Financing a Vehicle in Canada 2022

With many loan opportunities in the market, including vehicle loans, you want to make sure you know when the best time to take advantage of this is. Both new and used cars all have deals, and the interest rates for vehicles are lower than ever, giving many people a chance to get a great deal on a vehicle.

Learn more about the financing that is available for these vehicles. You will be glad you did when you make a more informed decision on which vehicle to get, which loan to get, and so on. We’ve compiled all of the information that you need to finance a vehicle in Canada in 2022. Make the best decision that provides you with confidence once you read on.

Is Now a Good Time to Buy a Car in Canada?

Since times are shifting and the health and safety of Canadians are at an all time high, so are the vehicles being sold. Even though it seems like the community is in a crisis, it is the best time for opportunities, including loans and purchasing vehicles.

If you’re looking for a new vehicle in Canada, then you might want to consider shopping for one this year or the upcoming years to get the best deal on both new and used options. Since the economy is not doing so well, many dealerships are offering more and more incentives to get buyers to come out and purchase vehicles. With everything from bonuses to better financing terms, you can find the deal of a lifetime when financing a vehicle.

Current Deals Offered in Canada

There are a number of current deals being offered through dealerships and the car makers. If you’re interested in financing or leasing a vehicle in Canada, then take advantage of some of these wonderful offers happening at dealerships near you.


Leasing a Toyota is easy to do because you can finance the rates starting at just 0.49% with up to $500 in lease assist to put down on the cost of the vehicle. This is a great way to get a vehicle without having to get a loan.

You can even get financing rates between 0.49 to 1.49% depending on your credit profile. Some of the Toyotas come with cash incentives when you come in to finance and take one home, with dealerships giving up $2,000 cash, or even money off cash purchases when you are not financing the vehicle.


Ford is using many aggressive incentives to those who are looking for financing that works for them. There is a $5,000 delivery allowance on many of the models, along with financing that ranges from interest rates as low as 2.99% to 3.49%.

You can finance up to 72 months, giving you more time to pay off the loan and lower monthly amounts to pay back the life of the loan. Cash bonuses are being offered up for those who want to purchase a vehicle, up to $1,500 depending on the model of vehicle you choose to get from Ford.


Stellantis brand, which covers Jeep, RAM, Dodge, and Chrysler are offering a series of incentives for those who are looking for a new or used vehicle. However, if you purchase new, then you want to make sure that you are choosing the best deals. You can finance up to 72 months, and get 0% financing on some of the models, like the Pacifica.

If you’re purchasing the vehicle in cash, you can get up to $5,000 off your amount of the vehicle when you choose this deal. RAM is offering cash incentives that equal close to $9,000. These are serious amounts that you can take advantage of.


Last, but not least, Honda is offering a series of incentives for anyone who wants to purchase a newer Honda model. You can expect interest rates on financing to be between 0% to 2.99% depending on your credit background and the model that you choose to go with. 36 months is the longest that you can finance or lease for, but with a cash bonus of up to $750 on some of the other vehicles.

Regardless of what type of vehicle you want, you will easily find exactly what you are looking for throughout Canada with the best incentives and interest rates currently. These rates are expected to be low throughout the rest of 2021 into 2022, and even going into 2023. This ensures that you will always grab a great deal when shopping with any of the dealerships in your specific area throughout Canada.

General Motors

General Motors are also offering specific incentives for those who are looking at purchasing a new vehicle from the dealership. You can get between 0 to 0.99% in interest when financing these vehicles. The best part is that they extended their financing offers even more to go out to 84 months, instead of the 72 that the others are offering.

Getting a car loan in Canada is easy when you deal with the top auto loan providers in the country. Pre-apply for a car loan here at Smarter Loans and we will find a suitable lender for you!

Frequently Asked Questions About Financing a Vehicle in Canada 2022

Do I have to use the dealership’s financing to make use of these rates?

No. You don’t have to finance through the same dealership that you’re purchasing from and still might get the deal. However, it is important to ask the dealership the specifics and terms of these incentives to make sure before you choose to get funding through another method.

Will the rates go back up in the next few years?

Yes. The data shows that the economy is going to end up getting better, which will create more inflation and increase the interest rates on these vehicles and take away some of these incentives and bonuses that the vehicle makers are offering on their vehicles.

Do I have to purchase new to make use of the incentives throughout the vehicle world?

You do not have to purchase new to make use of the incentives that are being offered, but you should always look into the incentives being offered for these used vehicles, as they are going to be different than the incentives being offered on the new vehicles.

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Amanda Leach

Fifteen years can be a long time to work in one industry, but not when you are doing something that you love. Amanda has enjoyed the freedom of working as a freelance writer for the majority of her career. She has successfully combined her passion and skill for writing while still enjoying a life filled with travel, learning and exciting new experiences. While she loves exploring all different types of writing, her PhD in Consumer Psychology has made her a sought after writer for marketing, business and technology fields. Amanda is a regular contributor to Smarter Loans.