Apply for a car loan
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There’s no credit check and no hassle. Just complete our online application and get approved for an auto loan in 48 hours or less. And then, congratulations — you’ll be driving around in Fredericton with your own car.
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 Fredericton are market-competitive.
You need to be 18 or older, a Canadian resident, and fully licensed. You also need employment income of at least $1,500 per month.
Of course. That’s the goal of our service: to make it easier for drivers with bad credit to get the auto financing they need. As long as you meet our car loan requirements (listed above), we’ll match you with an auto dealer based in Fredericton or wherever else you live in New Brunswick.
No. The car loan you get approved for through our site can only be used to purchase a car, not to refinance a car you already have.
Yes. Sales tax applies to both used and new car purchases in Fredericton. As of July 2016, the sales tax rate in New Brunswick is 15% — the highest in Canada.
Yes. We work with an exclusive network of licensed dealerships located in Fredericton and throughout New Brunswick. All the dealerships in our network specialize in car loans for Canadians with impaired credit (or no credit at all). So don’t worry — the dealership you’re matched with will always be a good fit.
Yes. The longer your car loan term, the cheaper your monthly payments. And the opposite is true for shorter car loans.
Longer car loan terms (48 months or more) break your principal balance (amount owed) into smaller payments, but you also have to make more payments — and you’re charged interest on each payment.
Check the graph below to see how a car loan term can affect your monthly payments.
Monthly payments on a $5,000 car loan (at 8% interest)
| Length of car loan | Car loan payment |
|---|---|
| 24 months | $226 |
| 36 months | $157 |
| 48 months | $122 |
| 60 months | $101 |
| 72 months | $88 |
| 84 months | $78 |
| 96 months | $71 |
A shorter term forces you to make bigger monthly contributions toward your loan. And that’s a good thing. You’ll quickly pay off your car loan debt and reduce the amount you have to spend on interest.
Get to know the car you’re interested in. Check its safety ratings, get a car insurance quote, and read consumer reviews. If you still want to buy it, get an inspection from a qualified mechanic.
Avoid a situation where you’re still paying off your car loan after you’ve moved on from the actual car. For example, if you plan on replacing your car after 4 years, don’t spread your loan across a 6-year term.
Some Fredericton residents are eligible for an HST credit. If you’re getting a credit this year, earmark that money for your car loan payments or other car ownership costs (gas, insurance, repairs, etc.).
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.