Average Used Car Loan Interest Rates
Find the Best Used Car Loan Rates in Canada
When looking for used car loan rates in Canada, it’s important to stay updated on the current car loan rates to make informed decisions. Whether you’re looking at used car loan rates in 2024 or need help navigating car financing, understanding how interest rates work will help you get the best deal.
Interest Rates and Car Financing
The interest rates on your loan depend largely on your credit profile and the lender’s terms. Make sure to research the best car loan rates currently to avoid overpaying for your loan. To better position yourself for favorable rates, it’s crucial to evaluate your credit score. Learn more by checking our guide to Understand your credit score.
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%