One application. 4 lenders.
Apply Now One application routed to where you qualify.
Every Apply button starts the same single application. Your chosen lender is prioritized first.
On Prince Edward Island, search the Personal Property Registry before money moves: a lien follows the vehicle, not the seller. A safety inspection is required, and PEI's standards are among the stricter in Atlantic Canada.
Pre-approval before the dealership changes the negotiation from a payment to a price. Dealer financing can carry a rate marked up above what the lender approved, so an approval in hand is a benchmark, not a formality. Term length is the largest cost variable: long terms lower the payment, raise the total, and extend the period where the loan exceeds the vehicle's value.
| Dealer | 15% HST |
|---|---|
| Private | 15% provincial vehicle tax |
| Confidence | VERIFIED-MULTI |
The lenders listed here also appear on our car loans in Canada page, which explains how car financing is priced, what the lenders check and what a loan costs over its term. This page lists the same lenders for drivers in Prince Edward Island.
The first thing you need to do to get a car loan in Prince Edward Island is to choose where you want to get it.
You can usually just get a loan at your car dealership. Car dealers can get you a loan for cars you purchase from them. Most of the big car companies even have in-house car financing so they can make sure customers can afford to buy their cars.
If you don't want a loan from the dealership, you can go to your bank for a loan. Banks provide personal service and great rates for car loans. An employee can speak with you about the terms for your loan. Often, they can work out an arrangement with you and get you ideal repayment terms.
Alternative lenders have lower requirements than other lenders. They also offer very simple application processes and work quickly. While they will serve customers with bad credit, they will charge them higher interest rates.
Getting a car loan in PEI is usually quite easy. You will need to provide some simple paperwork and go over any offers from lenders.
To get approved for a car loan, you will need to provide:
A driver's license Proof of income Proof of insurance Proof of residency
Your lender will assess this information before they qualify you for a loan. They will also look at your credit score and use that to come up with your rates.
Yes, you can get a car loan with bad credit in PEI. If your credit score is very low, you will probably have to go to an alternative lender that will provide you with a loan. These lenders will offer you higher interest rates and might require collateral. Still, you can expect fast service and you should be able to get a loan regardless of your credit score.
The car loan rates you should get in PEI depend on your credit score and the lender you go to.
They should usually be as follows:
Excellent: 0%-3% Very good: 3%-5% Good: 4%-6% Fair: 6%-13% Poor: 10%-19.9%
