Auto Loans Rates in Canada · PROVIDER · Range · Royal Bank of Canada · 7.29% - 9.99% · OAC · Scotiabank · Prime.Car Loan Calculator · Scotiabank · Royal Bank of Canada · CIBC
What is a good interest rate on a car loan in Canada?
A good interest rate on a car loan in Canada will be below the national average rate of 7.21%. If you have good credit, new car loan rates are typically 0% - 6.5% depending on the brand, while used car loan rates in Canada are 6.5% - 9%.
What are 2022 car loan rates?
The average auto loan interest rate is 5.16% for new cars and 9.34% for used cars, according to Experian's State of the Automotive Finance Market report for the third quarter of 2022. With a credit score above 780, you'll have the best shot to get a rate below 4% for new cars.
What's the current interest rate on a car loan?
Borrowers with fair credit have an average interest rate of 14.80% this month, and this loan would cost $12,128 in interest.
Is 3% interest good for a car loan?
Identifying a good car loan interest rate can be tricky since it depends largely on the individual applicant. That said, yes, 3.5% is a good interest rate for most car loan borrowers. In general, people with average to above-average credit scores can find interest rates from 3% to 4.5% on 36-month car loans.