How do I qualify for an auto loan in Barrie?
You have to be a Canadian resident earning at least $1,500 a month. You also have to be 18 or older and fully licensed.
Apply for a car loan
Get StartedYou’re in the market for two things: a car, and the financing to buy it with. No problem. We can match you with a Barrie dealership that offers both — even if you have bad credit or no credit at all. Just complete our car loan application, get approved in 48 hours or less, and pick your new set of wheels.
We’re proud of the car loan service we offer. Here’s why applying for a car loan online through LowestRates.ca is the better way.
Applying only takes a few minutes.
Got bad credit or no credit at all? Don't sweat it.
Our auto loans range from $5,000 to $40,000.
Your info only goes to the dealer we match you with.
There's no charge to use our car loan service.
Our auto loan rates in Barrie are market-competitive.
You have to be a Canadian resident earning at least $1,500 a month. You also have to be 18 or older and fully licensed.
That’s the plan. A financial setback isn’t the end of the world. We accept all car loan applicants and regularly help drivers with impaired credit. The dealers we work with in Barrie specialize in bad credit car loans and they’ll most likely be able to accommodate you, even if you recently experienced a repo.
Mandatory vehicle disclosures are the details about a car’s history or condition that all registered dealerships in Ontario have to share with potential buyers.
Here are some of the disclosures dealers have to make:
Visit the Ontario Motor Vehicle Industry Council (OMVIC) for a full list of mandatory disclosures.
Only the dealership offering you the financing. Our car loan service matches you with one dealer from our network, that dealer then provides financing for a vehicle from their lot.
It varies. We know that answer is not particularly helpful, but it’s accurate. We can’t say for certain what your rate will be because that’s up to the dealer offering you the loan. We can tell you that the rate typically ranges between 4.99% and 29.99%, depending on your credit and the type of car you want to buy.
The longer the term, the more time you have to pay back your loan. Longer loans mean smaller monthly payments but more money out of your pocket on interest. It’s a trade-off. Check out our graph below to see how the length of your loan affects your monthly payments.
Monthly payments on a $10,000 car loan (at 8% interest)
Length of car loan | Car loan payment |
---|---|
24 months | $452 |
36 months | $313 |
48 months | $244 |
60 months | $203 |
72 months | $175 |
84 months | $156 |
96 months | $141 |
Make sure you and the dealer settle on the auto loan terms (loan amount, length, interest rate, etc.) that you’re comfortable with before you start shopping for a car.
Try to choose a car loan term that doesn’t outlast the lifespan of the car you’re buying. For example, if you think you’ll need to upgrade your ride after 4 years, opt for a loan term of 4 years (48 months) or less.
...about your potential car and about your potential loan. Do some preliminary research, make a list of questions, and bring a shrewd friend who can help you talk to the dealer.
It’s not just about the price tag on the car. It’s also about the car insurance, maintenance, repairs, and gas — costs that your auto loan won’t cover. Factor these bills into your budget before you buy.
It's important to look at what’s going on with auto insurance rates, 0% financing offers, and depreciation.
Like most industries across the globe, the automotive market in Canada has been deeply impacted by the coronavirus pandemic.