Canada Auto Finance is an auto dealer that offers some of the best car financing deals in Canada. Their interest rates start at 3.45%, the Canadian average, and rise to 29.95%. Your credit score can be as low as 300 and you'll still be able to apply for a car loan with this company. The borrower can then use the funds to pay the car dealer for the vehicle they want to purchase.
Everyone's circumstances are different, and a car loan may be perfect for your neighbor, but not for you. Car Loans Canada can link applicants to consumer proposals, bankruptcies, or other credit history issues with a suitable same-day loan and car, mainly because its list of partners and lenders is so extensive. Auto loans with a 0% interest rate are usually reserved for borrowers with the best credit ratings, and the same applies to new cars. Another benefit that customers enjoy with this auto loan selection tool is that there is no need to make any down payment to get a loan.
Even so, you won't be able to enjoy the benefits of this auto loan dealer if you live in Manitoba, Quebec, or the territories. When looking for a new car, one of the first things you'll need to consider is how to finance that purchase, and applying for a car loan is the best option for many people. A typical rule used by lenders is to never approve car payments that exceed 18% of your total monthly income. So, if you're struggling with a bad financial situation, have a bad credit score, or are just trying to get back to normal after a difficult bankruptcy, you'd like to turn to the best auto loan provider in the country, meaning you'll need to fill out the lender's auto loan application form, where you'll provide your basic personal and financial information.
CarLoans411 has partner dealers across Canada, offering secured and unsecured loans for new and used cars, vans, trucks and SUVs. The interest rate and length of your car loan have a big effect on the total interest you'll pay. For reference, the average interest rate on new car loans in Canada starts at 4.5%, while interest rates on used car loans in Canada are usually higher. In addition, we have evaluated the main domestic providers of car loans and have highlighted below the best options for new, used and private loans (buying a car from a private seller).