Auto Loans Canada - Car Financing Made Easy
Get pre-approved for car loans with rates from 4.99%. New cars, used cars, private sales - we finance it all. Compare 35+ lenders instantly.
Fast Approval
Get pre-approved in minutes, drive same day
Rates from 4.99%
Competitive rates for all credit types
New & Used
Finance any vehicle up to 10 years old
Bad Credit OK
Specialized programs for poor credit
Auto loans are secured loans designed specifically for purchasing vehicles. Whether you're buying a brand new car from a dealership, a certified pre-owned vehicle, or a car from a private seller, auto loans make vehicle ownership affordable by spreading the cost over 24 to 96 months.
In Canada, auto loan rates typically range from 4.99% to 29.99% APR depending on your credit score, the vehicle's age, and whether it's new or used. The vehicle serves as collateral, which means lenders can offer better rates than unsecured personal loans.
Types of Vehicles We Finance
New Cars
Latest models with manufacturer warranties, lowest rates available
Used Cars
Vehicles up to 10 years old from dealerships or certified sellers
Private Sales
Financing available for vehicles purchased from private sellers
Refinancing
Lower your rate on existing auto loan or access equity
Auto Loan Requirements
- Valid Driver's License: Full Canadian driver's license required
- Proof of Income: Minimum $1,800/month gross income
- Canadian Resident: Citizen, permanent resident, or work permit holder
- Auto Insurance: Valid insurance coverage required before funding
- Vehicle Requirements: Car must be under 10 years old and pass safety inspection
Why Canadians Choose Loan Beaver for Auto Financing
Can I get an auto loan with bad credit in Canada?
Absolutely! We work with lenders who specialize in bad credit auto loans. While your interest rate may be higher (typically 12-25% vs 4.99-9.99% for good credit), approval is very likely if you have steady income. Many clients use auto loans to rebuild their credit through consistent payments.
How much can I borrow for a car loan?
Auto loan amounts in Canada typically range from $5,000 to $100,000+. The exact amount depends on your income (usually 15-20% of gross monthly income for car payment), credit score, the vehicle's value, and your down payment. Pre-approval will determine your exact borrowing power.
Do I need a down payment for an auto loan?
Down payments aren't always required, but putting down 10-20% can significantly lower your monthly payments and help you secure better interest rates. For used cars or those with lower credit scores, lenders may require at least 10% down.
What's the difference between dealer financing and bank auto loans?
Dealer financing is convenient but often includes markup on interest rates (1-3% higher). Bank and credit union auto loans typically offer better rates. By using Loan Beaver, you can compare both options and choose the best deal without the pressure of a dealership.
Can I pay off my car loan early in Canada?
Most auto loans in Canada allow early repayment without penalties, which can save you thousands in interest. However, always verify this with your lender as some may charge prepayment fees. We prioritize lenders with flexible prepayment options.
*Based on 60-month term at 7.99% APR
Loan Range:
$5,000 - $100,000
Interest Rates:
From 4.99% APR
Term Length:
12 to 96 months
Funding Time:
Same day to 48 hours
- Sedans & Coupes
- SUVs & Crossovers
- Trucks & Vans
- Motorcycles & ATVs
- Electric & Hybrid vehicles
Get Pre-Approved for Your Auto Loan
No impact on credit score. Instant decision. Drive your dream car today.