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You live in Markham, where the roads are almost as busy as you are. And yet, driving is still the best way to get around. So make things easy for yourself: apply for a car loan online, get approved in 48 hours or less (even with bad credit or no credit), and pick your 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 Markham are market-competitive.
Easy. You just need to be 18 or older, fully licensed, and a Canadian resident. Lastly (but certainly not least), you need to be earning a minimum income of $1,500 per month at your job.
Our car loans usually start out around $5,000 and go all the way up to $40,000. The dealership you’re matched with will determine the size of the loan you can be approved for based on your income and credit.
No. You can only use your car loan to buy a vehicle from the dealership in Markham that we’ve matched you with. But don’t worry. No matter which dealer you’re paired up with, you should be able to find a vehicle that fits your budget and satisfies your car-buying checklist.
Yes. We don’t require a Canadian credit history to approve you for a loan.
Yes. Our dealer network operates throughout Toronto and all across the country. Wherever you live, we’ll help you get a car loan.
No. We don’t ask for your driving history and neither do the auto dealers in our network. Just make sure you’re fully licensed before you apply for an auto loan with us. And of course, drive safely.
Your car loan amount, interest rate, and term length all factor into your payment. Obviously, the bigger the loan and the higher the rate, the more expensive your monthly payment will be. But how does your car loan term impact your payments?
Think of it this way: your car loan term (the length of your loan) determines how many individual payments your loan is divided into. A long car loan term slices your loan into more payments, and the more times your loan is sliced, the smaller (or more affordable) each slice gets. And the opposite is true for a shorter loan term: fewer slices result in bigger payments.
Check out our graph below to see how your monthly payments shrink as your car loan term gets longer.
Monthly payments on a $7,000 car loan (at 8% interest)
| Length of car loan | Car loan payment |
|---|---|
| 24 months | $317 |
| 36 months | $219 |
| 48 months | $171 |
| 60 months | $142 |
| 72 months | $123 |
| 84 months | $109 |
| 96 months | $99 |
You just got approved for an auto loan, and that’s pretty exciting. But a loan doesn’t equal free money — you have to pay it back eventually. So opt for a smaller loan and keep your debt to a minimum.
Markham roads are full of flashy rides (we’ve all seen the underground parking at the VIP Cineplex), but an expensive car requires a big car loan. Set realistic car-buying goals and find a vehicle that meets your needs rather than your wants.
Yes, you need financing for your car, but that doesn’t mean you have to automatically agree on all the car loan conditions the dealer presents to you. Ask questions and negotiate the best deal you can.
And then pick your car loan term wisely. Make sure your car will last at least as long as it takes to pay off your loan. For example, if you’re buying a car that you only plan on keeping for 3 years, pick a term of that same length or shorter.
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.