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Viewing our curated selection of Auto Loans & Financing.

CIBC
CIBC Car Loan for Newcomers
Est. APR
Varies
Loan Amount
$7.5k - $75k
Loan Terms
12 - 96 Mo
Recommended Score
All Credit Types
Secured Loan No Early Repayment Penalty
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Welcome Offer

Save up to 10 cents per litre at participating gas stations with Journie™ Rewards.

Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $7,500 - $75,000
Available Terms 12 to 96 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan No Early Repayment Penalty Weekly/Bi-weekly Payments
Highlights & Pros
  • Zero Canadian credit history is required to qualify—a massive advantage for recent immigrants.
  • High borrowing limit of up to $75,000 easily covers the cost of reliable family vehicles.
  • Includes the same Journie Rewards fuel discounts as the standard car loan.
Things to Consider
  • Strictly limited to individuals who have lived in Canada for 5 years or less.
  • Requires applying in person at a partner dealership.
RBC Royal Bank
RBC Auto Loan
Est. APR
Varies
Loan Amount
Varies
Loan Terms
12 - 96 Mo
Recommended Score
All Credit Types
Flexible Repayment Options No Early Repayment Penalty Soft Credit Check for Pre-approval
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms 12 to 96 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Flexible Repayment Options No Early Repayment Penalty Weekly/Bi-weekly Payments Online Account Management Soft Credit Check for Pre-approval Branch Support Available
Highlights & Pros
  • Industry-leading term length: choose an amortization from 1 up to 8 years to lower monthly payments.
  • Pre-qualification available with a soft credit pull that does not impact your credit score.
  • Newcomer Automotive Loan Program allows residents in Canada for <3 years to apply without Canadian credit history.
  • Seamless integration: apply and get RBC financing directly at thousands of partner dealerships.
Things to Consider
  • Financing is restricted to vehicles/units that are 10 years old or newer.
  • Promotional "special" rates are often restricted to specific partner manufacturers and new vehicles.
TD Canada Trust
TD Auto Finance (Dealership)
Est. APR
Varies
Loan Amount
Varies
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan Flexible Repayment Options
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Flexible Repayment Options Rate Match Guarantee
Highlights & Pros
  • Direct access to dealer and manufacturer promotional financing rates.
  • Covers a wide range of lifestyle vehicles including boats and marine equipment.
Things to Consider
  • Loan terms and specific rates are often tied to dealership-specific agreements and inventory.
Alpine Credits
Alpine Credits Car Loan
Est. APR
Varies
Loan Amount
Up to $500k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan Fast Approval Online Application Bad Credit Considered
Min Income: No strict min.
Origination Fee: 0%
Funding: 7 Days
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $500,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 7 Days
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Fast Approval Online Application Bad Credit Considered
Fairstone Bank
Fairstone Car and Auto Loan
Est. APR
Varies
Loan Amount
Up to $60k
Loan Terms
6 - 60 Mo
Recommended Score
All Credit Types
Flexible Repayment Options No Early Repayment Penalty
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $60,000
Available Terms 6 to 60 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Online Application Flexible Repayment Options No Early Repayment Penalty Weekly/Bi-weekly Payments Branch Support Available
Highlights & Pros
  • Can be used to purchase vehicles from private sellers
  • No prepayment penalties for paying off the loan early
  • Flexible payment schedules (weekly to monthly)
Things to Consider
  • Vehicle must be 10 years old or less
  • Application must be finalized in person at a branch
TD Canada Trust
TD Private Sale Vehicle Loan
Est. APR
Varies
Loan Amount
Up to $50k
Loan Terms
Varies
Recommended Score
All Credit Types
Secured Loan Online Application Flexible Repayment Options
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $50,000
Available Terms N/A to N/A months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Online Application Flexible Repayment Options Branch Support Available
Highlights & Pros
  • Lower interest rates compared to unsecured personal loans because the vehicle is used as collateral.
  • Convenient online application process for vehicles older than 5 years.
  • Flexibility to purchase from private sellers while still receiving big-bank financing protections.
Things to Consider
  • Borrowing limit is capped at $50,000, which may not be sufficient for premium used vehicles.
  • Requires a mandatory in-branch appointment for vehicles that are 5 years old or newer.
Scotiabank
Scotiabank Grad Auto Loan
Est. APR
Varies
Loan Amount
Varies
Loan Terms
Up to 60 Mo
Recommended Score
All Credit Types
Secured Loan Flexible Repayment Options No Early Repayment Penalty Skip-a-Payment Option Weekly/Bi-weekly Payments Online Account Management
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - No Limit
Available Terms N/A to 60 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available Flexible Repayment Options No Early Repayment Penalty Skip-a-Payment Option Weekly/Bi-weekly Payments Online Account Management
Highlights & Pros
  • Requires absolutely zero down payment (100% financing).
  • Provides a 90-day grace period with no payments required after purchase.
  • You can secure the loan up to 90 days before your full-time job actually starts.
Things to Consider
  • Restricted to vehicles that are 3 years old or newer.
  • Maximum loan term is capped at 5 years (60 months), limiting your ability to stretch out payments.
CIBC
CIBC Personal Car Loan
Est. APR
Varies
Loan Amount
From $7.5k
Loan Terms
12 - 96 Mo
Recommended Score
All Credit Types
Secured Loan No Early Repayment Penalty Skip-a-Payment Option
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Welcome Offer

Save up to 10 cents per litre at participating gas stations (Pioneer, Fas Gas, Ultramar, Chevron) with Journie™ Rewards.

Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $7,500 - No Limit
Available Terms 12 to 96 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan No Early Repayment Penalty Skip-a-Payment Option Weekly/Bi-weekly Payments
Highlights & Pros
  • Extended repayment terms up to 8 years (96 months) to help keep monthly payments manageable.
  • Rate approval is guaranteed for 30 days, giving you time to shop for the right vehicle without rate anxiety.
  • Skip up to two payments per year to help manage unexpected financial emergencies.
  • Includes a highly valuable Journie Rewards gas discount to lower your everyday driving costs.
Things to Consider
  • Must apply directly at a partner dealership; there is no direct-to-consumer online application process.
  • Financing is restricted to vehicles that are 10 years old or newer.
Scotiabank
Scotiabank Auto Loan
Est. APR
Varies
Loan Amount
Up to $200k
Loan Terms
Up to 96 Mo
Recommended Score
All Credit Types
Secured Loan Flexible Repayment Options No Early Repayment Penalty Skip-a-Payment Option Weekly/Bi-weekly Payments Online Account Management
Min Income: No strict min.
Origination Fee: 0%
Funding: Varies
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $200,000
Available Terms N/A to 96 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Varies
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Secured Loan Loan Insurance Available Flexible Repayment Options No Early Repayment Penalty Skip-a-Payment Option Weekly/Bi-weekly Payments Online Account Management
Highlights & Pros
  • Massive maximum borrowing limit of up to $200,000 for high-end vehicles.
  • Built-in flexibility allows you to completely customize your payment schedule and skip one payment every year.
  • Available for both new vehicles and used vehicles up to 7 years old.
Things to Consider
  • Must apply through a participating dealership rather than directly online.
Spring
Spring Financial Auto Financing (Private Sales)
Est. APR
12.90%
Loan Amount
Up to $75k
Loan Terms
36 - 84 Mo
Recommended Score
All Credit Types
Online Application No Early Repayment Penalty Bad Credit Considered Funds Deposited within 24h
Min Income: No strict min.
Origination Fee: 0%
Funding: Within 24h
Go to Site
Secure & No Credit Impact
Rates, Fees & Terms
Rate Type Fixed
Typical APR 12.90%
Loan Amounts $0 - $75,000
Available Terms 36 to 84 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income No strict minimum
Credit Score Required No Minimum
Minimum Age Age of majority
Residency Status Canadian Resident
Included Features
Online Application No Early Repayment Penalty Bad Credit Considered Funds Deposited within 24h
Highlights & Pros
  • Higher borrowing limit than standard personal loans ($75,000)
  • Designed specifically for private vehicle sales
Things to Consider
  • Minimum term starts at 36 months
  • APR can reach up to 35.00% for some borrowers

Representative Example: An example of borrowing costs on $5,000 financing with a 48 month term at 12.90% APR is a Weekly payment of $30.77.

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  • See how your trade-in saves you on sales tax
  • Compare weekly, bi-weekly, and monthly payments
  • Reveal the total lifetime interest cost
1. Vehicle Details
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2. Loan Terms
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Estimated Monthly Payment
$0
Total Loan Amount
$0
Total Sales Tax
+$0
Total Interest Cost
+$0
Total Cost to Own
$0
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Auto Loan Guide

Auto loans in Canada, explained in plain English

An auto loan lets you spread the cost of a vehicle over time instead of paying the full amount upfront. Your monthly payment usually depends on five core things: the vehicle price, your down payment, the interest rate, the loan term, and any taxes or fees included in the financed amount.

For most shoppers, the goal is not just finding the lowest advertised rate. It is finding a payment that fits your budget, a term that does not drag on too long, and a total borrowing cost that still makes sense for the vehicle you want.

What matters most

  • Monthly payment you can comfortably afford
  • Total cost over the full loan term
  • Rate and term that match your credit profile
  • Whether the vehicle is new, used, dealer-financed, or privately purchased
Rate & Approval Factors

What affects your auto loan rate and approval odds

Lenders usually look at a mix of credit strength, income stability, debt load, vehicle type, down payment, and how long you want to take to repay the loan. Even a small difference in rate or term can noticeably change your monthly payment and your total interest cost.

Credit profile

A stronger credit profile can help you qualify for better pricing and more lender options. Weaker credit can still get approved, but it often comes with a higher rate or stricter conditions.

Income and affordability

Lenders want to see that the payment fits your income and existing obligations. They may review employment consistency, monthly income, housing costs, and other debts.

Loan term and vehicle

Longer terms can lower the monthly payment but may increase total interest. Newer vehicles sometimes qualify more easily than older or higher-mileage vehicles.

Tip: before comparing offers, look at both the monthly payment and the full repayment cost. A lower payment can still be more expensive overall if the term is stretched too far.
New vs Used

New car loan or used car loan: which one fits better?

There is no universal winner. A new vehicle may come with better promotional financing or warranty comfort, while a used vehicle may offer a lower purchase price and less depreciation shock. The best choice depends on your budget, driving needs, and how long you plan to keep the vehicle.

Factor New Vehicle Used Vehicle
Purchase price Usually higher upfront cost Usually lower upfront cost
Financing promos May have dealer incentives or special offers Depends more on vehicle age, condition, and lender rules
Depreciation Often drops faster in early years Some early depreciation may already be absorbed
Repair risk Usually lower at the beginning May be higher depending on age and maintenance history
Best for Shoppers prioritizing warranty, features, and predictability Shoppers prioritizing value and lower sticker price
Approval Tips

How to improve your chances before you apply

A stronger application is usually a cleaner application. Small steps taken before applying can improve both approval odds and pricing.

Before you apply

  • Set a realistic vehicle budget, not just a target payment
  • Know your approximate credit standing before shopping
  • Save a down payment if possible
  • Reduce unnecessary debt pressure before applying
  • Keep proof of income and ID ready

Smart borrower habits

  • Compare the full offer, not just the advertised rate
  • Watch for add-ons that increase the financed amount
  • Choose the shortest comfortable term you can manage
  • Review taxes, fees, warranty extras, and insurance impact
  • Understand whether you are financing through a dealer, bank, or private-sale lender
Practical rule of thumb: if the payment only works with a very long term, it may be a sign the vehicle is stretching the budget too far.
Popular Questions

Auto loan FAQs

These are the questions many shoppers ask before choosing a vehicle loan.

There is no single universal score requirement because lenders use different models and risk rules. In general, stronger credit can unlock better rates and more options, while weaker credit may still qualify but often at a higher cost.

Both can work. Dealer financing can be convenient and sometimes comes with promotional programs, while bank or lender-direct options can give you a separate benchmark to compare against. The best move is to compare the full borrowing cost, not just the sales pitch.

A down payment is not always required, but putting money down can reduce the amount you need to finance, lower your payment, and sometimes improve approval strength. The right amount depends on your budget, the vehicle price, and your overall debt picture.

Yes, many lenders support used vehicles, and some also finance private sales. Eligibility can depend on the age, condition, mileage, and value of the vehicle, along with your borrower profile.

Both matter, but the real decision should include the total repayment cost. A lower monthly payment can look attractive while hiding a longer term and more interest paid over time.

Pre-qualification or affordability planning can help set a realistic price range before you shop. It can make comparing vehicles easier and reduce the chance of falling in love with a vehicle that is outside your comfortable budget.

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