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The 35% federal rate cap applies everywhere in Canada, but provinces differ on licensing and lender obligations.
| Province | Rate cap | High-cost credit licensing | Regulator |
|---|---|---|---|
| Alberta | 35% APR | HCC licence for products >=32% APR | Service Alberta, Consumer Protection Act Payday Loans Regulation |
| British Columbia | 35% APR | HCC licence for products >=32% APR | Consumer Protection BC, BPCPA Part 6.1 |
| Manitoba | 35% APR | HCC grantor licences exist | Consumer Protection Office, Manitoba |
| New Brunswick | 35% APR | No separate provincial high-cost credit licensing band; federal 35% APR cap governs | Financial and Consumer Services Commission |
| Newfoundland and Labrador | 35% APR | NL HCC regime recent | Digital Government and Service NL |
| Nova Scotia | 35% APR | None | Service Nova Scotia |
| Ontario | 35% APR | None | Consumer Protection Ontario |
| Prince Edward Island | 35% APR | None | Consumer Services PEI |
| Quebec | 35% APR | high-cost regime: rate > BoC rate + 22 pts triggers added obligations incl. ability-to-pay assessment | Office de la protection du consommateur |
| Saskatchewan | 35% APR | None | Financial and Consumer Affairs Authority |
| Northwest Territories | 35% APR | None | NWT Consumer Affairs |
| Nunavut | 35% APR | None | Nunavut Consumer Affairs |
| Yukon | 35% APR | None | Yukon Consumer Services |
It depends on the province and on whether you buy from a dealer or privately, and the difference is large. Alberta and the territories charge nothing on a private sale. Ontario charges 13% either way, but taxes private sales on the greater of price paid or wholesale value, so a low negotiated price does not lower the tax. BC's rate rises with the vehicle's value.
Dealer financing is arranged at the point of sale and is convenient. Arriving with an approval from an independent lender lets you negotiate as a cash buyer, which sometimes recovers more than the rate difference. Compare the total cost over the full term rather than the monthly payment, since a longer term can hide a higher rate.
Yes. Most lenders in our network finance used vehicles for fair or poor credit and several specialize in it. The vehicle secures the loan, which is why approval is often easier than for an unsecured loan of the same size. Expect a higher rate and possibly a larger down payment.
Yes, with some lenders but not all. Private-sale financing carries extra conditions: an inspection, sometimes an appraisal, and tighter limits on vehicle age, because there is no dealer warranty behind the car. Sales tax is payable at registration, not to the seller.
