Apply for a car loan
Get StartedLet’s face it — in a province as big as Manitoba, owning a car makes life easier. And now, with LowestRates.ca’s car loan service, getting a car loan is easy too, even if you have bad credit. Applying only takes a few minutes and almost everyone gets approved. Then you can shop for your new wheels. Just like that.
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 Manitoba are market-competitive.
Yes. Despite what some banks might tell you, bad credit doesn’t mean you can’t get financing. In fact, our car loan service specializes in auto loans for Canadians with bad credit. So even if a bankruptcy, divorce, or other financial setbacks previously damaged your credit, we can help you get financing for your car.
A minimum income of $1,500/month, Canadian residency, and a valid driver’s license. Just meet those basic requirements, and we’ll match you with a dealer.
Of course. One of the great things about our car loan service is that we work with an expansive network of licensed Manitoba dealerships. So don’t worry — matching you with a nearby dealer is what we do.
Yes. As long as you’re licensed and meet our other car loan requirements, we can help you get a loan.
Your payments will be based on a couple of different factors, including your loan amount, interest rate, and the length of your car loan. When you’re matched with a dealer, ask for more details. Don’t be afraid to negotiate on the interest rate.
When you buy a new or used vehicle from a licensed car dealership in Manitoba, you have to pay 5% GST and 8% RST (Retail Sales Tax).
Longer car loans break your principal balance up into a greater number of smaller, more manageable payments. A shorter car loan does the opposite.
For example, a 6-year car loan splits your balance (ex. $12,000) into 72 monthly payments of $210 — refer to our graph below. But a shorter loan, of, say 2-years, splits your balance into 24 payments of $543.
The longer loan seems like the more attractive offer, but there’s one more factor to consider: the interest charges. At the end of that 6-year car loan term (72 months), you will have paid $15,120 with the interest included. At the end of a 2-year term (24 months), you’ll have only paid $13,032 — that’s a pretty big difference.
Monthly payments on a $12,000 car loan (at 8% interest)
| Length of car loan | Car loan payment |
|---|---|
| 24 months | $543 |
| 36 months | $376 |
| 48 months | $293 |
| 60 months | $243 |
| 72 months | $210 |
| 84 months | $187 |
| 96 months | $170 |
You'll have to make bigger payments right away, but you could save thousands of dollars in interest over the life of your loan. You'll also pay off your car loan debt in less time.
Licensed dealers are required by law to share important details about the car’s condition, history, and warranty. They’re also required to follow strict regulations under the Manitoba Consumer Protection Act. In other words, you’re protected when you buy from a licensed dealer.
Use the vehicle identification number (VIN) to get a history of the used car. If it was ever rebuilt, stolen, or significantly damaged in an accident, the report will have the details.
Manitoba Public Insurance (MPI) classifies certain vehicles as “Most-at-Risk”. Cars with this designation are considered at least two times more susceptible to theft than the average vehicle. If the car you want to buy is on the Most-at-Risk list, it’s required to have an immobilizer. Immobilizers prevent your car from starting unless the driver has an accompanying transponder (usually fastened to a keychain).
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.