欧博ABG官网-欧博官方网址-会员登入

Where can I get a car loan in Canada?

Car loans in Canada are easy to come by, and can be found in a number of places:

From the dealership

One of the ways you can get a car loan in Canada is to apply at the dealership where you purchase the car. The dealership will usually take care of the paperwork for you; however, in many cases, you aren’t presented with all the options for a car loan. Dealers will often present the loan with the highest interest rates or one that gives them a commission from the lender. You may also be encouraged to take a bigger loan than you need so that the dealership can earn a larger commission.

From a bank or credit union

Many Canadian banks and credit unions will allow you to apply for a car loan and be pre-approved before purchasing a car. Your pre-approval letter will state the maximum amount you can borrow, the interest rate you’ll pay, and the repayment terms. Final approval of the loan will likely be subject to the bank’s approval of the vehicle you buy. The approval process from banks will typically require a higher credit score and can be more time-consuming, however, interest rates tend to be lower. Because banks have no middle man, there is no mark up for interest that you usually see at dealerships.The top banks for car loans in Canada are BMO Bank of Montreal, CIBC, RBC Royal Bank, Scotiabank and TD Bank.

From a car loan company

Outside of banks and dealerships, there are several companies operating in Canada that specialize in car loans. They tend to have higher interest rates and stricter repayment terms than the big banks, but may be more forgiving if you have fair or poor credit. Examples of car loan companies include Canada Drives, Car Deal Canada, Auto Credit Express and Cafinco.