Who Offers the Best Car Loan Rates in Canada?

If you want to finance the purchase of your new car with a loan, there are many factors to consider. You need to find out what is the best interest rate you can get and how long it will take to pay off your loan.

Every situation is different, and while a car loan might be ideal for your neighbor, it might not work for you. Therefore, you need to research lenders, understand the terms of the different loans on offer, and compare prices before making a decision.

To help you with your research, we have compiled a list of the best car loan rates in Canada.

Auto Loans Canada

Car Loans Canada offers fixed interest rates from 0.00% to 29.95%, variable interest rates from 3.95% to 8.95% and fast pre-approval with $0 discount. What sets them apart from others Auto Loans in Canada is their extensive network of dealers and rental companies. All you have to do is fill out a short form and you will then be presented with a list of local lenders offering various pre-approved financing options for your chosen vehicle. They work with everyone, including applicants with consumer proposals, bankruptcies, or other credit history issues.


LoanConnect offers 10 to 36% APR based on your personal loan and variable interest rates from 4.8 to 36%. If you need a car or SUV cash advance, the platform lets you choose from a comprehensive list of lenders you qualify for. All you have to do is fill out a short application and then LoanConnect will match you with the loans you have been pre-approved for. Currently, their network of lenders offers loan terms ranging from 12 to 60 months. However, the list of lenders they work with is growing, so terms vary.

Loans Canada

Loans Canada offers fixed interest rates ranging from 0% to 46.96%. They also offer auto title loans and repair financing. They give you access to multiple lenders and offers tailored specifically to your vehicle choice, monthly budget, credit history, and income. They boast that they can fits to you with a list of car loans that fit your situation in just 30 seconds. Additionally, they are able to fund up to $300,000 in just 24 hours. Loans Canada have terms of three to 60 months. They also work with borrowers with weaker credit ratings and those who want a lower monthly vehicle payment.


CanadaAutoFinance has fixed interest rates ranging from 4.90% to 29.95%. They are set up to act as a credit aggregator for applicants across the credit spectrum. They promise to give you a list of pre-approved vehicle financing options in less than 30 seconds. As an applicant, all you have to do is fill out the quick form and wait for a finance manager to put you through to an authorized dealer in your area. You can also finance a private sale, refinance your current vehicle, or otherwise arrange financing from dealers outside of the network. You have the option to be approved without a co-signer, for $0 less, with no application fees and without providing your SIN. However, due to the company’s position as a low-credit auto financier, you can only borrow between $5,000 and $45,000, and your APR will be on the higher side.


CanadaDrives has fixed interest rates ranging from 0% to 30% depending on factors such as your credit rating and whether the vehicle is used or new. You can get financing for cars ranging in price from $5,000 to $75,000 with terms ranging from 12 to 96 months. You can apply online using the streamlined walkthrough that will help you determine the exact type of loan you need, taking into account factors such as vehicle type, how much money you can deposit, your budget, potential trade-in value and creditworthiness .


If you are looking to finance the purchase of a new or used car with a car loan, it is important to do your research. Don’t just take the first loan that’s offered to you. Instead, shop around and compare offers from different lenders. This ensures you get the best interest rate and term for your budget.

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