Calculate your monthly car payments, compare interest rates, and find the best auto financing deals across Canada
Compare the latest interest rates from major Canadian banks and financial institutions:
| Lender | New Car Rate | Used Car Rate | Credit Score Required | Maximum Term |
|---|---|---|---|---|
| TD Auto Finance | 2.99% - 7.99% | 4.99% - 9.99% | 660+ | 96 months |
| RBC Royal Bank | 3.99% - 8.99% | 5.99% - 10.99% | 650+ | 96 months |
| Scotiabank | 4.99% - 9.99% | 6.99% - 12.99% | 640+ | 84 months |
| BMO Bank of Montreal | 4.99% - 10.99% | 7.99% - 13.99% | 630+ | 84 months |
| CIBC | 3.99% - 9.99% | 5.99% - 11.99% | 650+ | 96 months |
| National Bank | 4.59% - 9.99% | 6.99% - 12.99% | 640+ | 84 months |
Find the best auto financing deals from trusted Canadian institutions:
Up to $200,000 financing
96-month terms
4,500+ dealerships
Flexible payment options
No prepayment penalties
Newcomer programs
#1 Vehicle financing choice
Payment breaks available
Online account management
No down payment options
Green vehicle incentives
Up to $75,000 financing
Compare rates from banks, credit unions, and dealerships. Don't accept the first offer - negotiate for better terms and use competing offers as leverage.
Check your credit report, pay down existing debt, and avoid new credit applications before applying for an auto loan to get the best rates.
A down payment of 20% or more can significantly reduce your interest rate and monthly payments while building instant equity in your vehicle.
Shorter loan terms mean higher monthly payments but less interest paid overall. Consider 60 months or less to minimize total costs.
Secure pre-approval from your bank or credit union before visiting dealerships. This gives you negotiating power and a clear budget.
Don't focus only on monthly payments. Consider the total interest paid, loan term, and additional fees when comparing loan options.
An auto loan is a secured loan where the vehicle serves as collateral. This means if you default on payments, the lender can repossess the car. Because the loan is secured, interest rates are typically lower than unsecured loans like personal loans or credit cards.
Each Canadian province has different tax rates and regulations affecting auto purchases:
As of September 2025, the average auto loan rate in Canada is approximately 6.86% for new vehicles and 8-10% for used vehicles, according to Statistics Canada data.
Most lenders require a minimum credit score of 600-650 for auto loan approval. However, you can get better rates with scores above 700, and excellent rates with scores above 750.
A down payment of 10-20% is recommended. For a $30,000 vehicle, this would be $3,000-$6,000. A larger down payment reduces your monthly payments and total interest paid.
Yes, many Canadian banks offer newcomer auto loan programs that don't require Canadian credit history. RBC, TD, and CIBC all have special programs for new residents.
Most lenders offer terms up to 96 months (8 years), but 60-72 months is more common. Longer terms mean lower monthly payments but more interest paid overall.
Compare both options. Dealers may offer promotional rates, but banks often provide more competitive long-term rates. Get quotes from both before deciding.