I went bankrupt and ruined my credit. Will I be able to get a car loan?
Yes. We work with all Ontario drivers, regardless of your credit score.
Apply for a car loan
Get StartedMillions 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.
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 Ontario are market-competitive.
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:
Monthly payments on a $18,000 car loan (at 8% interest)
Length of car loan | Car loan payment |
---|---|
24 months | $814 |
36 months | $564 |
48 months | $439 |
60 months | $365 |
72 months | $316 |
84 months | $281 |
96 months | $254 |
If you can handle the monthly payments, it's better to get a shorter car loan — you'll pay less interest.
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.
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.
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.
It's important to look at what’s going on with auto insurance rates, 0% financing offers, and depreciation.
Like most industries across the globe, the automotive market in Canada has been deeply impacted by the coronavirus pandemic.