Average Used Car Loan Interest Rates
Prime loans
Used Vehicles-
+ 1.3% from last month
No late payment for four years, no bankruptcy or proposal, no collections.
Subprime loans
Used Vehicles-
+ 1% from the last month
Small delays of up to 30 days, unpaid proposal or bankruptcy on day 1.
Deep Subprime loans
Used Vehicles-
Stable in the last month
Several incidents: vehicle seizure, bankruptcies or proposals, late payments, etc.
current used car loan interest rates
Used car loan rates currently start at 7.26%. (subject to variation on year, mileage and term)
Our credit analysts’ role is to secure the most favorable interest rate for you while customizing the payment terms to fit your budget.
starting at 15.90%
starting at 10.99%
starting at 11.49%
starting at 8.79%
starting at 14.99%
starting at 12.75%
starting at 7.26%
à partir de 11.90%
starting at 7.49%
starting at 7.99%
starting at 10.99%
1.
A vehicle is a major purchase and the monthly payments on an auto loan can take up a large part of your budget. This is why it is important to be well-advised by an experienced credit analyst at DDC Crédit. With a new or recent vehicle and guaranteed payment that respects your budget, you will hit the road with peace of mind!
2.
It is the financial institutions that determine the interest rates based on the analysis of each borrower’s file. We build each file to present you in the best light. Then DDC Crédit will simultaneously put several financial institutions in competition to obtain the best offers on the market. This way of proceeding is always very advantageous for the consumer, who is not tied to a single request from a single institution. It makes negotiations franker.
Note that the borrower can always refuse the financing offer proposed to him. This especially happens in the case of a very bad credit history where the rates offered are high, such as 3rd chance credit. In this case, it is sometimes better to take care of your credit for a while (thanks to the advice of your credit analyst) to obtain more affordable offers. A few points upward on a credit score can make a big difference.
3.
Once your loan is approved, you know how much money you have available to purchase your vehicle. Well done! Choosing a new or recent used vehicle in one of our five dealerships becomes a real pleasure. Given the group’s huge fleet, your only problem will be finding the model with the colour that best suits your lifestyle!
The manufacturer’s warranty, if still valid, is automatically transferred to the new owner free of charge.
Yes, the dealer can offer you a more advantageous warranty than that offered by law. In fact, they almost always do.
The cost of an extended warranty depends on the reliability of the vehicle (Corolla or BMW), its duration, and the cost of repairing or replacing different parts. It’s case by case.
The extended warranty is worth it, especially if the used vehicle you are purchasing may be expensive to repair (luxury or European vehicles, for example) and whose reliability is below average. In this case, a single major mechanical breakdown is enough to justify the price.