Can I get a car loan if I have bad credit or went bankrupt?
Yes. Our network of lenders and dealers specializes in bad credit financing. If you have bad credit or no credit, we’ll still match you with a nearby dealership and help you get approved for a loan.
How much tax do I need to pay on a car purchased in Nova Scotia?
Currently, the sales tax (HST) on vehicles in Nova Scotia is 15%. Nova Scotians pay one of the highest sales taxes in the country.
How is the interest rate on my car loan calculated?
That’s decided by the dealership offering you the loan. Usually, your rate is based on a number of different factors, like your credit, income, employment history, and loan amount.
Should I choose a long car loan term or a short car loan term?
It depends on your household finances and vehicle budget.
With a short car loan, your monthly payments are larger, so you can pay off your loan faster and save money on interest. Some borrowers don’t have the cash flow to handle those big monthly payments, however.
Meanwhile, longer car loans give you more time to pay off your principal balance, which makes for smaller payments that are easier to budget for. Unfortunately, you’ll also end up paying more interest.
Check out our graph below to see what your monthly payments might look like over different lengths of time 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|