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Car Loans in Vancouver

  • chAccess to over 50 lenders in one place
  • chTransparency in rates & terms
up Last updated

June 12, 2025

up Written by:

Amy Orr

up Reviewed by:

Jenna West

Compare Lenders

AMOUNT
$7.5K - $55K
INTEREST RATE
2.95% - 29.95%
TERMS
12 - 96 Months
AMOUNT
$10K - $75K
INTEREST RATE
Varies
TERMS
12 - 96 Months
AMOUNT
$7.5K to $200K (Refinance existing auto loan)
INTEREST RATE
From 6.93% (lower your auto loan interest rate)
TERMS
Up to 86 months

Vancouver Car Loans FAQs


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


Getting a car loan in Vancouver starts with ensuring that you qualify for an auto loan. Vehicle financing can come with a variety of different eligibility requirements, but at a minimum they include:

  • being at least 19 years of age;
  • holding a valid driver’s license;
  • proving residency;
  • meeting a minimum income threshold.

Some auto loans in Vancouver have stricter requirements, such as a minimum credit score, while others are more lenient. Once you have found a lender with whom you qualify, the next step is to apply, be sure to include all of the documentation requested to support your application.

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


Applicants with bad credit can access bad credit auto financing in order to buy a car. There are multiple bad credit car loans in Vancouver to choose from; the eligibility requirements for bad credit car financing usually revolve around proof of income, a sizeable down payment, or agreeing to more punitive loan terms (such as higher interest rates). All of these factors balance out your lower credit score, so applying through a bad credit lender who is used to these circumstances is a smart way to ensure you can still get a car with bad credit. Applicants with no credit can usually find approval through similar means – proof of income, a large down payment, or sometimes by finding a loan cosigner.

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


Vancouver car loan interest rates vary from lender to lender, and with each borrower’s individual circumstances. Auto loan rates depend on the applicant’s credit score, income level, the loan term, amount borrowed, and payment schedule. The best car loan rates in Vancouver are as low as 0%, for new car purchases by borrowers with a high credit rating, but this can range up to 30% or even 50% for bad credit borrowers in tougher circumstances. To compare rates, take a look at each individual vehicle loan service to determine which end of the spectrum you fall in.

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


Used car financing is very common, and finding a competitive used auto loan rate is not tough. Many borrowers choose to take out a used car loan in Vancouver, as the loan amount is less than with a new car, and so the payments are more manageable. Unfortunately, used vehicle interest rates are slightly higher than with new cars, often because the loan term is also shorter. A good credit borrower can expect to pay anywhere between 4% and 8% for a used car loan.

Vancouver Car Loan Facts


Residents of Vancouver drive, a lot, and B.C. is home to a thriving auto loan market. Here are some statistics about the city:

  • There are over 3.7 million vehicles registered in B.C.
  • Provincial auto taxes are among the highest in the country; GST is 5%, and PST starts at 7% for vehicles under $55,000, but increases in steps to a maximum of 20% for cars worth over $150,000.
  • B.C. also has a motor fuel tax, which in metro Vancouver is 1.75 cents per litre. This combines with other provincial taxes to total 60 cents a litre in taxes.
  • B.C.’s consumer debt is third highest in the country, at $23,363 per household.
  • Car loan payments and rates for car loans are consistent with the rest of the country, averaging 4.5-6%

av
writtenWritten by:

Amy Orr

Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.

av
writtenReviewed by:

Jenna West

Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.

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Awesome G.
04:46 26 Feb 25
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Pat M.
03:10 26 Feb 25
Good place to get a loan
Chris “Stufphr” H.
02:07 26 Feb 25
When you feel in need of a loan do it smart and make it a Smarter Loans.
Dan Bott (.
01:41 26 Feb 25
Very Helpful, was assisted in a timely fashion and was ultimately able to receive assistance; I highly recommend!!!
joel K.
22:59 25 Feb 25
I have recommended this place to many friends I feel that this company goes out of their way to help people that they can and they are very easy to work with
Nate C.
13:22 27 Oct 24
This company is reliable, quick, and just has the best customer service and rates it is a easy process with quick results. Would definitely recommend to anyone that needs the help.
Vincent J.
07:08 23 Oct 24
Good place for borrowing a bit of money 😁
Kels H.
06:41 23 Oct 24
Personally love this opportunity and app. Super convenient and easy to use and super awesome variety of great loans. Thanks so much guys for making such an awesome site and app and being there for me over the years. :)
Tara H.
16:23 16 Oct 24
From beginning to end, my experience was great! Very professional and personable agents. They only asked questions that were needed for the loan and payments were extremely reasonable. Would recommend to anyone who needs emergency funds.
A S.
19:43 11 Oct 24
“ Thank you SO very much! My situation was tricky and you guys made the whole process so effortless. The way you guys handle the whole process so discreetly. That truly speaks to how well your office is run and the caliber of specialists who handled the processing of my entire loan!”

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