Car Loans Toronto

Watch a video before applying

Buying a Car in Toronto

With the average price for car models listed above at reaching $25,000 and the average price for trucks and suvs at around $30,000, most residents of Toronto turn towards auto financing as their primary option for vehicle purchase.

There are many advantages and disadvantages when it comes to choosing auto financing as a means of buying a vehicle. Let’s take a look at some of them:


  • Convenience and Accessibility - There are plenty of creditors offering their loan services in the market. Banks, credit unions, private lenders, and car dealerships have plenty of branches that can easily be approached for a car loan.
  • Saves time - Instead of taking months and years of setting aside funds to buy a vehicle, you can immediately purchase once your loan is approved.
  • Smaller Payments - Although you will be spending more money in the long run because of interest rates, small monthly payments are easier in terms of managing your finances.



  • Interest Rates - While interest rates are spread out over a period of time, the total cost adds up and is worth quite a bit of cash.
  • Ownership - You only acquire ownership of the vehicle once your car loan has been fully repaid. If you miss payments, then you are in danger of getting your car repossessed.

In summary, auto finance is a balancing act filled with its own merits and pitfalls. It can get you a better quality of vehicle that you otherwise won’t be able to afford. Conversely a less than ideal car loan can really throw a wrench in your finances, leaving you in a financial hole that you’ve dug for yourself.

Regardless of the choices you make, the most important thing is that you know what you’re getting into. Always do your research and due diligence in order to choose the best car loan option that suits your needs.

Click Here To Select Vehicle
Click Here To Get Pre-Approved


The Basic Overview of a Car Loan

Car loans vary depending on who you approach for auto financing. However, there are three basic factors that you should always consider:

  • Principle - the amount released by the lender in order to purchase a vehicle from the lot or dealership.
  • Interest Rate - is a small percentage of the principle paid throughout the extent of the car loan along with set monthly payments
  • Payment Terms - is usually handed out in the form of monthly payments spread over a certain number of years.

These overarching concepts should act as a guide whenever you plan to take out a car loan.  In theory, you can compute the exact amounts that you’ll be spending for the duration of paying back a loan.

Apply 100% FREE for Car Loan in Toronto Right Now - Get Great Deals and the process is Hassle-FREE!

Living in Toronto

Toronto Car Loans

Forbes Magazine recently ranked Toronto in the list of top ten most economically powerful cities in the world. Manufacturing, technology and finance are currently booming in the city, making it an attractive destination for people with a career in those fields.

Toronto is one of the most vibrant cities in Canada, which is brought about by a diverse and immense population. The city not only dances to the beat of thriving businesses, it is also considered as a global hub for art, music, sports and culture.

Sports teams such as the Raptors and the Blue Jays, as well as musical artists Neil Young and Drake, are Toronto names known all over the world. Meanwhile, Toronto’s CN Tower is hailed as one of the Seven Wonders of the Modern World. For those looking for a more natural landmark, Toronto is situated on the northwestern shore of one of the Five Great Lakes of North America, Lake Ontario.

All things considered, it’s safe to say that there won’t be a shortage of places to visit, people to meet, and things to do whenever one is in Toronto.

Despite being dominated by infrastructure and development, Toronto still comes in as the fourth-most livable city in the world. It scored perfect 100 marks in three of the list’s five major categories, namely Stability, Healthcare, and Education.

Auto Loans Toronto


In the other two categories: Culture & Environment as well as Infrastructure, Toronto managed to notch 97.2 and 89.3, respectively. Heavy traffic caused by a large number of vehicles is a pet peeve for people living or visiting the metropolis. In fact, the section of Highway 401 which crosses Toronto is considered as one of the widest and busiest highways of North America.With all this being said, here are some of the pros and cons of living in Toronto:

Pros of living in Toronto:

  • Low Crime Rate
  • Top-ranked education system on all levels
  • World Class cosmopolitan scene fosters Art, Music and Culture
  • Plenty of leisure
  • Numerous suburbs to get away from city living
  • Immense amount of employment opportunities
  • Far-reaching transportation system


Cons of living in Toronto:

  • Traffic
  • Pollution
  • Overpopulation
  • High-priced housing

There you go, we’ve laid down all of the things you need to consider when thinking about living in Toronto.


Driving in Toronto

Car Loans TorontoIt’s no secret that Toronto residents love their vehicles as much as they love driving. In fact the city has hosted Canada’s largest auto show at the Metro Toronto Convention Centre since 1974.

As a busy metropolis that’s sure to entail a lot of driving around, it’s probably practical to choose a city car when in Toronto. Here’s a list of some of the most popular sedans driven in and around the city:

  • Honda Civic
  • Hyundai Elantra
  • Toyota Corolla
  • Chevrolet Cruze
  • Mazda 3
  • Volkswagen Jetta
  • Volkswagen Golf
  • Toyota Camry
  • Nissan Sentra
  • Ford Focus

Toronto is known for its warm and humid summers with plenty of rainfall. Wintertime, on the other hand, is considered as particularly harsh; with sub-zero temperatures and snowstorms abounding in the winter months.  For these reasons, these rough and rugged vehicles have gained popularity:

  • Ford F-Series
  • Ram Pickups
  • GMC Sierra
  • Chevrolet Silverado
  • Dodge Grand Caravan
  • Toyota Rav-4
  • Honda CRV
  • Nissan Rogue
  • Chevrolet Equinox
  • Mazda CX-5


Additional expenses from car ownership

Car Ownership in Toronto

Along with paying off your loan, you should also be ready to take on additional expenses associated with owning a car. These extra costs are inevitable, and is oftentimes just as important as setting aside a budget for vehicle purchase.

  • Fuel Consumption - is the amount of fuel used by a vehicle to travel a certain distance
  • Maintenance - over time your vehicle will need maintenance to keep it in good running condition. Be prepared for essentials both under the hood and outside of it.
  • Repairs - as a whole motor vehicles are very resilient, yet it is inevitable if one or more parts wear out over time. Repair jobs range from relatively simple tasks to full-blown rebuilds depending on the situation.
  • Vehicle Insurance - in Ontario it is mandatory for every car owner to have coverage on the following: Third-party liability, Direct Compensation - Property Damage, Uninsured Automobile Coverage, Accident Benefits
  • Taxes

In addition to all these, all vehicles are subject to depreciation. As a rule of thumb, the value of a vehicle is reduced by 20% per year. Car owners should be particularly mindful of depreciation if they’re planning to sell their car after a certain number of years.

Apply Now - 100% FREE with No Obligation to Buy


Credit Rating

Now that we’ve covered the foundations of a car loan and the costs associated with owning a vehicle, we can proceed to the biggest factor in securing auto financing: credit rating.

There are many considerations when it comes getting a high or low credit rating. This includes:

  • How long an individual has been in debt
  • Total outstanding debts
  • Missed payments
  • Number of previous loans
  • Number of times the person has tried to apply for a loan, etc.

A low credit rating not only determines eligibility for a car loan, it also determines interest rates. The better your credit rating the more you can negotiate lower interest rates for your car loan.

On the flip side, people with low credit score must make do with higher interest rates.

An individual’s credit score ranges from 300 to 900 and is the primary basis for creditors when it comes to evaluating a loan application. In a nutshell, this is what you can expect if you fall under a certain range:

  • 620 and above - rated as good credit
  • 300 - the baseline score given to those who have no prior loan applications. Also known as having no credit
  • 620 and below - is considered as bad credit. Depending on the loan or credit history, certain lenders set this baseline at 650.


Other factors that can get you rejected for auto financing

Along with having a poor credit score, there are other factors that creditors will look at when considering your loan application:

  • Bankruptcy
  • Repossessions
  • Divorce
  • Credit Account Referred to a Collection Agency
  • Recently Migrated or Granted CItizenship


Where to obtain auto financing regardless of credit rating

If you’ve been rejected for a car loan because of bad credit, no credit, or any of the reasons listed above, there’s no need to fret. Residents of Toronto can still get auto financing as long as they have these three requirements:

  • Own a valid driver’s licence (learner’s permit not accepted)
  • Employed for the past 3 months in a single company with a minimum monthly salary of $1,800 (after taxes)
  • Eligible for vehicle insurance


Apply for a Car Loan Online

Car Loans Toronto

Fortunately for Toronto residents, you can easily access our online application with your computer or smartphone. The process takes 30 seconds or less to accomplish!

Filling out the online application is divided into three simple steps:

  • Step 1 - choose your vehicle type: we provide options that range from cars, SUV’s, trucks, and minivans
  • Step 2 - we will ask you to provide your contact information to complete the process, we need to make sure that you are able to comply with our employment and insurance requirements
  • Step 3 - wait for approval!

Frequently Asked Questions:

How much can I get approved for when I apply for a car loan through your online service?
We are able to provide automobile financing from $5,000 to $45,000. This is to ensure that you can get the best value when purchasing the vehicle of your choice.
What are the interest rates for your auto financing services?
Depending on your credit rating, our interest rates can start out for as low as 0%.
Do I have to make any down payments when I apply?
With our express auto financing services, we do not require a down-payment when you apply. However, should you prefer to do so, we can make arrangements to accommodate your request.
What if I don’t have the complete requirements? Can I still be approved for auto financing?
In certain circumstances when an individual is missing one or more requirements, we are willing to make arrangements in accommodating a co-signer for your car loan. Please take note that your co-signer needs to meet our employment and insurance requirements in order to qualify.
Do you accept trade-ins for your car loan deals?
Of course! We guarantee that our trade-in offers give you top dollar value on your old vehicle. A whopping 95% of our customers who availed of a trade-in reported satisfaction in the amount we offer for their old vehicles.
Are there other options which can help me get a better credit rating score when I apply for your car loan services?
We provide you the option of consolidating your other debts together with your car loan. A large percentage of our clients improved their credit rating in just four to six months through our debt re-consolidation program.

Get the Car You Want with the Car Loan You Can Afford - Apply 100% FREE Now!  

Apply now to get your application approved to get one step closer to a new car purchase in less than two days! Our car loan services are 100% Free of Charge with no obligations to buy anything!

Click Here To Select Vehicle
Click Here To Get Pre-Approved

All car loan offers are valid for a period of up to 3 months, and can be used to buy the vehicle of your choice whenever you’re ready