u2019re buying old or new, from a dealership, online or a private seller, you should have a wide range of makes and models from dozens of manufacturers. <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/car-deals\">Learn more about new and used car specials.<\/a><\/li><li><strong><a href=\"https:\/\/www.finder.com\/ca\/car-loans\/powersports-financing\/rv-loans\">RV<\/a>, marine and <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/powersports-financing\">powersport vehicle loans<\/a>.<\/strong> Get approved for a loan to buy everything from camper vans to snowmobiles, <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/powersports-financing\/motorcycle\">motorcycles<\/a>, powerboats and cabin cruisers.<\/li><\/ul><h3>What are the limits on used car loans in Ontario?<\/h3><p>If you\u2019re buying a used car, check that the vehicle\u2019s age isn\u2019t beyond the maximum your lender permits. The typical range is about 7 to 10 years old, at maximum. Here\u2019s a look at how various lenders compare:<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th>Loan Provider<\/th><th>Max. age of car<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Car Loans Canada<\/td><td>7 years old<\/td><\/tr><tr><td>National Bank of Canada<\/td><td>8 years old<\/td><\/tr><tr><td>LoanConnect Car Loans<\/td><td>Varies by lender<\/td><\/tr><tr><td>TD Bank<\/td><td>8 years old<\/td><\/tr><tr><td>Scotiabank<\/td><td>7 years old<\/td><\/tr><tr><td>RBC<\/td><td>10 years old<\/td><\/tr><\/tbody><\/table><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/car-loans\/used-car\" style=\"text-decoration:underline; font-size:0.9em;\">Compare used car financing<\/a>\n<\/div>\n<\/article><h3>How to apply for a car loan in Ontario<\/h3><p>The car loan application process can vary wildly depending on the type of financing you choose. Getting financing from a dealership doesn\u2019t involve most of the steps outlined below, for example. Instead, you start at the dealership.<\/p><h4>1. Compare lenders.<\/h4><p>Choose from banks, credit unions, online lenders or dealership financing. A lot of your decision-making may come down to which lender provides you with the best chance of approval at the most competitive rate.<\/p><h4>2. Apply for car loan pre-approval from lenders.<\/h4><p>When you\u2019re <a href=\"https:\/\/www.finder.com\/ca\/car-loans\/pre-approved-car-loan\">pre-approved for a car loan<\/a>, it means they\u2019ve qualified you in advance for an auto loan based on a light review of your finances. Book an appointment at your local bank branch, fill out a digital application with an online lender or visit your local dealership to figure out how much you can qualify for. Compare the offers you have to find the best deal.<\/p><h4>3. Choose your car loan.<\/h4><p>Decide on the loan offer you want to proceed with. To complete your application, your lender will ask to see documents to verify your income, insurance and ID.<\/p><h4>4. Read your loan agreement before signing.<\/h4><p>Read your loan contract carefully. Note any charges you may incur for late or missed payments, any refinancing changes, and if there\u2019s an option to make lump-sum payments ahead of schedule.<\/p><h4>5. Buy your car.<\/h4><p>With your loan finalized, you should receive the funds to buy your car within a few business days at most. Create a repayment plan and make sure you stick to your loan\u2019s terms and conditions.<\/p><h3>Required documents to get a car loan in Ontario<\/h3><p>Most lenders ask to see at least three documents when you apply for a car loan:<\/p><ul><li><strong>Your driver\u2019s licence.<\/strong> Your lender might ask to see your licence or require your licence number. Either way, have it on hand.<\/li><li><strong>Your insurance card.<\/strong> Most lenders require you to have car insurance before applying for a loan.<\/li><li><strong>Employment verification.<\/strong> You might be asked to submit tax returns, bank statements or recent pay stubs to prove you make enough to afford your car loan.<\/li><\/ul><h3>Other ways to finance a car in Ontario<\/h3><p>There are a few other options to consider when looking for ways to finance a car:<\/p><ul><li><strong>Personal loans<\/strong><strong>.<\/strong> Instead of a car loan, you can apply for a personal loan that you can use for any legitimate purpose, including buying a car. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/personal-loans-ontario\">Learn more about personal loans in Ontario.<\/a><\/li><li><strong>Home equity loans.<\/strong> Borrowing against the amount you own in your home could be a cheaper way to fund a car loan, though you risk losing your home if you default.<\/li><li><strong><a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/line-of-credit\">Line of credit<\/a>.<\/strong> A line of credit gives you flexible repayments. You\u2019re approved for a limit, and you can borrow as much as you need to, up to that limit.<\/li><\/ul><h3>Bottom line<\/h3><p>You\u2019re spoiled for choice when comparing car financing options in Ontario. If you want to get the best APR and loan terms, you\u2019ll need to have an excellent credit score, a sufficient income and a vehicle that\u2019s viewed favourably by lenders. But don\u2019t be discouraged if your financial situation isn\u2019t in great shape \u2014 you can also find bad credit car loans in Ontario.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<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=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">What credit score is needed for a car loan in Ontario?<\/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=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>It depends on the lender you'd like to apply to. Bad credit lenders often have a lower threshold, with some even accepting no credit history or a history of bankruptcy. Most traditional lenders, such as banks and credit unions, will require a good credit score of at least 660.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<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=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">How do I finance a car in Ontario?<\/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=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You can finance a car in Ontario by applying to a lender. Your options include banks, credit unions, online lenders and dealership financing. Each option comes with its own set of eligibility criteria, APRs and loan terms, so make sure you shop around for the best deal.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<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=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">Where can I get an auto loan with bad credit?<\/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=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>In Ontario, dozens of online lenders specialize in helping people who have bad credit, a limited credit history or a history of bankruptcy or insolvency. Bad credit auto lenders will require you to have a steady source of income so they know you can stay on top of your monthly payments. You'll pay a higher interest rate because they're taking a bigger risk by lending you money.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<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=\"faq-builder-0000000004\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000004\">\n                <span class=\"luna-accordion__title\">How much can I borrow with a car loan in Ontario?<\/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=\"faq-builder-0000000004\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>The maximum loan amount available depends on the lender. Some lenders have a $50,000 maximum; others don't impose any limit on the amount they're willing to lend. However, the size of the loan you can qualify for will depend on your credit score, income, and the make and model of vehicle you want to buy.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<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=\"faq-builder-0000000005\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000005\">\n                <span class=\"luna-accordion__title\">Will shopping for a car loan affect my credit score?<\/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=\"faq-builder-0000000005\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Credit scoring systems usually count multiple auto loan inquiries within a certain time frame \u2014 typically two weeks \u2014 as one. One inquiry may cause a small, temporary drop in your credit score, but it's better than multiple inquiries.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<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=\"faq-builder-0000000006\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000006\">\n                <span class=\"luna-accordion__title\">Where can I get guaranteed car loans in Ontario?<\/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=\"faq-builder-0000000006\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Be very wary of any lender that claims to offer guaranteed car loan approval. 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