Home \ Auto \ Car Financing

Car Loans British Columbia

Author:

Reviewed By:

📅

Updated On: October 13, 2023

Table of Contents show

Car Loans British Columbia - Compare Providers

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
1	1620777600	Spark Loan	Up to $35,000	Spark Loan 28.9% (about 29.9% APR with the $1 access fee) May decrease as you unlock higher loan amounts	12 months	Up to $35,000
15	1764547200	Personal Loan	Up to $1,000	Personal Loan Up to 35%	-	Up to $1,000
100	1763337600	Crypto-Backed Loan	$10,000; no max	Crypto-Backed Loan -	3 - 60	$10,000; no max
100	1732233600	Payday Loan	$50 – $1,500	Payday Loan $14 per $100	Up to 62 days	$50 – $1,500
20	1718582400	Payday Loan	$100 – $1500	Payday Loan $8 per $100 + 24%	Up to 62 days	$100 – $1500
100	1709683200	Personal Loan	Up to $1,250	Personal Loan Up to 32%	90 – 150 days	Up to $1,250
23	1700524800	Personal Loan	Up to $25,000	Personal Loan 24.99% – 29.99%	30 or 60	Up to $25,000
16	1700524800	Personal Loan	$100 – $1,000	Personal Loan 29% – 35%	9 – 24	$100 – $1,000
18	1695254400	Installment Loan	$500 – $5,000	Installment Loan Up to 32%	3 – 4	$500 – $5,000
10	1692748800	Cash Advance	Up to $750	Cash Advance 0%	Up to 90 days	Up to $750
100	1688083200	Micro Loan	$150 – $1,600	Micro Loan 10 – 35%	3 – 6	$150 – $1,600
100	1686182400	Micro Loan	$300 – $3,000	Micro Loan 18% + fees	6	$300 – $3,000
100	1686182400	Micro Loan	$300 – $3,000	Micro Loan 18% + fees	6	$300 – $3,000
100	1686182400	Micro Loan	$300 – $3,000	Micro Loan 18% + fees	6	$300 – $3,000
22	1683676800	Professional development loans	$15,000	Professional development loans 6.7%	Up to 60	$15,000
9	1670889600	Line Of Credit	$1,000 – $15,000	Line Of Credit 19.9% – 34.9%	–	$1,000 – $15,000
11	1666051200	Line Of Credit	$250	Line Of Credit 0%	–	$250
100	1643932800	Installment Loan	$500 – $15,000	Installment Loan Starting at 18.9%	6 – 60	$500 – $15,000
100	1642723200	Payday Loan	Up to $1,500	Payday Loan $14 per $100	14 days	Up to $1,500
100	1623369600	Buy Now Pay Later	Varies	Buy Now Pay Later 0%	6 or 8 weeks	Varies
1	1620777600	Personal Loan	Up to $35,000	Personal Loan 9.99% – 34.95%	6 – 84 months	Up to $35,000
24	1607558400	Personal Loan	$500 – $50,000	Personal Loan Varies	6 – 60	$500 – $50,000
100	1598918400	Personal Loan	Up to $15,000	Personal Loan –	–	Up to $15,000
100	1598832000	Unsecured Personal Loan	$500 – $15,000	Unsecured Personal Loan Start at 10.99%	9 – 60	$500 – $15,000
19	1582243200	Installment Loan	–	Installment Loan 9.9% – 29.9%	12 – 60	–
100	1580860800	Personal Installment Loan	$1,500 – $10,000	Personal Installment Loan –	12 – 60	$1,500 – $10,000
17	1580774400	Personal Loan	$1,000 – $25,000	Personal Loan 8.99% – 34.99%	36 or 60 months	$1,000 – $25,000
100	1579478400	Payday Loans	$100 – $1,500	Payday Loans $14 per $100	–	$100 – $1,500
7	1579478400	Cash Installment Loan	Up to $20,000	Cash Installment Loan 19.8% – 34.99%	36 – 85 months	Up to $20,000
100	1579219200	Payday Loan	Up to $1,500	Payday Loan $14 per $100	Up to 30 days	Up to $1,500
100	1576713600	Personal Loans	$500 – $100,000	Personal Loans Starting at 12.99%	Up to 60	$500 – $100,000
10	1552262400	Installment Loan	$500 – $25,000	Installment Loan 29.9% or 34.28%	6 – 84 months	$500 – $25,000
100	1551830400	Debt Consolidation Loan	$1,000 – $15,000	Debt Consolidation Loan 19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400	Payday Loan	Up to $1,500	Payday Loan $14 per $100	14 days	Up to $1,500
100	1551398400	Payday Loan	$100 – $1,500	Payday Loan $14 per $100	14 – 31 days	$100 – $1,500
100	1551398400	Payday Loan	Up to $1,500	Payday Loan $14 per $100	14 days	Up to $1,500
100	1546128000	Personal Loan	Up to $5,000	Personal Loan 19.9% – 35%	6 – 36	Up to $5,000
4	1551139200	Personal Line of Credit	Up to $25,000	Personal Line of Credit 34.99%	–	Up to $25,000
100	1550534400	Payday Loan	$100 – $1,500	Payday Loan $14 per $100	14 days	$100 – $1,500
2	1569974400	Payday Loan	Up to $1,500	Payday Loan $14 per $100	Up to 62 days	Up to $1,500
100	1550534400	Payday Loan	Up to $1,500	Payday Loan $14 per $100	14 days	Up to $1,500
100	1550534400	Payday Loan	$500 – $1,000	Payday Loan 23%	3 – 6	$500 – $1,000
100	1550534400	Payday Loan	$300 – $1,000	Payday Loan Up to 38%	3 – 4	$300 – $1,000
100	1567555200	Short-Term Loan	$300 – $3,000	Short-Term Loan 18% + fees	6	$300 – $3,000
100	1549238400	Short Term Loan	$100 – $1,500	Short Term Loan $14 per $100	Up to 62 days	$100 – $1,500
100	1549238400	Short Term Loan	$250 – $1,500	Short Term Loan 23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000	Bitcoin-Backed Loan	$500 – $1,000,000	Bitcoin-Backed Loan 10.4%	12	$500 – $1,000,000
11	1545264000	Personal Loan	$500 – $100,000	Personal Loan 12.99% – 34.99%	9 – 60 months	$500 – $100,000
6	1543622400	Unsecured Personal Loan	Up to $50,000†	Unsecured Personal Loan 19.99% – 34.99%*	6 – 120 months	Up to $50,000†
100	1545350400	Personal Loan	$300 – $1500	Personal Loan Starting at 18%	3 – 7	$300 – $1500
100	1545350400	Personal Loan	$300 – $3,000	Personal Loan 22% – 32%	3 – 4	$300 – $3,000
12	1545350400	Personal Loan – Flex Loan	Up to $7,000	Personal Loan – Flex Loan 35%	6 – 60	Up to $7,000
15	1545350400	Personal Loan	Up to $1,000	Personal Loan Up to 32%	3	Up to $1,000
100	1545350400	Personal Loan	$500 – $750	Personal Loan 23%	90 – 150 days	$500 – $750
5	1545264000	Personal Loan (Unsecured)	$500 – $150,000	Personal Loan (Unsecured) 9.99% – 34.95%	9 - 240	$500 – $150,000
4	1545264000	Line of Credit	Up to $5,000	Line of Credit 34.37%	–	Up to $5,000
8	1568937600	Payday Loan	Up to $10,000	Payday Loan Up to 34.99%	Up to 60 months	Up to $10,000
21	1545177600	Personal Loan	Up to $35,000	Personal Loan Starting at 12.99%	Up to 60 months	Up to $35,000
13	1545177600	Magical Installment Loans	$100 – $20,000	Magical Installment Loans Up to 35%	Up to 60	$100 – $20,000
100	1569974400	Payday Loan	$200 – $1,500	Payday Loan $14 per $100	Next payday	$200 – $1,500

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
4	1754438400	Working Capital	Up to 2 million	Working Capital -	Flexible	Up to 2 million
9	1725321600	Commission Advance	Up to $40,000	Commission Advance $0.75 per $1,000 per day	–	Up to $40,000
4	1714089600	Business Financing	$10,000 – $20,000,000	Business Financing –	–	$10,000 – $20,000,000
3	1714089600	Business Financing	$10,000 – $2,000,000	Business Financing 10%+	Up to 36	$10,000 – $2,000,000
5	1669852800	Business Loan	$10,000 – $300,000	Business Loan –	3 – 24	$10,000 – $300,000
100	1648512000	Merchant Cash Advance	$1000 - $250,000	Merchant Cash Advance –	–	$1000 - $250,000
100	1620345600	Business Loan	–	Business Loan –	12 – 60	–
24	1607558400	Business Term Loan	$500 – $50,000	Business Term Loan Varies	6 – 60	$500 – $50,000
100	1598918400	Business Line of Credit	–	Business Line of Credit –	–	–
100	1592438400	Equipment Financing	–	Equipment Financing –	–	–
100	1585612800	Barter Loan	–	Barter Loan –	6 – 60	–
100	1580860800	Equipment Loans	–	Equipment Loans –	–	–
2	1580256000	Term Financing	$5,000 – $800,000	Term Financing –	6 – 24	$5,000 – $800,000
100	1579478400	Equipment Leasing	–	Equipment Leasing –	24 – 60	–
100	1577059200	Commercial Financing	–	Commercial Financing –	–	–
100	1577059200	Equipment Loan	–	Equipment Loan –	–	–
100	1575849600	Merchant Cash Advance	Up to $250,000	Merchant Cash Advance –	–	Up to $250,000
1	1545955200	Business Loan	$1,000 – $300,000	Business Loan –	12 – 120	$1,000 – $300,000
100	1552262400	Business Loan	Up to $250,000	Business Loan –	Up to 10 years	Up to $250,000
100	1552262400	Business Loan	Up to $1,000,000	Business Loan –	–	Up to $1,000,000
100	1551830400	Business Loan	$10,000+	Business Loan –	Up to 15 years	$10,000+
100	1551830400	Business Loan	Up to $1,000,000	Business Loan –	Up to 15 years	Up to $1,000,000
100	1551830400	Business Loan	Up to $500,000	Business Loan –	Up to 15 years	Up to $500,000
100	1551830400	Business Loan	-	Business Loan –	Up to 84	-
100	1551398400	Equipment Loan	$10,000 – $1,000,000	Equipment Loan 4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200	Working Capital Loan	Up to $250,000	Working Capital Loan –	Up to 48	Up to $250,000
100	1550534400	Invoice Financing	$500 – $50,000	Invoice Financing 2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400	Equipment Leasing	$1,000 – $1,000,000	Equipment Leasing 6% – 20%	–	$1,000 – $1,000,000
100	1550534400	Equipment Loan	Up to $5,000,000	Equipment Loan –	24 – 72	Up to $5,000,000
100	1550534400	Equipment Loan	–	Equipment Loan –	–	–
100	1549411200	Equipment Loan	$50,000 – $12,000,000	Equipment Loan –	24 – 96	$50,000 – $12,000,000
100	1548720000	Business Loan	Up to $100,000	Business Loan –	–	Up to $100,000
100	1548720000	Investment Loan	$10,000 – $300,000	Investment Loan –	–	$10,000 – $300,000
100	1545264000	Commercial Loan	Up to $250,000	Commercial Loan –	3 – 24	Up to $250,000
8	1545350400	Term Loan	$15,000 – $1,500,000	Term Loan –	6 – 36	$15,000 – $1,500,000
6	1545177600	Business Term Loan	$5,000 – $300,000	Business Term Loan 9% – 35%	Varies by product	$5,000 – $300,000
7	1545177600	Small Business Loan	$5,000 – $500,000	Small Business Loan 4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1749600000	Car Loan	–	Car Loan –	Up to 96 months	–
19	1582243200	Car Loan	–	Car Loan –	Up to 60 months	–
6	1543622400	Car Loan	Up to $50,000†	Car Loan 19.99% – 34.99%*	6 – 120 months	Up to $50,000†
5	1545264000	Car Loan	$500 – $150,000	Car Loan 9.99% – 34.95%	9 - 240	$500 – $150,000
100	1620345600	Car Loan	–	Car Loan –	Up to 96 months	–
3	1632960000	Auto Loan Refinance	Min. $10,000	Auto Loan Refinance 6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600	Car Loan	$5,000 – $75,000	Car Loan –	12 – 96	$5,000 – $75,000
24	1607558400	Auto Loan	$500 – $50,000	Auto Loan Varies	6 – 60	$500 – $50,000
100	1582761600	Car Loans	–	Car Loans –	36 – 96	–
6	1582761600	Car Loan	–	Car Loan –	–	–
100	1581033600	Auto Loan	–	Auto Loan –	–	–
100	1580688000	Auto Loan	–	Auto Loan Starting at 12.9%	–	–
100	1579478400	Vehicle Financing	–	Vehicle Financing –	–	–
100	1579478400	Auto Loan	–	Auto Loan –	–	–
100	1579478400	Auto Loan	–	Auto Loan –	–	–
100	1578873600	Auto Loan	–	Auto Loan Starting at 10.99%	–	–
100	1551830400	Auto Loan	-	Auto Loan –	12 – 96 months	-
100	1552262400	Auto Loan	Up to $1,000,000	Auto Loan –	up to 96	Up to $1,000,000
100	1551830400	Auto Loan	–	Auto Loan –	6 – 96	–
100	1551830400	Auto Loan	$10,000+	Auto Loan –	12 – 96 months	$10,000+
100	1551830400	Auto Loan	Up to $1,000,000	Auto Loan –	Up to 15 years	Up to $1,000,000
100	1577059200	Auto Loans	–	Auto Loans –	–	–
100	1575849600	Car Loans	–	Car Loans –	–	–
100	1575849600	Auto Loans	$5,000 – $45,000	Auto Loans 4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600	Auto Loan	–	Auto Loan –	–	–
6	1569974400	Car Loan	–	Car Loan Up to 29.99%	12 – 96	–
100	1561507200	Car Loan	–	Car Loan –	–	–
1	1560124800	Car Loan	Up to $100,000	Car Loan 3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	Recreational Vehicle Loan	–	Recreational Vehicle Loan –	–	–
100	1548633600	Car Loan	–	Car Loan Starting at 4.2%	–	–
100	1545177600	Auto Loan	–	Auto Loan –	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1545264000	Title Loan	Up to $50,000	Title Loan –	–	Up to $50,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
1	1620777600	Mortgages	Up to $35,000	Mortgages Rates shopped across 40+ banks and lenders Usually no broker fee; any fee is disclosed before you sign		Up to $35,000
3	1726531200	Home Equity Loan	$5,000 +	Home Equity Loan 6% – 16%	12 – 60	$5,000 +
7	1708473600	Mortgage	–	Mortgage –	–	–
100	1695945600	Mortgage	–	Mortgage –	–	–
4	1690934400	Neo Mortgage™	–	Neo Mortgage™ –	–	–
2	1688601600	Mortgage Loans	Min $110,000	Mortgage Loans 4.14% – 6.29%	24– 120	Min $110,000
3	1679616000	Mortgage Loans	$100,000 – $2,000,000	Mortgage Loans Varies	12 – 60	$100,000 – $2,000,000
100	1627344000	Mortgages	–	Mortgages 4.50% – 5.97%	12 – 60	–
100	1575849600	Mortgage	–	Mortgage Varies	1 – 10 years	–
100	1604016000	Home Equity Loan	–	Home Equity Loan –	–	–
100	1581033600	Mortgage	–	Mortgage 4.19% – 6.04%	12 – 120	–
100	1580860800	Mortgage	–	Mortgage –	–	–
100	1580860800	Mortgage	–	Mortgage 2.99% – 5.49%	6 – 60	–
100	1580860800	Mortgage	$50,000+	Mortgage –	12 – 120	$50,000+
100	1580860800	Mortgage	–	Mortgage –	–	–
100	1579478400	Mortgage	–	Mortgage 4.54% – 7.49%	6 – 120	–
100	1577059200	Reverse Mortgage	–	Reverse Mortgage Varies	–	–
100	1577059200	Mortgage	–	Mortgage –	–	–
100	1577059200	Residential Mortgage	–	Residential Mortgage 4.49% – 6.63%	1 – 10 years	–
100	1574899200	Reverse Mortgage	–	Reverse Mortgage –	12 – 60	–
100	1574899200	Mortgages	–	Mortgages 4.24% – 6.30%	–	–
100	1548806400	Home Equity Loan	$10,000 – $3,000,000	Home Equity Loan Varies	12 – 24	$10,000 – $3,000,000
1	1517097600	Home Equity Loan	$10,000 – $500,000	Home Equity Loan Starting at 10%	–	$10,000 – $500,000

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

British Columbia is a beautiful province with gorgeous mountains, stunning lakes, and scenic views of the Pacific Ocean. However, in order to safely traverse the long winding roads in the mountains and deal with the snow and rain, you need a decent vehicle.

Unfortunately, buying a car in British Columbia can easily cost thousands and thousands of dollars. And if you are like most Canadians in British Columbia, you do not have enough spare cash lying around to spend on a new or even used vehicle. As a result, you will likely rely on a car loan in order to get a vehicle. Thankfully, there are a variety of car loans available for individuals in British Columbia regardless of their credit. There are also a variety of lenders to choose from in British Columbia to ensure you get the best deal possible.

Trying to compare lenders in Canada? Read this first.

Why Are Consumers in British Columbia Applying For Car Loans?

Every British Columbia driver has their own reasons for why they need a vehicle, but more often than not it’s for reliability and convenience. However, here are some of the other most common reasons why you and other consumers in British Columbia are applying for car loans.

To upgrade your car to a newer model with better looks or features
To get a larger vehicle if your family is expanding and you want the ride to be more comfortable for everyone
To simply get a more reliable vehicle for yourself and your family
Because your last vehicle is on its final legs

Want to know if it’s better to repair your old car or buy a new one? Take a look here.

Getting a car without a loan is quite uncommon for most people, that’s why affordable and convenient car loans are so important for hundreds of thousands of British Columbia residents every year. Even if you have questionable credit, rest assured that you will still be able to find a borrowing option that works for you.

I Want To…

Vehicle Title Loans

However, if you currently own a vehicle in British Columbia and are looking to borrow some money, there are more options at your disposal than a standard personal loan. One of these options is a vehicle title loan. A vehicle title loan is a type of secured loan where you can use your vehicle title as collateral.

You will surrender the hard copy of your vehicle title to the lender and once the loan is paid back, you will be given back the title. They are a great way to gain access to higher loans or get your application approved if your credit is questionable. They often have shorter terms (anywhere from one to three years is the norm) and can be risky, but can pay off in a big way if you can keep current on your payments, as they will get you access to funds you wouldn’t have otherwise.

Here are some things to consider and always remember about vehicle title loans:

You must outright own the vehicle in order to be able to use it with a vehicle title loan.
The vehicle you use must have some value. Lenders aren’t going to loan you anything if all you have to offer up is the title of an old beater that has zero value.
These will generally not take your credit score or credit report into account, and largely only consider the value and shape of the car title that they are receiving as collateral.

Learn more about your auto financing options here.

Recreational Vehicle Loans in British Columbia

While we have largely talked about car loans for street-legal vehicles like trucks, cars, SUVs, and vans, those are not the only vehicles that you can get loans for. In fact, recreational vehicles that are more like toys than actual vehicles can also be purchased by using these types of loans.

The types of recreational vehicles that can be purchased in British Columbia with these types of loans include things like:

RVs/Campers
Boats
Ski-Doos
ATVs
Motorcycles

The prices of these types of vehicles differ greatly, so certain loans might be better for a Ski-Doo that will cost a few thousand and others will be more beneficial to those who are getting large RVs that could cost tens of thousands of dollars.

Looking for a bad credit loan in British Columbia? Check this out.

Frequently Asked Questions

Are there penalties for paying a car loan early?

If there are no penalties for making early payments or paying off your car loan completely, then this is known as having an “open-end” contract. In this case, it is beneficial to pay off your loan early to reap the rewards of saving on interest. Unfortunately, it is rare to have this type of contract on car loans. Typically, most car loans will have “closed-end” contracts with prepayment penalties or precalculated interest. This means that even if you pay the loan off early, you’ll still be charged the same amount of interest or charged a penalty. In the case of prepayment penalties, your contract may stipulate a “prepayment privilege”. This allows you to make an early payment up to a certain amount with no penalty. It’s best to consult with your loan provider and ask about the structure of your contract. If you have the budget to start paying off your car loan ahead of schedule, you can potentially save a lot of money.

I have a low credit score. Can I still qualify for a car loan in British Columbia?

Yes, you can. But, there is an absolute bare minimum needed to be considered for any car loan. Even lenders who cater to those with the worst credit expect that you’ve held employment for at least 3 months, have a valid bank account, a valid British Columbia driver’s license, and earn $1600 to $2000 per month. Keep in mind that a lot of car loan providers have even higher baseline standards than these. Generally, a credit score of less than 650 will make it a little more difficult to get the car loan you want at your desired interest rate. Non-prime car loan rates usually start at 8.99% and can go up to 29.99% for the highest-risk borrowers. You can likely lower your rate by opting for a newer car, taking the shortest loan length you can afford in monthly payments, and making the largest down payment possible.

Can I use my car to get a cash loan?

Yes. You can refinance your car loan in order to restructure the loan to better suit your needs as well as take out a portion in cash. This can be done with the current lender or a new one looking to take over your contract. Car loan refinancing can be used to get emergency cash. This is called “cash-out refinancing” and is usually for those who are financing a newer vehicle with a good portion already paid off. This way, you can turn your car’s equity into the emergency cash that you need. If you can budget for the higher monthly payment, refinancing your loan with a shorter length will mean a lower interest rate and money saved. Conversely, refinancing your loan to extend the repayment term might be more slightly more expensive in the long run, but will make your monthly payments smaller and easier to budget for.

Car Loans Can Be a Lifesaver

If you need a car but are low on cash, a car loan can be a huge help. If you are in the market for a car loan in British Columbia, be sure to reach out to Loans Canada, we are confident we can find the right loan for your unique needs.

Get Started