Ontario car loans made easy
Millions of Ontarians need a vehicle to handle the basic necessities of life: getting to work, buying groceries, taking the kids to school. But not everyone can secure the financing they need to buy a vehicle. Our car loan service makes getting a car loan in Ontario easy -- applicants enjoy speedy approvals and a loan process that's transparent and easy to understand.
FastApplying only takes a few minutes.
98% approvalBad credit or no credit? Don't sweat it
Large loans availableOur auto loans can be up to $40,000.
DiscreetYour info only goes to the dealer we match you with.
FreeThere's no charge to use our car loan service.
Fair interest ratesOur auto loan rates in Ontario are market-competitive.
Ontario car loan FAQs
Yes. We work with all Ontario drivers, regardless of your credit score.
Yes. We offer car loans in Toronto and other big cities, but we also offer car loans in smaller regions all across Ontario. It doesn't matter if you live in Cornwall or Kingston, Whitby or Windsor, or anywhere else in the province, we'll match you with a dealer in your area who can set you up with financing.
The total sales tax (HST) payable in Ontario is 13% of the vehicle's purchase price.
If you're buying from a dealer, yes. In fact, many dealers include HST in the purchase price, so the price you see is the price you pay.
You must be at least 18 years old, make $1,500 a month, be employed, have a driver's license, and be a Canadian resident.
The details of your car loan will be handled at the dealership level. Dealers in Ontario set auto loan rates based on your financial profile (credit, monthly income, etc.) and the size of your loan.
Used car financing has actually picked up over the last 5 years in Ontario, and most drivers continue to make their payments on time.
Longer loans mean lower monthly payments. On the flipside, you'll end up paying more interest over the total life of the loan.
Here's what your monthly payments would look like over different lengths of time if you took out an $18,000 car loan:
Ontario car loan tips
If you can handle the monthly payments, it's better to get a shorter car loan — you'll pay less interest.
Dealers registered with the Ontario Motor Vehicle Industry Council have to follow a variety of consumer protection practices and make important vehicle disclosures to buyers.
The OMVIC exists mainly to help consumers. They want Ontarians to have a positive car-buying experience, so don't hesitate to contact them before — or after — you buy your vehicle.
Does the car you're interested in have a good reliability record? How much does it cost to insure? Remember, your car payment is only one part of the total cost of operating your vehicle.
Ontario car loan myths
- You need a FICO score above 670 to qualify for used vehicle financing. False. You can get a car loan no matter how low your credit score is. A 2014 study by the Bank of Canada found that 25% of all auto loans were non-prime (borrowers with FICO scores under 670).
- It's better to buy a used car from a private seller than from a dealer. False. Used car buyers are only entitled to the safeguards and protections of the Ontario Consumer Protection Act if they purchase a vehicle from a registered dealership.
- There's a 'cooling off' period for used car buyers in Ontario. False. Used car purchase contracts are binding and all sales are final in Ontario. A survey done by the Ontario Motor Vehicle Industry Council found that an astounding 87% of Ontarians think there is a cooling off period for used car purchases.
- You don’t pay sales tax on ‘classic’ used vehicles (over 20 years old). False. Sales tax is payable no matter what year the vehicle is. That includes classic cars.
Fun facts
- Ontarians are making their car loan payments. The delinquency rate for car loans and leases in Ontario was only 1.01% in 2015, according to credit agency TransUnion
- By law, used car dealers in Ontario have to include all fees and charges in the advertised price of a vehicle, except for HST and the cost of adding the license plate.
- The Motor Vehicle Dealers Act requires dealers to disclose if a vehicle was previously used in a rental fleet or as a taxi, limo, or emergency services vehicle. In cases where a dealer does not disclose that information prior to sale, the buyer can seek financial remedy through the Dealers Compensation Fund.
- Used car dealers are also required by law to provide the vehicle’s mileage, make, model, and year before completing the sale. Buyers can cancel the sale and get a full refund within 90 days of purchase if the dealer doesn’t disclose these details.
- Used car sales in Ontario are up by more than 20% year-over-year. Experts trace the sales boom to the low Canadian dollar, which is luring many U.S. buyers across the border to buy used vehicles.
- More than 80% of all used vehicles purchased in Canada by U.S. residents are bought in Ontario, according to Statistics Canada.