Apply for a car loan
Get StartedThink it’s difficult to get a bad credit car loan in Prince Edward Island? Think again. Our car loan service makes it easy for you to get the financing you need to buy a car.
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 Prince Edward Island are market-competitive.
We only have a few basic requirements for drivers in PEI (and the rest of Canada). For your car loan application to be approved, you need to be a resident of Canada, have a full license, be 18 or older, and earn $1,500 per month or more.
Yes. These dealers are part of our nationwide auto loan network, and they specialize in bad credit auto financing for Canadian drivers. So if you have bad credit or no credit, don’t sweat it: we’ll match you with one of these dealers in PEI and help you quickly get approved for a loan.
Currently, the sales tax (HST) on vehicles in Prince Edward Island is 14%. But that’s set to change: in October 2016, the HST rate in PEI will increase to 15%.
Your rate is actually set by the dealer offering you the loan, and it’s based on a number of different factors, such as your credit, income level, employment history, and loan amount.
Longer loan terms result in smaller monthly payments, but there’s a downside: you’ll end up paying more money toward interest, and, for a few years, you’ll probably owe more on your loan than your car is worth. Why? Because you’ll be paying off your loan balance slower than your vehicle is depreciating.
Here’s what your monthly payments would 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 |
|---|---|
| 24 months | $362 |
| 36 months | $251 |
| 48 months | $195 |
| 60 months | $162 |
| 72 months | $140 |
| 84 months | $125 |
| 96 months | $113 |
Get your car loan before you shop for a vehicle. You’ll be able to set a realistic budget before you get to the dealership and you’ll know which vehicles you can actually afford.
Registered dealers have to follow a set of rules and regulations aimed at protecting buyers from fraud and generally shady practices.
Owning a car is expensive. Before you go ahead with your car loan, consider all the other costs of owning a vehicle: regular maintenance, repairs, gas bills, and, of course, car insurance.
Take your car out on the road before you purchase it. See how the vehicle performs at different speeds and on a variety of different roads.
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