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Current Lowest Rate
CANADIAN AUTO RATES
Royal Bank of Canada
7.59% - 12.99%
OAC
Desjardins
7.57% - 11.49%
OAC
CIBC
7.59% - 10.99%
OAC
Scotia Dealer Advantage
Non-Prime
12.49% - 29.99%
OAC
iA Auto Finance
11.99% - 29.99%
OAC
Eden Park
12.99% - 29.99%
OAC
TD Bank
7.99% - 29.99%
OAC
AUTO LOAN CALCULATOR
Utilize our Car Loan Calculator to gain valuable insights
into the rates for your next auto loan.
When Determining Your Interest Rate, Lenders Consider Several Factors
Credit Score
Your credit score is one of the primary factors. A higher credit score typically results in a lower interest rate because it indicates a lower risk of default.
Loan Type
The type of loan you're applying for (eg. mortgage loan, auto loan, personal loan) also influences your interest rate. Different loans have different risk levels and terms which affect the rates.
Loan Amount & Term
The amount you wish to borrow and the length of time you plan to repay the loan can impact your rate. Larger loans or longer terms may have different rates compared to smaller or shorter-term loans.
Debt-to-Income Ratio
Your income level and job stability are important factors. Lenders assess your ability to repay the loan, and a stable, sufficient income can help secure a better rate.
Income and Employment
This ratio compares your monthly debt payments to your monthly income. A lower ratio indicates better financial health, potentially leading to a lower interest rate.
Down Payment
For certain loans like mortgages, the size of your down payment can affect your interest rate. A larger down payment reduces the lender’s risk, which can lead to a lower rate
