Apply for a car loan
Get StartedOwning a car in Newfoundland and Labrador isn’t required, but it sure makes life easier. That’s why we launched a car loan service in your province — to make getting financing for your vehicle as transparent and hassle-free as possible, even if you have bad credit or no credit at all.
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 Newfoundland and Labrador are market-competitive.
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.
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.
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.
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 |
|---|---|
| 24 months | $362 |
| 36 months | $251 |
| 48 months | $195 |
| 60 months | $162 |
| 72 months | $140 |
| 84 months | $125 |
| 96 months | $113 |
Secure your car loan before you shop for a vehicle. That way you’ll know which cars you can afford and how high your monthly payments will be. You’ll also be able to negotiate strictly on the price of the car, rather than the price and the financing, which can put you at a disadvantage.
Always take a car out on the road before you purchase it. Test the signal lights, heating and cooling, brakes, etc., and listen for rattles or other strange noises. Does the car feel solid and well-built?
To calculate the actual cost of your new or used vehicle, consider your loan amount, what interest rate the dealer is offering, and how long your loan term is. Remember: you pay more interest on a longer car loan, and your car depreciates in value as the years go by.
In Newfoundland, it’s definitely ‘buyer beware’ when it comes to used cars. That's why you need to enlist a mechanic to give your vehicle a thorough inspection before you sign on the dotted line.
Auto InsuranceInsurance Bureau of Canada (IBC) revealed the 10 most stolen vehicles in Canada for 2019.
Auto InsuranceThat depends on a few factors, like how expensive the battery is and the manufacturer’s suggested retail price.