Best Car Loans In 🇨🇦Canada for 2025

In most cases, you will be required to place at least a 10% down payment. However, there are lenders who may accept less depending on their requirements. It is advised that you make as big of a down payment as you can afford, as it will reduce your monthly payments and will make you look like a less risky applicant. 

Getting pre-approved is a fairly easy process and one that can help you snag the best deals. To get pre-approved, you will provide the lender with a basic summary of yourself, which typically includes your name, salary, debt, and social insurance number. They will also require a “hard” credit check which will affect your credit.  As such, be sure to get pre-approval from all the lenders you want within 14 days as multiple credit checks within a two-week period are seen as one credit inquiry. 

Yes, there are many different ways to purchase a new or used vehicle.

Yes, there are many lenders who cater to the sub-prime market by offering bad credit car loans. Car loans are also one of the easiest loans a person with bad credit can get since they are secured by the car you are purchasing.