Who offers the best rates for new car loans?
Finding the best rates for new car loans in Canada can vary depending on several factors, including your credit profile, the lender's current offers, and prevailing market conditions.
Here are some lenders and institutions known for offering competitive rates on new car loans in Canada:
- Banks: TD Canada Trust, RBC Royal Bank, Scotiabank
- Credit Unions: Meridian Credit Union, Coast Capital Savings
- Automaker Financing: Ford Credit, Honda Financial Services, and Toyota Financial Services frequently offer promotional rates and incentives for new vehicle purchases through their dealerships.
- Various Online Lenders and Brokers
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 | 7.10% | 385 |
| 10,000 | 13.10% | 710 |
| 10,000 | 13.10% | 710 |
| 20,000 | 7.30% | 791 |
| 20,000 | 10.30% | 1,116 |
| 20,000 | 13.30% | 1,441 |
| 30,000 | 7.50% | 1,219 |
| 30,000 | 10.50% | 1,706 |
| 30,000 | 13.50% | 2,194 |
| 40,000 | 7.70% | 1,668 |
| 40,000 | 10.70% | 2,318 |
| 40,000 | 13.70% | 2,968 |
Are there 0 financing offers for new vehicles?
Yes, there are often 0% financing offers available for new vehicles in Canada, though they are typically promotional deals from manufacturers or dealerships. These offers are usually part of a promotional campaign and may be available for a limited time or on select models.
To qualify for 0% financing, you generally need to have good to excellent credit. Lenders use your credit score to assess your risk level. Such offers may come with specific terms, such as a limited loan term or a requirement for a substantial down payment.
The availability of 0% financing might be restricted to certain makes or models. Popular or high-demand vehicles might not have this offer available.
Make sure to read the terms and conditions of the financing offer carefully to understand any potential fees or requirements.
See the similar FAQ about Canadian banks:
- B2B Bank SMART Loan
- B2B Bank investment loan
- B2B bank RRSP loan
- CIBC collections contact
- CIBC loan and financial calculators
Details of companies offering the financial services:
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
RBC Royal Bank
Head office’s address: 200 Bay St, 9th Floor South Tower, Toronto
Contact center: 800-769-2511
Web-site: http://www.rbc.com/canada.html
Swift code: ROYCCAT2
Stock code: RY
BSB: 003
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004