Apply for a car loan
Get StartedGetting around Mississauga without a car can be a huge hassle. We’re happy to say that for Mississauga drivers, getting a car loan isn’t. Our network of Mississauga dealers specializes in bad credit auto financing. Apply, get approved, choose your car. It’s that simple.
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 Mississauga are market-competitive.
Yes. We specialize in car loans for Canadians with bad credit. So even if a past bankruptcy severely damaged your credit score, we can match you with a Mississauga dealer and help you get a car loan.
Of course. Our application process is simple and we’re happy to work with all Mississauga drivers, regardless of their level of experience on the road. As long as you meet the minimum car loan requirements, we can help you finance your first car.
Yes. We’re happy to work with drivers from other countries who haven’t had a chance to establish a Canadian credit history.
You need to be employed and earn a minimum income of $1,500 per month. You also need to be 18 years or older, a resident of Canada, and have a valid driver’s license.
You’ll have to pay 13% in HST. Don’t forget to include this amount in your car-buying budget.
Long car loans chop your principal balance into small monthly payments and spread them out over an extended period of time. Short car loans do the exact opposite. Your principal balance (plus interest) is divided into large payments and you pay off the loan quicker.
But don’t forget: getting a longer car loan means you’ll pay more in interest.
Check out the graph below to compare monthly payments on short and long car loans.
Monthly payments on a $9,000 car loan (at 8% interest)
| Length of car loan | Car loan payment |
|---|---|
| 24 months | $407 |
| 36 months | $282 |
| 48 months | $220 |
| 60 months | $182 |
| 72 months | $158 |
| 84 months | $140 |
| 96 months | $127 |
You can’t shop for your new ride until you know your budget, so spend time negotiating the details of your car loan: what loan amount are you approved for, what interest rate can you get, and what are your payment options?
Registered dealerships have to follow strict rules and regulations, so you’ll gain certain rights and protections if you buy from one of them instead of from a private seller.
The price tag on the car is just one of the car ownership expenses you have to consider. There’s also insurance, repairs, maintenance, and fuel economy. Research the total costs of operating a vehicle before you buy.
If you can afford bigger monthly payments right away, opt for a shorter loan, like a 24 or 36-month loan. You’ll pay less interest and get rid of your loan in less time.
.jpg?itok=R_O8u8nS)
AutoLike most industries across the globe, the automotive market in Canada has been deeply impacted by the coronavirus pandemic.
AutoIf you’re convicted of it, it can affect everything from your driving record to your insurance rates.