How it works
- Enter your information
Fill in your address and employment details, and whether your credit is excellent, good, or poor. Then, let us know whether you're looking for a new or used car.
- Get matched with a dealership
We'll set you up with the dealership in your area that’s offering the best loan based on your answers.
- Get approved for a car loan
We'll only send you to a dealer that wants your business and can offer you a competitive rate.
- Shop for your vehicle
Choose a vehicle from the dealership offering you a loan.
- Your car is ready
Just like that.
When Canadians shop for a car, the vast majority of us go to a local dealership to get a loan. But how do you know if you're being offered the best rate? To know for sure, you'd have to talk to a lot of salespeople and compare the loans they're offering — and that's just not realistic.
When you start the loan application process with us, you tap into our cross-country network of car dealerships. We'll refer you to the dealership offering the most competitive loan based on your unique profile. And we’ll only choose one that's near you.
Car loans made easy
We know most people need a car to get to work, take the kids to school, and buy groceries. Here's how our car loan service works:
Applying on our site only takes a few minutes. Once you submit your application, the dealership we’ve matched you with will call you within 48 hours to follow up.
Have great credit or hardly any? Don’t sweat it. We accept everyone’s application and quickly match you with the right dealership.
Our network of dealerships operates across all provinces in Canada. We'll find you a car loan (we're good at that!).
We only ask you for a minimum amount of information (no social insurance number required), and we only send it to dealerships in your immediate area.
Need a safe, reliable car for your commute to work or to take the kids to school? No problem. The dealerships in our network offer loans from $10,000 up to $100,000.
LowestRates.ca only works with dealerships that offer competitive rates. Many of them offer manufacturer's loans, which can start as low as 0%.
Our mission is to help you get a car sooner by putting you in touch with the right dealership. We're constantly searching for new ways to make the car-buying experience better.
That's right — there's no charge to use our car loan service. Just make your car payments every month and enjoy the freedom of the open road.
- Excellent or good credit.
- Poor or bad credit.
- Limited credit history.
- Late payments.
- New Canadian status.
- It's nationwide, servicing all provinces.
- It's a free, fully secure, no-obligation service.
- It provides car loans that range from $10,000 – $100,000.
- It offers competitive interest rates, speedy approvals, and affordable payments.
- Our dealerships work with major banks as well as specialty lenders.
- We screen our dealerships and understand what type of clientele they're looking for — meaning you have a strong chance of being approved for a car loan when you apply through LowestRates.ca.
Car loan myths
- You need an income of at least $30,000 to qualify for a car loan in Canada. False. This number is often tossed about by some car dealerships and banks, but Canadians can get approved for an auto loan with far lower annual incomes.
- Self-employed people don't qualify for car loans. False. As long as you can demonstrate an annual income, you can get approval for an auto loan through our service.
- It's impossible to get a car loan with poor or bad credit. False. While a low score can complicate car shopping, there are dealerships that specialize in helping people with bad credit find auto financing. We'll do our best to match you with a dealership that can help you.
- Applicants without a FICO score can't be approved for a car loan. False. No FICO, no worries. A lot of manufacturers offer first-time buyer programs. A dealership will be happy to enrol you in one if it's available.
- Low credit auto loans are only available in major provinces like Alberta and Ontario. False. Our auto dealership network operates in every province, so no matter which province you call home, there's someone to help you.
Car loan facts
- Canadians love to buy used cars. There were 11 million on the road in 2017, according to estimates by DesRosiers Automotive Consultants — and it's estimated that number grew by another million the following year. By comparison, there 600,000 used cars in circulation in 1990.
- On average, Canadians trade in their vehicles by the fourth year.
- Canadian car sales surged each year following the 2008 recession, with 2018 being the second-best sales year in the history of the Canadian auto sales industry.
- Loan terms are being stretched to new lengths, says J.D. Power and Associates. In 2018, about 50% of all new financing agreements in Canada were for 84 months or longer.
- When buying a car, 70% of Canadians only consider one lender before making a decision, according to credit score provider FICO.
- Ford was Canada’s best-selling automaker in 2018 with approximately 289,705 new cars sold, according to the Global Automakers of Canada.
Car loan tips
The road to getting a car loan doesn't have to be bumpy. Follow these quick and easy vehicle financing tips.
Depending on the interest rate you’re offered, you may want to opt for a shorter loan term. Or, try making additional payments towards the principal. Just check if your contract mentions any penalties for making extra payments.
Don’t hesitate to ask the dealership about their process for pulling your credit report. Too many inquiries on your credit file can damage your credit score, potentially leading to higher interest rates on the car loans you do qualify for.
Credit cards have many great uses, but using one for a down payment on a vehicle isn't the best one. You’ll end up paying more on interest than you need to, and the fees and penalties for late payments can devastate your finances. A cash down payment is the preferred route.
Your credit score greatly impacts the interest rate you're offered. There are many free services that do a "soft" inquiry on your credit report, meaning it won't impact your score. You can check your score for free through LowestRates.ca here.