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Five direct lenders in the Smarter Loans network, the same five that serve the rest of the province on the car loans in Ontario page, from $5,000 to $200,000 at 6.93% to the 35% federal cap. They decide on your bank statements and the car rather than on a visit, so the approval is the same whether you buy in Scarborough, Etobicoke or on a lot outside the city, and all five pay out within two days of approving you. Three of the five consider poor credit and one sets no minimum score; income minimums run from $1,500 to $2,500 a month depending on the lender.
Three provincial rules, and Toronto adds nothing to them. Tax is 13% either way: HST at a dealer, or 13% retail sales tax on a private purchase, charged at registration on the greater of the price and the Red Book wholesale value, so a low number on the bill of sale does not lower it; $3,250 on a $25,000 car, and it can be financed. A private seller must hand you a Used Vehicle Information Package, which carries the registration history and any liens, and the car needs a Safety Standards Certificate before plates go on it. Every dealer in the city, new and used, must be registered with OMVIC, and a registered dealer has to advertise an all-in price, which is the number to compare against a private sale plus tax.
From 6.93% to 35%, set by your credit, the car, the term and the down payment. A good score gets the floor; a poor one gets the top of the range or a lender that reads bank statements instead. A longer term lowers the payment and raises the total: on $25,000, 72 months at 7.99% costs about $6,551 in interest and 48 months about $4,290. The car loans in Canada page works through the arithmetic in full.
If you own a car outright and need cash against it, that is a car title loan, a different product with a different lender.
Reviewed by Vlad Sherbatov, Co-Founder and President, Smarter Loans. Last reviewed 24 September 2026. Lender figures are the lenders' published terms as checked August 2026; the cost examples are illustrative.
Five direct lenders in the Smarter Loans network serve Toronto, the same five that serve all of Ontario, from $5,000 to $200,000 at 6.93% to 35%, and all five pay out within two days of approval.
You pay 13% either way: HST at a dealer, or retail sales tax on a private purchase, charged at registration on the greater of the price and the Red Book wholesale value. On a $25,000 car that is $3,250.
Yes. Three of the five lenders listed consider poor credit and one has no minimum, because the car is the security; a poor score is priced toward the top of the range rather than declined.
The seller must give you a Used Vehicle Information Package, and the car needs a Safety Standards Certificate before it can be plated. A lien search before you pay protects you, because a lien stays with the car.
No. Every lender listed decides on your bank statements and the car's details rather than on a visit, and the approval travels to whichever dealer or seller you buy from.
