Car Loans in Edmonton

If you want to live in Edmonton, be sure to own a vehicle. Most people in Edmonton tend to use auto financing to supplement their investment when looking to own a car. However, it’s tough to find reliable providers nowadays as traditional outlets would result in weeks of delayed responses on your application. That’s why at Smarter Loans; we only work with Edmonton auto loan providers that promise prompt deliveries and fast responses. Our mission is to help you find a local Edmonton car loan provider as fast as possible without compromising the quality of the service. As such, most of our applicants are able to secure their new car, van, truck or pick-up truck within days of applying to one of our providers.

If you have a rough credit history, our providers will still be able to work something out with you. Most of our providers offer bad credit auto loans alongside their vast range of financial products.

You can apply for auto financing online directly on a lender’s website or pre-apply at Smarter Loans and we will help you find the right lender for your needs.

Compare top car loan providers that serve the Edmonton area below.

Once you have come across a provider that fits your situation, click on the “Apply Now” button to apply directly. If you would rather pre-apply to Smarter Loans, click on the “Pre-Apply” button instead.

Edmonton Car Loans FAQs

How do I get approved for a car loan in Edmonton?

Getting a car loan in Edmonton starts with determining if you qualify for an auto loan. Auto loans in Edmonton have eligibility requirements that vary from lender to lender, but that usually include: a valid driver’s license, being at least 18 years old, a steady income, proof of residency, and proof of insurance. There may be other prerequisites for vehicle financing, depending on your financial circumstances and the car loans service you use. Once you have found a lender whose eligibility criteria you meet, you must follow their application process, ensuring you submit all of the requested supporting documentation with your application. Most likely, you will need to show an income of at least $1,200/month.

Can I get a car loan with bad or no credit in Edmonton?

You can still get a car with bad credit if you live in Edmonton; the best route is through bad credit auto financing. There are a few bad credit car loan companies in Edmonton, all of whom are experienced with bad credit borrowers. These companies may require proof of income (at a higher level than with good credit borrowers), or a sizable down payment, or they may charge higher interest rates to offset the risk of the loan. Be sure to shop around to find the best bad credit car financing option for you. The same is true for those with no credit, such as new residents. Proof of income, a large down payment, or a loan cosigner can all help with securing loan approval.

What kind of interest rate can I get on an auto loan in Edmonton?

Edmonton car loan interest rates can vary quite widely, depending on each borrower’s circumstances and the lender used. Your credit score is  a significant factor in determining the auto loan rate you’ll qualify for. The best car loan rates in Edmonton are as low as 0%, for new car purchases by borrowers in good financial circumstances. A rate this low means your monthly payments include no interest whatsoever. However not everyone will qualify for a 0% loan, and those purchasing a used car, those with bad credit, or loans with unusual terms will all have higher rates.

Can I get a loan for a used car in Edmonton?

Used car financing is common in Edmonton. Used vehicle interest rates tend to be a little higher than new car interest rates, partly because the loan term is often shorter with used cars; but because of the lower purchase price the loan amount is usually lower and so monthly payments will be lower. Used auto loan rates vary, depending on borrower circumstances and the loan needed, but even bad credit borrowers have multiple options for used car loans in Edmonton.

Edmonton Car Loan Facts

Edmonton is home to a booming auto loan industry, and any residents of Edmonton know how vital a car is to life in the prairies. Here are some facts about the city’s auto market:

  • There are 3.6 million vehicles on Alberta’s roads.
  • All new car purchases are subject to 5% GST.
  • Alberta is 1 of only 4 provinces that does not charge a provincial sales tax.
  • The typical rate for car loans is consistent with the rest of the country, at an average of 4.5-6% for good credit applicants.
  • More than half of all new car loans have a term of 7 years or more.
  • The average new car loan amount is higher in the prairies than anywhere else in the country.

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