Car loans,simplified.
A car loan is secured by the vehicle. Term (12–96 months), the vehicle (price including fees and tax), and simple interest make up the loan. Proof of income, a driver’s licence, and a Canadian address are typically required.
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Car Loans Canada Benefits
Easy payment options
Pay monthly, semi-monthly, bi-weekly, or weekly — just let us know what works for you.$0-down options
$0-down car loans are available for qualifying applicants.Open-ended loans
Make lump-sum payments or pay off your loan in full, any time, penalty-free.
Getting a car financed doesn’t need to be stressful
Whether you have perfect credit, are unsure, have credit blemishes or bankruptcy, we will get you the best approval at the lowest rate for your car. Upon completing our application you’ll be contacted to discuss your eligibility and given recommendations based on your finances and vehicular needs. We want to find a solution that works for YOU.
Get startedThree components make up a car loan in Canada:
A car loan is a secured loan, which means it’s backed by collateral. In this case the collateral is the vehicle. As such, the value of the vehicle directly impacts the loan it’s eligible for. So while your eligibility for financing is a big part of your loan, the car itself can also impact the loan details.
The term
The length of time that you will be making payments towards the total loan. Automotive loan terms in Canada range between 12 and 96 months. Remember that while longer terms can decrease the monthly payments, they come at the cost of higher interest rates. It’s recommended to stick to 60–72 months at most if possible.The vehicle
This is the total amount that you’re paying for the car you’re having financed. This includes all fees, taxes and any accessories or additional options you may have added to the purchase.The interest rate
This is the interest rate the lender is charging you for the loan. Your bill of sale also shows what the total cost of borrowing over your chosen term is — the total amount of interest over the term length plus the principal amount. Car loans include simple interest only, which means it’s calculated on the principal only.
What do you need to complete your loan?
Payment details
A void cheque or pre-authorization payment form from your bank will be required in order to finalize your payment transfers.Income information
While employment income is preferred, many of our applicants receive income from their pension, disability and other sources. Proof of income may be requested.Driver’s licence
A valid driver’s licence from the province you are living in is required.Home address
You must have proof of a valid Canadian address that matches the address on your driver’s licence, such as a bill or an additional piece of identification.
