Nissan is one of the top-selling Japanese car brands in Canada due to their affordable prices and innovative car models, like the Sentra, the Rogue and the Kicks. However, despite their mid-range prices, buying a Nissan outright isn’t possible for everyone. Thankfully, there are a few ways you can finance a Nissan in Canada.
How To Finance A Nissan In Canada
Depending on how strong your income and credit scores are, you may have a few different options for financing a new or used Nissan.
Can You Finance A Nissan Through Nissan Canada Finance (NCF)?
Although you may not find the lowest interest rates, Nissan Canada offers their own in-house financing programs. Many drivers prefer in-house financing because they don’t need to wait several days or weeks to receive funding. If you apply with a licensed dealership, you could get approved and drive off in your Nissan on the same day.
Financing With NFC
In-house NFC financing is when you borrow against your Nissan to buy it over time. Once all your payments are made, the car is yours. Plus, Nissan frequently gives out promotional deals to entice potential customers, such as cash discounts or 0% financing for limited periods on select models.
Can You Finance A Nissan With A Car Loan?
A car loan lets you borrow credit so you can finance a vehicle over time in payments. Financial institutions and alternative lenders offer car loans with varying interest rates and terms lasting several months or years. Loans are frequently secured against the vehicle, which will be used as collateral in case you default.
If you apply with a bank or credit union, you’ll typically need good credit (660 – 900) to qualify for a large car loan with a low rate and flexible term. On the other hand, alternative lenders have easier requirements, but they often charge higher rates, especially for clients with bad credit. So, make sure to shop around before you apply for a car loan.
Where Can You Get A Car Loan In Canada?
|$500 - $50,000||Up to 46.96%||12 - 84||Learn more|
|Varies||8.49% +||24 - 96||Learn more|
|$500 - $35,000||29.99% - 46.96%||9 - 60||Learn more|
|$500 - $10,000||12.99% - 39.99%||9 - 36||Learn more|
|$5,000 - $40,000||Varies||12 - 72||Learn more|
|$5,000 - $45,000||4.90 % - 29.95%||36 - 72||Learn more|
|Varies||11.9% +||12 - 84||Learn more|
|Up to $50,000||Varies||12 - 84||Learn more|
|Up to $50,000||15.99% +||12 - 72||Learn more|
Can You Finance A Nissan With A Personal Loan?
You can also get a personal loan to finance your Nissan. Essentially, you would borrow a lump sum of money, use it to buy your preferred vehicle, then repay the lender in installments. Here, your lender might offer you two types of personal loan:
- Secured Personal Loan – To qualify for a secured loan, you’ll need to provide an asset, like a car, piece of real estate or investment as collateral. That asset acts as insurance for the lender when you default on your loan. Secured loans often have lower rates but you’ll run the risk of losing your asset if you miss payments.
- Unsecured Personal Loan – If you don’t have or don’t want to risk any collateral, you may want to apply for an unsecured personal loan instead. The only problem here is that unsecured loans can come with higher rates and less flexible terms, because the lender doesn’t have collateral to cover their losses if you default.
Where Can You Get A Personal Loan?
- Up to $50,000
- Prime to 46.96%
- 3-60 months
- $1,000 - $10,000
- 19.69% - 46.9%
- $5,000 - $50,000
- 6.99% - 22.99%
- Up to 84 Months
- Up to $35,000
- 9.99% - 46.96%
- 6 - 60 Months
- $1,000 - $25,000
- 7.5% - 31.5%
- 36 - 60 months
- $5,000 - $35,000
- Starting at 9.99%
- 6 - 60 Months
- $500 - $1000+
- 28% to 32%
- 3 Months
- $500 - $12,500
- 19.99% to 34.99%
- No minimum term
- $500 - $100,000
- 9.99% - 46.96%
- $300 – $35,000
- 9.9% - 47.72%
- 3 - 60 Months
- Up to $50,000
- 19.99% - 39.99%
- 6 - 120
Can You Lease A Nissan Through A Nissan Dealership?
Yes, Nissan offers Canadians the ability to lease their cars. In general, there are two types of leases: an open or closed-end lease. With a lease, the residual value of your Nissan is calculated at the start of your lease.
- Open-End Lease – With Open-end leases, you are responsible for the car’s residual value. Meaning, if the value of the car depreciates more than the estimated amount, you’ll be liable for the difference between the residual value and its actual value.
- Closed-End Lease – With a closed-end lease, you assume no responsibility for any difference in the residual value and the actual value of the car at the end of the lease.
Nissan offers closed-end leases only and offers lease terms between 12 months and 60 months. Their standard closed-end leases also have a 24,000 km/yearly driving limit. Every extra km will cost between 8-10 cents per kilometre. When the term ends, you can buy the car or lease another.
How To Calculate The Cost Of A Nissan?
Here’s an example of how much it could cost to finance a Nissan in Canada:
|2019 Altima||2020 Pathfinder||2021 Versa|
|Total Car Loan Amount||$27,000||$46,700||$14,500|
|Term Lenght||60 months||84 months||36 months|
|Toal Borrowing Cost||$31,319.14||$53,768.17||$17,089.61|
|Total Interest Paid||$4 319.14||$7 068.17||$2 589.61|
Keep in mind that this is only an example. The actual cost of your financing deal can vary based on your credit, down payment and loan/lease term. You may also be able to trade in your used car and get its value deducted from the price of a newer Nissan.
How Much Do Nissan Cars Cost?
The price of a Nissan can vary greatly due to factors like where you obtained financing, as well as the model, condition, and suggested retail price (MSRP) of your chosen vehicle. Here’s a cost comparison between some of Nissan’s most popular cars:
|Nissan Model||Starting Sales Price||Type of Build||Condition|
|2019 Altima||$29,999||Sedan||Certified Pre-Owned|
|2020 Pathfinder||$52,751||SUV||Certified Pre-Owned|
|2022 Kicks||$22,518||SUV Crossover||New|
|2022 Frontier||$42,608||Pickup Truck||New|
How To Lower Your Nissan Financing Cost?
If you’re a returning Nissan customer, you might become eligible for special discounts and loyalty programs like:
Canada Finance Loyalty Program
This program is available for drivers who own or are in the process of leasing/financing a Nissan from 2011 or onward. Drivers who finish a leasing/financing term and sign up for a new agreement within 90 days can also qualify for this type of Nissan loyalty discount.
Nissan Loyalty Dollars
The Loyalty Dollars you can earn from your Nissan depends on which model it is but most customers are able to qualify for a $500 – $2,000 discount. Once you qualify, you may use your discount to qualify for a lower payment, interest rate or after-tax price on your current Nissan.
How To Qualify For Nissan Loyalty Program?
Remember that your Nissan has to be manufactured in 2011 or later in order to qualify for the Canada Finance Loyalty Program. Additionally, you (the driver) must:
- Have bought or financed/leased a new Nissan (no discounts for used Nissans).
- Be financing or leasing your vehicle through Nissan Finance Canada.
- Show your proof of ownership or finance/lease agreement when applying.
Only the intended recipient can use a Nissan Loyalty discount. It can’t be transferred or assigned to anyone else, including a co-owner or co-lessee from the same household.
Does Nissan Offer Any Car Warranties?
Yes, all new Nissans feature a limited warranty that provides coverage for up to 3 years or 60,000 KM (whichever happens first). This type of basic coverage includes the cost of parts and labour due to manufacturer’s defects, as well as the following components:
|Surface Corrosion||3 years or 60,000 KM|
|Corrosion Perforation||5 years (with unlimited KM)|
|Powertrain||5 years or 100,000 KM|
|Original Equipment Battery||3 years or 60,000 KM|
|Emissions Control System||3 years or 60,000 KM (unless your Nissan has a Cummins Diesel engine, which is covered for up to 5 years or 80,000 KM)|
Find out if you should get an extended car warranty.
Nissan Financing FAQs
How large should my down payment be to finance a Nissan?
Is it better to finance a new or used Nissan?
Are certified pre-owned vehicles safe?
- Access to rental assistance and personalized travel planning services
- Hassle-free exchanges for the first 10 days or 1,500 KM
- Limited powertrain warranty and 24/7 roadside assistance for 72 months or 120,000 KM (from the Nissan’s original service date)
Should You Finance A Nissan?
Before you buy, lease or finance a vehicle, don’t forget to compare prices, consumer reports and funding sources to find the best deals possible. Luckily, if you’re looking for a car brand that’s known for both reliability and affordability, Nissan could be right for you.