CAR FINANCING

Auto Loans & Financing

Compare car financing options for new vehicles, used cars, refinancing, and alternatives to dealer financing.

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Review terms, estimated payments, and eligibility factors
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RateBuddy auto loan picks insight
RateBuddy auto loan picks insight

Compare top auto loan picks with the full cost in mind

The best auto loan is not always the one with the lowest advertised APR. A strong car financing option should also be reviewed around loan term, estimated payment, lender requirements, repayment flexibility, fees, vehicle type, and whether you are financing a new car, used vehicle, or refinance.

Review the auto loan picks below, then compare APR, term, eligibility, and total borrowing cost before starting an application.

Best Auto Loan Picks

Compare selected auto financing options based on APR, loan term, repayment flexibility, lender features, and eligibility factors.

Apply online or by text with no in-person appointment required. All credit levels are welcome.
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Spring
Spring Financial Personal Loan
Est. APR
9.99% - 34.95%
Loan Amount
$500 - $35k
Loan Terms
6 - 84 Mo
Recommended Score
All Credit Types
Fast Approval
Online Application
Bad Credit Considered
Get approved and receive funds by e-transfer
Skip the branch visits
Approval as soon as the same day
Min Income: $20k/yr
Origination Fee: 0.00%
Funding: Within 24h
All credit levels welcome. Get approved and receive funds by e-transfer. Apply online or by text, no in-person appointments are needed. Applying doesn’t affect credit.
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR 9.99%
Loan Amounts $500 - $35,000
Available Terms 6 to 84 months
Origination Fee 0.00%
Admin/Flat Fee $0
Avg. Funding Time Within 24 Hours
Eligibility Requirements
Minimum Income $20,000/yr
Credit Score Required No Minimum
Minimum Age 19 years old
Residency Status Canadian Resident
Included Features
Fast Approval Online Application Bad Credit Considered Get approved and receive funds by e-transfer Skip the branch visits Approval as soon as the same day
Highlights & Pros
  • Extremely fast funding via e-Transfer (same day)
  • No branch visits or appointments required; 100% online
  • Accessible to all credit scores with no impact to check your rate
Things to Consider
  • Maximum APR can reach up to 35.00% depending on creditworthiness
  • Higher rates than traditional big bank loans for some borrowers

Legal Disclaimer: *Spring Financial Inc. provides loans up to $35,000 with interest rates ranging from 9.99% to 34.95%, and APRs ranging from 9.99% to 35.00%, with terms from 6 to 84 months. Your actual rate will depend on a variety of factors such as your credit score and the loan amount. An example of borrowing costs paid on a $5,000 loan with a 48 month term at 9.99% APR is a Weekly payment of $29.17, with the total repayment amount of principal and interest being $6,066.48 and the total cost of the loan (interest only) being $1,066.48. Eligibility is based upon income and other qualification requirements, including a credit check. Some conditions may apply. Applying for a loan does not guarantee you will be approved for a loan. The time between loan approval and transfer of funds may vary.

Get immediate pre-qualification and an estimated rate with no impact to your credit score.
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goPeer
goPeer Personal Loan
Est. APR
8.99% - 34.99%
Loan Amount
$1k - $35k
Loan Terms
36 - 60 Mo
Recommended Score
Fair (600+)
No Collateral Required
Online Application
Flexible Repayment Options
No Early Repayment Penalty
Weekly/Bi-weekly Payments
Lump-Sum Prepayments Allowed
Online Account Management
Soft Credit Check for Pre-approval
Min Income: $35k/yr
Funding: 5 Days
Borrow from real Canadians, not big banks — with a quick online pre-qualification that won’t impact your credit score.
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR 8.99%
Loan Amounts $1,000 - $35,000
Available Terms 36 to 60 months
Origination Fee 0%
Admin/Flat Fee $0
Avg. Funding Time 5 Days
Eligibility Requirements
Minimum Income $35,000/yr
Credit Score Required 600
Minimum Age 18 years old
Residency Status Canadian Resident
Included Features
No Collateral Required Fast Approval Online Application Flexible Repayment Options No Early Repayment Penalty Weekly/Bi-weekly Payments Lump-Sum Prepayments Allowed Online Account Management Soft Credit Check for Pre-approval Skip the branch visits

Representative Example: For example, the average borrowing cost paid on a $10,000 unsecured personal loan at an APR of 19.99%, with a 3-year term and weekly payments of $85.36 is $3,301.20.

Legal Disclaimer: Legal Disclaimer: *goPeer offers unsecured personal loans in Canada from $1,000 to $35,000, with 3- or 5-year terms and APRs ranging from 8.99% to 34.99%. Your actual rate, loan amount, and eligibility depend on your credit profile, income, debt-to-income ratio, province, and goPeer’s underwriting criteria. Minimum requirements include being 18+, a Canadian resident, having a Canadian bank account, a 600+ credit score, annual income of at least $35,000, debt-to-income ratio below 35%, no bankruptcy within the past 12 months, and at least 3 credit trades. Pre-qualification does not impact your credit score, but applying does not guarantee approval or funding. Fees may apply, including an origination fee included in the APR and applicable missed or unsuccessful payment fees. Once approved and accepted, loans are listed for investor funding, and funds are typically advanced within 1–4 business days after funding. Conditions apply.

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
Trusted & secure — no obligation
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
Trusted & secure — no obligation
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.
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
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Trusted & secure — no obligation
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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.
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
Trusted & secure — no obligation
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.
Scotiabank
StartRight® Auto Finance Program
Est. APR
Varies
Loan Amount
Up to $75k
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
Trusted & secure — no obligation
Rates, Fees & Terms
Rate Type Fixed
Typical APR Varies
Loan Amounts $0 - $75,000
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
  • Specifically underwritten for newcomers; absolutely zero Canadian credit history is required to qualify.
  • High borrowing limit of $75,000 is plenty for reliable family vehicles.
Things to Consider
  • Requires a minimum 10% down payment for Permanent Residents, and a steep 25% for Foreign Workers.
  • Only applicable for vehicles that are 4 years old or newer.
  • Strictly limited to individuals who have been residents of Canada for 3 years or less.
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
Funding: 7 Days
Trusted & secure — no obligation
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
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
Trusted & secure — no obligation
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
Trusted & secure — no obligation
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.

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Editorial Best Picks

Best auto loans in Canada: what this page is really helping you find

The best auto loan is not automatically the one with the lowest advertised rate. For many shoppers, the real best option is the one that balances rate, term length, fees, lender flexibility, vehicle eligibility, and a monthly payment that still feels comfortable after insurance, fuel, maintenance, and taxes.

This page is designed to help you compare top picks with a clearer view of total value, not just promotion headlines. It is especially useful if you want a short list of strong options before going deeper into a full application.

What makes a top pick

  • Competitive pricing and transparent cost structure
  • Reasonable term flexibility without over-stretching the loan
  • Solid fit for common buyer needs like new or used vehicles
  • Good overall borrower experience and clarity
How RateBuddy Evaluates Picks

Our ranking methodology, in plain English

We want this page to feel useful and credible, so the ranking framework should reward real borrower value rather than flashy marketing alone.

Rate competitiveness Term structure Total borrowing cost New vs used flexibility Transparency Borrower friendliness

Pricing and total value

We look past the headline rate and consider how the overall borrowing package may feel to the user across the full term.

Fit for real shoppers

Strong picks should work for practical buying scenarios, whether the borrower is shopping for a new vehicle, used vehicle, or a more affordable monthly payment.

Clarity and trust

We give more weight to offers that are easier to understand and compare, because confidence matters just as much as pricing.

Best For Who?

Which kind of auto loan shopper are you?

Different “best” picks make sense for different people. This section helps visitors quickly understand what they should prioritize before clicking into specific lenders.

Lowest-rate shoppers

Usually best served by comparing the advertised APR, fees, and total repayment cost together, not the rate in isolation.

Used-car buyers

Should pay close attention to vehicle age, condition, lender restrictions, and whether the financing still makes sense for the car’s value.

Budget-focused buyers

Need an affordable payment, but should still avoid stretching the term too far just to make the monthly number look easier.

Dealer-vs-bank comparers

Often benefit from checking dealership financing against a direct bank or credit-union option before committing.

First-time car buyers

Usually need more help understanding the real total cost beyond the vehicle sticker price and promotional pitch.

Quick-decision shoppers

Should focus on transparency and clarity so a faster path does not become a more expensive mistake later.

Total Cost Matters

Why the “best” auto loan is not always the one with the lowest monthly payment

A lower monthly payment can look attractive, but it may come from a longer term that increases total interest and raises the risk of staying underwater on the vehicle longer than expected.

Shorter term mindset

A shorter loan term usually means a higher monthly payment, but often lower total interest and a faster path to owning the vehicle outright.

Longer term trade-off

A longer term can reduce monthly pressure, but it may increase the full cost of borrowing and make it easier to carry negative equity for longer.

Best-practice framing: compare rate, fees, term, total repayment cost, and how long you realistically expect to keep the vehicle.
Smart Shopping Checklist

What to check before choosing a top pick

Even on a best-of page, the final decision should still be personal. This checklist helps keep the decision grounded in affordability and real-life fit.

Compare these first

  • APR and financing fees
  • Total repayment cost over the full term
  • Whether the loan fits a new or used vehicle
  • Prepayment flexibility and any penalties
  • How comfortable the payment feels after insurance and running costs

Watch-outs

  • Choosing based only on monthly payment
  • Assuming the first dealer offer is the lowest available
  • Adding too many extras into the financed balance
  • Signing before reading the full disclosure carefully
  • Ignoring how long you plan to keep the vehicle
Popular Questions

Best auto loan FAQs

Helpful answers for people comparing top auto loan options in Canada.

Usually a mix of competitive pricing, clear terms, reasonable flexibility, total-cost value, and a strong fit for the type of vehicle and borrower situation.

Yes. Comparing dealership financing with direct financial-institution options can give you a better benchmark before you commit.

Not always. A lower monthly payment may simply come from a longer loan term, which can increase total interest and keep you in debt longer.

Review the rate, fees, payment schedule, total amount financed, loan term, and the full disclosure statement carefully before signing.

They can be. Longer terms often lower monthly payments but may raise total interest cost and keep you in negative equity longer if the vehicle loses value faster than the loan balance declines.

Often not. In most provinces and territories, there is no cooling-off period for car loans and lease agreements, so it is important to be ready before signing.

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