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  1. flexmoney.ca › blog › car-loan-interest-rates-inA Guide to Car Loan Interest Rates in Canada & How It Works ...

    Feb 8, 2024 · When you take out a car loan, the lender charges you interest as compensation for allowing you to use their funds. The interest is expressed as a percentage of the loan amount and is added to the principal (the original loan amount) to determine the total amount owed.

  2. blog.clutch.ca › posts › car-loan-interest-rates-inCar Loan Interest Rates in Canada Explained and How ... - Clutch

    The factors that can impact your car loan interest rate include: Credit score and credit history; Loan term; Loan amount; Down payment amount; Type of car (new or used) Vehicle age and condition; Current market rates; These factors can affect the car loan interest rate lenders will offer you.

  3. www.nerdwallet.com › article › loansCar Loan-to-Value Ratio Explained: Why LTV Matters

    Sep 10, 2024 · Because auto loans are secured and your vehicle serves as collateral, the LTV helps lenders measure how much risk they are taking when approving your loan. You can use this formula to figure...

  4. www.canadadrives.ca › how-car-loan-payments-workCar Loans 101: How To Calculate Your Monthly Payment in Seconds

    Payments on car loans are calculated using three main components: 1. The principal is the total amount you’ll need to borrow to cover the cost of the item you’d like to buy – in this case, your next vehicle. This includes the agreed-upon price, plus any add-ons, extra fees, and sales tax.

  5. www.nerdwallet.com › ca › bankingHow Car Loans Work in Canada - NerdWallet

    • What Is A Car Loan?
    • How Car Loans Work
    • Where to Get A Car Loan in Canada

    A car loan is a sum of money you borrow from a bank, credit union, car dealership or online lender to fund the purchase of a new or used vehicle. Car loan debt, plus any fees and interest, are repaid by making regular payments over a set period of time. If you default on the loan, the lender can repossess the car to cover the remaining balance. In ...

    See full list on nerdwallet.com

    Once you’ve shopped around and selected the vehicle you like, you fill out an application for a car loan. While applying for a car loan at the dealership is a common route, you can also apply for a car loan directly via a bank or, in some cases, online. To get a car loan, you’ll likely have to provide copies of pay stubs, income tax assessments (fo...

    See full list on nerdwallet.com

    There are three main places to get a car loan in Canada. Through a bank or financial institution:While car loans from banks tend to come with higher interest rates than loans through a dealership, some banks don’t require a down payment. This could be an advantage over dealership car loans, which often require you to put money down, which lowers th...

    See full list on nerdwallet.com

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  6. www.caranddriver.com › auto-loans › a41997909How Does Financing a Car Work? - Car and Driver

    Jan 17, 2023 · When you finance a vehicle, you pay for the car in monthly installments, rather than one lump sum. While an auto loan can help you afford a car more easily, there are also some downsides to...

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  8. www.rbcroyalbank.com › en-ca › my-money-matters5 Things to Know Before Applying for Auto Financing

    Oct 18, 2022 · Loan amount — Most lenders have a minimum and a maximum amount for the loan they offer. Interest rate — Make sure you shop around for the best and lowest rate possible, as this can add to the overall borrowing cost. Loan term — Loan terms could typically vary between 36 to 96 months.