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Driving is the way to go. Literally. It’s how most of us get to work, the grocery store, and everywhere else in and out of Hamilton. Fortunately, it’s easy to buy your own car once you get financing — just apply for a car loan online and get approved in 48 hours or less.
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 Hamilton are market-competitive.
Yes. If you’re a licensed Canadian resident and you meet our other requirements (18 or older with a monthly income of $1,500 or more), we’ll be happy to set you up with an auto loan.
No. You can only use your loan to purchase a car from the Hamilton dealership that’s providing the financing. Once you’re matched with a dealership, you can shop from a range of vehicles on their lot.
Details about the car’s history and condition that licensed car dealerships have to tell you — it’s the law. Here are some of the mandatory disclosures Hamilton dealerships (and all dealerships in Ontario) are required to share before you buy:
For a more detailed list of mandatory disclosures, check the Ontario Motor Vehicle Industry Council (OMVIC).
Ideally, as little as possible, but it depends on the details of your loan. Your loan amount and interest rate will both impact the amount of interest you’ll pay.
Choose the car loan term you’re most comfortable with. Generally, you can go with a loan as short as 24 months or as long as 96 months. Just remember that long car loans are more expensive than short loans.
Here’s why: as the length of your car loan increases, so too does the amount of interest you’ll have to pay.
Take a look at our graph below to see what we mean: longer loans mean smaller payments, but add those payments together and you’ve spent nearly $3,000 more on a 96-month loan than on a 24-month loan.
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 |
If you can afford bigger monthly payments right away, a short car loan is a smart move — you'll pay less interest. And there's another benefit: you'll also quickly eliminate your car loan debt.
Get all the details on your (potential) new car and on your car loan before you commit. For example, ask about the fees included in the price, any damages the car may have sustained, and the conditions associated with your loan agreement.
Do a walk-around during the day, looking out for rust, dents, or evidence of past damage. Then take the car to a Motor Vehicle Safety Inspection Station and get a professional inspection.
How much is this car really going to cost you? Remember: your monthly auto loan payments are just a fraction of your total car ownership costs. You need to look at how those payments add up and then factor in other expenses, like car insurance and gas.
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.