Car Loans in Vancouver

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!

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%

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