Finding an auto financing in Vancouver might feel like a chore, but it need not be. There is a plethora of Vancouver car loan lenders to choose from, but Smarter Loans has done the hard work for you by condensing good and bad credit car loan options in Vancouver into one simple list. Borrowers need not spend hours trawling the internet, trying to find a car loan that meets their needs, or vetting companies to find a reputable lender. Gone are the days of scouring fine print to determine if you qualify for a loan. With Smarter Loans, all of the legwork is done for you.
Applicants with good or bad credit have multiple options, and online applications make the process convenient and easy. You can either browse our list of reputable, trustworthy lenders to find the best match for you, or you can pre-apply for a loan with us. By pre-applying, we take your details and work to match you with the most appropriate loan for your circumstances. And because everything is online and we work with lenders directly, the whole process can take just a few days, from application to approval.
Getting a car loan in Vancouver has never been so easy!
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:
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.
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.
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.
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.
Residents of Vancouver drive, a lot, and B.C. is home to a thriving auto loan market. Here are some statistics about the city:
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.
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.
