Car Loan interest Rates in Ontario, Canada | Ontario Chrysler – The interest rate for a new car can be as low as 0%, and rates for used cars typically start at 5.9%, depending on the terms of the loan. These rates are On Approved Credit Only.
* The calculations are for illustrative purposes only and the actual interest rate and payment amounts are subject to approval and based on a number of factors including credit check and age of vehicle. Other fees including administration fees may be charged by the dealer and are not included in the calculation.
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Interest rate: The lower the interest rate on the loan, the less you’ll pay for the car in the long run. fixed/variable rates: fixed-interest car loan rates in Canada remain the same for the term of the car loan, while variable rates can fluctuate with a change in the lender’s prime rate.
Credit scores of 719 (for a new car) or 655 (for a used car) or higher will help you qualify for the lowest auto loan interest rates. Even if your credit score is lower, you may still qualify for a decent rate. If you don’t know your credit score, you can check it with myBankrate.
Interest rate by loan term. The interest rate you get also can depend on your car’s loan term. The average interest rate on a 48-month car loan was 5.5%, compared to 5.24% on a 60-month car loan, according to the federal reserve. But that doesn’t mean getting a longer term will necessarily lower your rate.
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What interest rate did you get for user car loan. Whereas if a get a nice new SUV for total price $34,000 (taxes included etc.) and I can finance at say 2.9% for 5 yrs, you would pay about $2560 in interest for a 5yr loan. So, you can see the interest significant savings with lower interest rate.
Which means most people need to take out an auto loan in order to buy a car. But loans come with monthly (or bi-weekly) payments, and it can be hard to figure out how much you’re likely to pay once you factor in things like the loan term, the interest rate, the payment frequency, and the trade-in value.