Does LowestRates.ca only work with specific car dealers in Newfoundland and Labrador?
Yes. We work with an exclusive network of lenders and dealers who specialize in financing for Newfoundland and Labrador residents who don’t have great credit. Just apply and we’ll match you with a dealer.
How much tax do I need to pay on a car purchased in Newfoundland and Labrador?
Bad news: on July 1st, 2016, the retail sales tax (RST) on used vehicles in Newfoundland and Labrador was raised from 14% to 15%. That’s one of the highest sales tax rates in Canada.
How is the interest rate on my loan calculated?
That’s largely determined by the dealership providing you with the loan. Dealers set rates based on a number of different factors: your credit, income, employment history, loan amount, etc.
Should I choose a long car loan term or a short car loan term?
If you can afford larger monthly payments, choose a short loan — you’ll pay your car off faster and also pay less interest.
If you need to break the amount you’re borrowing into smaller, more manageable chunks, opt for a longer loan. Check out our graph below to see what your monthly payments might look like on an $8,000 car loan at 8% interest.
Monthly payments on a $8,000 car loan (at 8% interest)
|Length of car loan||Car loan payment|