Apply for a car loan
Get StartedIf you live in Brampton, you probably need a car to get around. And that’s where our car loan service can help: we connect car buyers with the financing they need to buy a vehicle. Even if they have bad credit or no credit.
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 Brampton are market-competitive.
As long as you meet these key requirements, you can get approved for a car loan in Brampton through our site:
Yes. We’ll help you get a car loan even if you don’t have a Canadian credit history. Just make sure you meet our lending requirements (see above), and we’ll set you up with vehicle financing from a dealer in our car loan network.
No. We just need some basic contact information, as well as a few details on where you live and work. We do not require personal information like your social insurance number or credit history.
By going with a shorter car loan term, your monthly payments will be higher, but the amount of interest you’ll be charged over the life of the loan will be far less.
No. With our car loan service, you can only buy a vehicle from the dealership offering you the financing.
The increasing popularity of longer auto loans is leading many Canadians to purchase more expensive vehicles. Longer loans result in lower monthly payments, which entices some buyers to spend more money on a vehicle than they otherwise would.
Here’s an example: the monthly payments on a $12,000, 36-month car loan would be roughly the same as on a $24,000, 72-month loan. What some buyers forget is that they’ll be paying off the more expensive vehicle for an additional 3 years, during which time they’ll still be charged interest and will need to pay for all the repairs and maintenance that older vehicles require.
We encourage car buyers in Brampton (and everywhere else) to follow this simple rule: if you can only afford the vehicle you’re interested in by taking a really long car loan term, then it’s probably too expensive.
As mentioned above, longer loan terms will mean smaller monthly payments, but the amount of interest you pay will be much higher. If you can get by with a shorter term, it’s a good idea to consider one. If you’re not able to afford a higher monthly payment, then a longer term will reduce the strain on your pocketbook from month to month.
Take a look at the graph below for a better understanding of how different loan lengths change 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 |
While your monthly car loan payments will be higher, a shorter loan term will save you money on interest and get you out of debt sooner.
Make sure you test the vehicle you’re considering purchasing. This should be done in daylight and should include a variety of roadways. Make sure you operate the vehicle at highway speeds too: the 410 and 401 are good options for testing your car’s performance at 100 km/h in Brampton.
The Motor Vehicle Dealers Act and the Consumer Protection Act give you legal rights and protections when you purchase your car through a registered dealership.
Being underwater on your car loan happens when the market value of your vehicle is less than what is still owed on your loan. Avoid this situation by not spending a large sum on a vehicle that's depreciating rapidly and by taking a shorter loan that you can pay off more quickly.
Car BuyingIt's important to look at what’s going on with auto insurance rates, 0% financing offers, and depreciation.
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AutoLike most industries across the globe, the automotive market in Canada has been deeply impacted by the coronavirus pandemic.