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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over .... More »
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Car loan interest rates: What’s the best Canadians can get?
– moneysense.ca
I’m half-Italian, grew up in a kitchen and am a seasoned home cook. Even so, I still turn to an expert (my mom) for advice on my most special dishes. After all, creating a culinary masterpiece requires careful planning, attentive research, vigilant sourcing and maybe some expert help. Ditto shopping for a car loan to get the best rates. Whether you’re in the kitchen or the car dealership, expert guidance can keep those stress levels from boiling over when the stakes (steaks?) are high. Janet Gray (who makes a mean Spaghetti Bolognese, btw) is an advice-only Certified Financial Planner with Money Coaches Canada. Below, she’ll help us crack the crust of complexity you’ll encounter when researching and comparing car loans and their interest rates, saving you some time (and dough) in the process. Grab a spoon, and let’s dig into how to get access to the best car loan rates in Canada.
How to get a car loan: the basics
When you get a car loan, you borrow money to pay for the car, and then, you pay that money back to the lender over a pre-set length of time through a series of regular, continuous payments…
Buying a car in Canada can be a daunting task for newcomers to the country, facing unique challenges like a lack of credit history, an unfamiliar selection of vehicles, new regulations, and new financing and insurance options. Below, we’ll dive into the important steps, tips and pitfalls to help newcomers successfully navigate the Canadian car-buying journey. We’ve included insights from Janet Gray, an advice-only Certified Financial Planner with Money Coaches Canada.
What is the average car price in Canada?
According to CanadianAutoDealer.ca, the average transaction price for a new passenger car in Canada is about $46,000, and the average transaction price for a new light truck (pickup or SUV) is about $54,000. Just under 9 in 10 vehicles sold in Canada are light trucks. Fewer shoppers than ever are choosing to drive passenger cars, and fewer automakers are selling them.
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