Can I get a car loan at LowestRates.ca if I’ve filed for bankruptcy in the past?
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.
Can I get a car loan if I’m a new driver?
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.
I just moved to Mississauga from another country. Can I still get a car loan?
Yes. We’re happy to work with drivers from other countries who haven’t had a chance to establish a Canadian credit history.
What do I need to qualify for a car loan in Mississauga?
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.
How much tax do I have to pay on a vehicle purchased in Mississauga?
You’ll have to pay 13% in HST. Don’t forget to include this amount in your car-buying budget.
How does the length of my car loan affect my monthly payments?
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|