Apply for a car loan
Get StartedIf you live in the Kitchener-Waterloo area, you know just how useful it is to have a car in K-W to get around. But purchasing a vehicle can be difficult when you have bad credit or no credit. Luckily, we help Kitchener-Waterloo drivers obtain the financing they need to get on the road — even if they have credit problems. Applying is easy, and you can be approved for a car loan 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 Kitchener-Waterloo are market-competitive.
Yes, if you meet a few key criteria. You must be a resident of Canada, have a full driver’s license, make $1,500 per month at your job, and be at least 18 years old.
No. Our car loan service matches you with a specific dealership, and that dealership will offer you the loan. Once you get your loan, you’re free to shop around for a vehicle on the dealership’s lot.
The dealerships we work with offer interest rates that vary depending on your credit rating.
Sales tax in Kitchener-Waterloo (and the rest of Ontario) is 13%. Remember to factor in this cost when you’re budgeting for a car.
On a given loan amount (say, $10,000), a shorter term will result in higher monthly payments, while a longer term will result in lower monthly payments. The main advantage of a shorter loan term is that you pay less interest.
Check out the graph below to see exactly how different loan terms can affect the size of your 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 |
By setting some priorities in terms of what you want in a car, such as specific safety features, fuel mileage, passenger capacity, etc., you can quickly narrow down the list of vehicles that meet your needs.
Simply put, it’s a good idea to separate the terms of your financing from the price of the vehicle you’re interested in. Once you’ve agreed on your car loan details (interest rate, loan term, etc.) with the dealership, then you can shop for a vehicle that fits your budget and you can start negotiating the final purchase price.
We know you’re excited to get out on the road in your new car, but first you need to get a vehicle inspection from a certified mechanic. Enjoy your wheels with the peace-of-mind that only a detailed inspection can bring.
When you’re ready to sign your sales or financing contract, take the time to read it with great care and ask for clarification if you don’t understand something. Remember, there’s no “cooling-off” period on car sales in Ontario, so your purchase is final unless the dealer failed to make a required disclosure.
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