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The SkyTrain can only take you so far, and only at certain times of the day. That’s why you need your own means of getting around in Surrey. Fortunately, if you don’t have great credit (or any credit at all) and need help buying a car, you can get financing through our car loan service.
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 Surrey are market-competitive.
Most likely. Our requirements are pretty basic: you need to be a Canadian resident, 18 or older, fully licensed, and earning at least $1,500/month. Just fill out our online application with the details, click submit, and wait for approval.
Yes. It doesn’t matter if you’re new to the city — you just need to be a Canadian resident. And your lack of credit history is fine too. We work with drivers who don’t have credit almost every single day. In fact, it’s kind of our specialty.
Nope. But you do need to be fully licensed, and in BC, that process takes about 3 years.
No. Your car loan is only valid at one dealership — the one offering you the loan. Remember: we match you with a nearby dealership and then it’s the dealership that gives you a loan and sets the terms. Once your car loan details are settled, you can shop the dealership’s lot and find your new (or used) ride.
When you buy a vehicle from a registered Surrey dealership, you pay 5% GST and 7% PST — if your vehicle costs $55,000 or less. If the price tag exceeds that amount, the PST rate will increase.
Here’s each price bracket and its corresponding tax rate:
| Cost of the vehicle | PST |
|---|---|
| $55,000 or less | 7% |
| $55,000 - $55,999.99 | 8% |
| $56,000 - $56,999.99 | 9% |
| $57,000 and above | 10% |
‘Car loan term’ refers to the length of your car loan. In other words, the length of time (expressed in months or years) required to pay off your loan and interest charges. Car loan terms usually range from 24 to 96 months, but the right term for you will depend on your preferences and the state of your finances.
Here’s a little guidance: short loans are great if you want to minimize your interest charges and are comfortable making bigger monthly payments; long loans are popular because the payments are smaller and more manageable month to month.
Just remember one other thing: long loans translate into a greater number of monthly interest charges, which makes your car loan more expensive in the end.
Here’s a look at how your payments may increase or decrease depending on the length of your car loan. Hopefully this helps you choose the right term.
Monthly payments on a $10,000 car loan (at 8% interest)
| Length of car loan | Car loan payment |
|---|---|
| 24 months | $452 |
| 36 months | $313 |
| 48 months | $244 |
| 60 months | $203 |
| 72 months | $175 |
| 84 months | $156 |
| 96 months | $141 |
Think less interest charges and a quicker way out of car loan debt. Short car loans (eg. 24 or 36 months) are often worth the higher monthly payments they bring.
A used car may not last very long. Or you may want to replace your new car with an even newer model 3 years from now. In either case, you don’t want to be stuck paying for an auto loan on a car you don’t drive anymore. Think about these scenarios as you pick your car loan term.
We know you’re keen to get on the road, but you should always have your vehicle inspected by a qualified, trustworthy mechanic or a BCAA expert before you buy it.
At all Surrey dealerships, the sticker price (or the advertised price) should include the cost of the car plus all applicable fees (dealer fees, inspection charges, etc.). You should always double-check and ask the salesperson questions before you move forward with the purchase.
Car BuyingIt's important to look at what’s going on with auto insurance rates, 0% financing offers, and depreciation.
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AutoLike most industries across the globe, the automotive market in Canada has been deeply impacted by the coronavirus pandemic.