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Best Car Loan Options In Canada
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There are three main sources of car loans in Canada. First, there are banks and credit unions. If you have good credit and a good relationship with your existing bank, they are usually your best option for a car loan. They will usually give you favorable terms and interest rate and even pre-approve you before actually buying your car. Next are the car dealers themselves – who very often have in-house finance departments. This is a very convenient way to get your new car – but be careful about the interest rate and terms they offer.
Last, but not least, are online lending sources, who are actually car loan brokers. You provide them with your info, and they then shop dozens of actual lenders and secure you a car loan. Often they will provide you with multiple loan offers, which you then can choose from. The best of these online car loan sources are listed below.
There are three main sources of car loans in Canada. First, there are banks and credit unions. If you have good credit and a good relationship with your existing bank, they are usually your best option for a car loan. They will usually give you favorable terms and interest rate and even pre-approve you before actually buying your car. Next are the car dealers themselves – who very often have in-house finance departments. This is a very convenient way to get your new car – but be careful about the interest rate and terms they offer.
Last, but not least, are online lending sources, who are actually car loan brokers. You provide them with your info, and they then shop dozens of actual lenders and secure you a car loan. Often they will provide you with multiple loan offers, which you then can choose from. The best of these online car loan sources are listed below.
Loan Connect
They have an easy but powerful search engine to help you find an appropriate loan within minutes. They have lenders that take all credit scores, an easy online application and are rated A+ by the Better Business Bureau.
Maximum loan amount: $50,000
Interest rate: 4.6% to 46.96% (Excellent credit to bad credit)
Loan term: 1-5 years
Car Loans Canada
This is the oldest online loan source in Canada and get over 10,000 loans approved every month. Their online application only takes minutes to complete and they have a database of over 300 lenders to get your loan from.
Maximum loan amount: Varies – depends on value of the car
Interest rate: 0% to 29.95% (Excellent credit to bad credit)
Loan term: Up to 8 years
Loans Canada
Loans Canada is affiliated with the biggest car dealer network in Canada, who sell almost any kind of vehicle.
Maximum loan amount: $50,000
Interest rate: 1.99% to 46.96% (Excellent credit to bad credit)
Loan term: 4-60 months
Canada Drives
This is another online source that works with a nationwide network of car dealers. Their online application takes about 10 minutes to complete and they can have a full deal ready for you within a few days.
Maximum loan amount: Varies
Interest rate: 0% to 30% (Excellent credit to bad credit)
Loan term: 12-92 months
