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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’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 Toronto are market-competitive.
Yes. The lenders and dealers in our Toronto car loan network serve all drivers — especially those with bad credit or no credit.
Yes. We’re happy to work with drivers from other countries who haven’t had a chance to establish a Canadian credit history.
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.
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 loan | Car loan payment |
|---|---|
| 24 months | $678 |
| 36 months | $470 |
| 48 months | $366 |
| 60 months | $304 |
| 72 months | $263 |
| 84 months | $234 |
| 96 months | $212 |
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.
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.
Watch out for odometer tampering. Most vehicles accumulate nearly 20,000 km per year, according to the Ontario Ministry of Transportation.
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.
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.
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.
Taking a shorter car loan will save you money on interest.
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.