Our dealers plowed through the data so you don’t have to. Here are the some of the best and most current car loan interest rates in Ontario Canada for new and used cars based on their auto loan interest rate search.
Thinking of getting a car loan? While getting the lowest car financing interest rate is ideal, not all Canadian borrowers qualify for the competitively low rates advertised by banks and traditional car loan lenders.
To find a competitive auto financing rate, it pays to shop around and compare rates and terms from a variety of lenders and banks. It also helps to benchmark against the average car loan interest rate in Canada so you can quickly determine how much more or less the lender would like you to pay.
What’s the average car loan interest rate in Canada?
Based on various online auto resources and stats, the average car loan rate is about 7.50%.
The average car buyer may pay around 6.7% and 9% interest on their auto loan, depending on their credit score, whether the car is new or used, the purchase price of the car and whether the auto loan is based on a fixed or variable interest rate. If you’ve very bad credit and need a car, then your interest rate could be as high as 29.9% according to previous online searches.