Can I get 0 finance for new cars in Canada?
Yes, come car manufacturers and dealerships offer 0% financing promotions as part of their sales incentives. These promotions typically allow you to finance a new car with no interest over a specified period, making it an attractive option for buyers looking to save on interest costs.
Check the websites of car manufacturers and local dealerships for current 0% financing offers. Promotions can vary by brand and location. Even with 0% financing, you can negotiate the price of the car. Aim to get the best possible deal on the vehicle itself. Consider getting pre-approved for financing from a bank or credit union to understand your budget and improve your negotiating position.
Many companies also offer zero down payment financing as part of their sales promotions. This option allows you to purchase a car without making an initial cash outlay, making it an attractive choice for buyers who prefer to keep their upfront costs low.
As an alternative, you can also take out a personal loan. Your possible expenses:
Personal loan calculations for 1 year (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 10,000 | 7.40% | 401 |
| 10,000 | 10.40% | 563 |
| 10,000 | 13.40% | 726 |
| 20,000 | 7.60% | 823 |
| 20,000 | 10.60% | 1,148 |
| 20,000 | 13.60% | 1,473 |
| 30,000 | 7.80% | 1,268 |
| 30,000 | 10.80% | 1,755 |
| 30,000 | 13.80% | 2,243 |
| 40,000 | 8.00% | 1,733 |
| 40,000 | 11.00% | 2,383 |
| 40,000 | 14.00% | 3,033 |
See the similar FAQ about Canadian banks:
- Citizens Bank student loans
- Coast Capital calculators
- Financial calculators from B2B bank
- How do I apply for a CIBC personal loan?
- How do I apply for a line of credit from CIBC?
Details of companies offering the financial services:
Yourcarloan
Web-site: https://yourcarloan.ca/