I live outside of a major city — is it still possible to get a car loan through LowestRates.ca?
Yes. Our car loan service extends well beyond the big cities in Alberta. You can get a car loan in Edmonton or in Calgary, but you can also get a loan in smaller areas, like Grande Prairie or Lethbridge. Just complete the application process and one of our partners will reach out within 48 hours.
I lost my job in the energy sector and ruined my credit. Can I still get a car loan?
You’ll definitely be able to get a car loan through our site if you’ve found new employment. We know that many Alberta drivers have been hurt by the weak economy but still need a vehicle to get to work and run errands. We encourage you to apply — even if your credit history is damaged.
What taxes apply when buying a car in Alberta?
You’ll have to pay a 5% (GST) sales tax when you buy your car. Alberta drivers pay the lowest sales tax in Canada.
How is the interest rate calculated on the auto loan?
Our auto loan rates in Alberta get set by the lender providing the financing. Most of the time, those rates are based on your financial profile (employment, monthly income, etc.) and the size of your loan.
Is the bad Alberta economy affecting vehicle financing?
Although the recession in Alberta is hurting overall vehicle sales (new car sales have declined 6% in 2016), it’s still easy to get a car loan in the province if you’re employed.
How will my monthly payment be calculated?
Your car loan payment is determined by the size of your loan, the length of your loan, and the interest rate your lender is charging.
Here’s what your monthly payments would look like over different lengths of time if you took out a $9,000 car loan at 8% interest:
Monthly payments on a $9,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|