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What our users say:

Excellent
Based on 322 reviews
June 5
Awesome work
wow what an awesome rep. He did up everything, extremely fast and was very under...
Delroy Paul
June 4
It was a pleasure dealing with your…
It was a pleasure dealing with your broker, it made switching insurance companie...
Michael Sheridan
May 27
Excellent customer service
This is the first time I got insurances from Direct Rate.I have nothing but good...
Tejas Patel
May 26
Quick service
Quick service, good price
dl
May 22
Imad Harrouk was great !
Imad Harrouk was great ! intelligent well spoken professional polite a perso...
james bannon
May 21
Imad Harrouk helped me get the best…
Imad Harrouk helped me get the best home and auto bundle insurance quote. He was...
Amanda Moskowitz
May 20
Excellent !!! Very competitive rates !!
Excellent customer services also they have very competitive rates !!
Eliza Gallant
May 20
Excellent Service
Sonia was patient with all of my questions, helpful and cheerful through the ent...
Cori Thompson
May 20
Imad Harrouk helped us with getting a…
Imad Harrouk helped us with getting a car insurance quote. He was very friendly ...
Barry
May 18
I was treated fairly and walked through…
I was treated fairly and walked through my purchase.I enjoyed the agent was exce...
paul neville
May 17
Highly Recommended !
I spoke with Mr. Imad Harrouk of DirectRate for quotes on my car and condo insur...
HL
May 14
Highly recommend
Great experience, simple to use and they gave me a lot of options at prices that...
Chandra Wilson
May 13
Amazing service
Amazing service, Sonia is patient and helpful. Can not complain. I am happy with...
Miroslav Adalbert Elias
May 12
Meghan Ford helped me and she was…
Meghan Ford helped me and she was amazing. I saved $160/month between home and a...
Bruce
May 11
Easy
Easy, clear and fast. Very effective.
Rene Izquierdo de la Cruz
May 6
Sonia was very helpful and nice…
Sonia was very helpful and nice throughout the whole process. She got me the bes...
Ali Al-Rubayee
May 6
Very friendly and professional
Very friendly and professional. She always try to help. Really appreciate.
Binod Shrestha
May 5
He was so amazing
He was so amazing. He went out his way to help me. He deserves a raise Very po...
Shahin Abbaskhan
April 27
Great rates!
Ryan was very helpful and polite.He went all out to find me the best rate. He wa...
Linda Shelton
April 22
The service was excellent
The service was excellent. Emad provided awesome service for me.
John Bowden
April 19
Fast and professional customer service
Fast and professional customer service. All of my questions were answered and I...
P COSTANTINI
April 16
Chelsea was very helpful and a pleasant…
Chelsea was very helpful and a pleasant person to deal with.
Keith Tarala
April 16
simple quick and easy
simple, quick and easy
tony palumbo

How it works. Hint: It's free!

  1. Enter your information.
  2. Get matched with a dealership and get approved for a loan.
  3. Choose a vehicle from the dealership offering you a loan.

Get approved for a car loan in Toronto. Just like that.

Getting a bad credit car loan in Toronto doesn’t have to be a hassle. Our car loan service helps Toronto drivers secure the financing they need to buy a vehicle -- even if they have bad credit or no credit at all.

Just provide us with some basic information to get started (no social insurance number required), and we’ll match you up with a lender or dealer in the city.

We can help you even if you have:

  • Bad credit.
  • No credit.
  • Good credit.
  • Late payments.
  • Repossession.
  • Collections.
  • A bankruptcy.
  • A divorce.
  • New Canadian status.

Toronto car loans made easy.

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.

Your Toronto car loan questions, answered.

I went bankrupt and haven’t had a chance to repair my credit. Can I still get a car loan through your site?

Yes. The lenders and dealers in our Toronto car loan network serve all drivers — especially those with bad credit or no credit.

I recently moved to Toronto from another country. Will I be able to get a car loan?

Yes. We’re happy to work with drivers from other countries who haven’t had a chance to establish a Canadian credit history.

What are the minimum requirements needed to qualify for a car loan through your site?

Toronto drivers must be currently employed, make at least $1,500 per month, be 18 years of age or older, be a resident of Canada, and have a valid driver's licence.

How do I decide between a short auto loan and a long auto loan?

With a short auto loan, your monthly payments will be larger, but you will pay less interest, ultimately saving money.

Unfortunately, the high cost of living in Toronto forces many drivers to opt for longer-term loans because their monthly payments will be much more manageable.

Here’s what your monthly payments would look like over different lengths of time if you took out a $15,000 car loan:

Monthly payments on a $15,000 car loan (at 8% interest)

Length of car loanCar loan payment
24 months$678
36 months$470
48 months$366
60 months$304
72 months$263
84 months$234
96 months$212

With so many dealers operating in Toronto, how do I know which one to choose?

First, only get a car loan from a licensed Ontario dealer. Licensed dealers have to follow a variety of regulations aimed at protecting car buyers like you.

Second, narrow your search to dealers who provide financing to customers matching your financial profile. If you’re a buyer with strong credit and an interest in premium vehicles, you should work with a high-end dealer. If you have bad credit, you’ll want to seek out a loan from a lender or dealer who specializes in serving those types of borrowers.

About our auto loan network.

  • It's nationwide, servicing all provinces.
  • It's a free, fully secure, no obligation loan service.
  • It provides car loans that range from $5,000 – $40,000.
  • It offers market competitive interest rates, speedy approvals, and affordable payments.
  • It boasts a 100% acceptance rate, even if you have no credit or bad credit.

Toronto car loan tips

Know what you can afford

If you’re financing your vehicle, secure a loan before you start shopping. That way, you’ll know exactly how much car you can afford before you get to the dealership lot.

Keep an eye out for odometer tampering

Watch out for odometer tampering. Most vehicles accumulate nearly 20,000 km per year, according to the Ontario Ministry of Transportation.

Make sure all registration documents and other paperwork check out

If the vehicle you’re interested in has missing or incomplete paperwork, walk away. Smudged-out or blank vehicle identification numbers (VINs) are a huge red flag because they often indicate the car was stolen.

Go for a test drive

Test drive the car you’re interested in for at least 30 minutes. Evaluate the vehicle’s performance at higher speeds by taking a major highway like the DVP, Gardiner Expressway, or 401.

Inspect the vehicle for unusual wear-and-tear

Constant stop-and-go traffic, bad roads, and punishing winters mean Toronto vehicles get a workout. Give the car you’re interested in a close inspection before you buy.

Choose a shorter loan

Taking a shorter car loan will save you money on interest.

Toronto car loan facts

  1. Torontonians are making their car loan and credit card payments on time. Delinquency rates on non-mortgage loans in Toronto fell 4.1% from the first quarter of 2015 to the first quarter of 2016, according to credit agency Equifax.
  2. OMVIC-registered dealers are required to make 22 mandatory disclosures to potential buyers before they sell a vehicle.
  3. Statistics Canada says the average commute time for Toronto drivers is over 30 minutes. All that commuting means most vehicles are subjected to considerable wear and tear — even if the odometer says otherwise.
  4. As a general rule, Toronto car buyers don’t get a “cooling-off period” when they purchase a vehicle. All sales are final, although buyers can sometimes receive compensation if certain disclosures were not made by the dealer.
  5. The Canadian Black Book is an excellent resource for researching the value of used cars in Toronto, as well as in the rest of Canada.

Toronto car loan myths

  1. You are better off buying a used car from a private seller rather than from a dealership. False. Buying a car at a licensed dealership gives you a broad range of protections under the Ontario Consumer Protection Act and the Ontario Motor Vehicle Industry Council (OMVIC).
  2. Used car dealers can advertise car prices without including additional fees and charges. False. In Ontario, dealerships must include all fees and charges in their advertised prices, with the exception of HST and any fees associated with licensing or financing the vehicle.
  3. There is no way to know if a vehicle was used in a Toronto taxi or rental car fleet. False. Fortunately for Toronto car buyers, dealers are required to disclose that information.

Car loan news

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