Car Loans Manitoba

📅 Last Updated: October 31, 2024

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

Car Loans Manitoba - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
23	1700524800	$5,000 - $25,000	24.99% - 29.99%	30 or 60	$5,000 - $25,000
3	1692748800	Up to $350	0%	Up to 65 days	Up to $350
8	1688083200	$150 - $1,600	10 - 35%	3 - 6	$150 - $1,600
6	1683676800	$15,000	6.7%	Up to 60 months	$15,000
7	1666051200	$250	0%	-	$250
100	1643932800	$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
13	1639094400	$1,000 - $15,000	29.9% - 46.9% APR	12 - 60	$1,000 - $15,000
30	1637280000	$5,000 - $50,000	5.75% - 22.99%	Up to 84	$5,000 - $50,000
100	1623369600	Varies	0%	6 or 8 weeks	Varies
2	1620777600	Up to $35,000	9.99% - 46.96%	9 - 78	Up to $35,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	12 - 36	$500 - $50,000
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1598832000	$500 – $15,000	+ 25.99%	9 - 60	$500 – $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600	-	0+	2 - 60	-
100	1582243200	-	-	Up to 60	-
100	1580947200	-	-	-	-
100	1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
16	1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400	$100 - $1,500	-	-	$100 - $1,500
100	1579478400	Up to $5,000	29.78% - 44.8%	36 months	Up to $5,000
100	1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
100	1576713600	-	Up to 35%	-	-
18	1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
100	1562198400	$500 - $15,000	15.99 - 39.99%	6 - 60	$500 - $15,000
100	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
19	1552262400	$1,000 - $15,000	29.9% or 46.90%	6 - 60	$1,000 - $15,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551830400	$1,000 - $15,000	19% - 46.95%	6 - 60	$1,000 - $15,000
100	1551398400	Up to $1,500	15% - 19%	14 days	Up to $1,500
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551398400	-	-	14 days	-
100	1551139200	$5,000 - $35,000	9.9%+	6 - 60	$5,000 - $35,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1569974400	Up to $1,500	15% - 17%	up to 62 days	Up to $1,500
100	1550534400	Up to $1,500	Up to 59% APR	14 days	Up to $1,500
19	1550534400	$2,500 +	-	-	$2,500 +
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	7.9%	12	$500 - $1,000,000
100	1548720000	$1,000 - $50,000	4.6% – 49.96%	3 - 60	$1,000 - $50,000
100	1548633600	$300 - $7,500	29.9% - 39.9%	6 - 60	$300 - $7,500
100	1548633600	$50 - $1,500	-	14 days	$50 - $1,500
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
2	1543622400	Up to $60,000	19.99% - 39.99%	6 - 120	Up to $60,000
10	1545264000	$500 - $12,500	19.99%+	12 - 60	$500 - $12,500
100	1545350400	Up to $1000	30%	3 - 5	Up to $1000
100	1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400	$500 - $2,500	29% - 46.95%	6 - 36	$500 - $2,500
5	1545350400	$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400	$500 – $750	28% – 34.4%	3	$500 – $750
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000	$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000
4	1568937600	$1,500 – $10,000	Varies by province	Varies	$1,500 – $10,000
10	1545177600	$1,000 - $35,000	5.99% - 29.19%	36 - 60	$1,000 - $35,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1725321600	up to $40,000	-	-	up to $40,000
8	1714089600	$10,000 +	4%-45%	90 days+	$10,000 +
7	1714089600	$10,000 to $2,000,000	10%+	Up to 36	$10,000 to $2,000,000
2	1669852800	$5,000 - $300,000	-	3 - 24 months	$5,000 - $300,000
100	1648512000	$10,000 - $250,000	Varies	6-12	$10,000 - $250,000
100	1620345600	-	-	12 - 60	-
100	1611878400	$5,000 - $30,000,000	-	Up to 18	$5,000 - $30,000,000
17	1607558400	$500 - $50,000	6.99% - 46.99%	6 - 36	$500 - $50,000
100	1598918400	-	-	-	-
100	1585612800	-	0.9% - 12%	6 months - 5 years	-
100	1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1580947200	-	-	-	-
100	1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	up to $250,000	-	-	up to $250,000
100	1580860800	-	-	-	-
100	1580688000	Up to $10,000	-	-	Up to $10,000
100	1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400	-	-	-	-
100	1579478400	$10,000- $30,000,000	Min 4.95%	-	$10,000- $30,000,000
100	1579478400	-	-	12 - 120	-
100	1579478400	-	-	24 to 60	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579046400	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575849600	Up to $250,000	-	-	Up to $250,000
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1552953600	-	-	-	-
100	1552262400	$500,000 - $10,000,000	-	-	$500,000 - $10,000,000
100	1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400	-	-	-	-
100	1552262400	Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400	$10,000+	-	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
100	1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400	$3,500+	-	-	$3,500+
100	1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200	Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
100	1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
100	1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
100	1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
100	1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
100	1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000	Up to $100,000	6.05% +	60	Up to $100,000
100	1548720000	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
10	1545177600	$1,000 - $35,000	5.6% – 25.5%	36 – 60	$1,000 - $35,000
100	1545264000	$5,000 - $250,000	-	3-18	$5,000 - $250,000
100	1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
6	1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545264000	$5,000 – $100,000	Starting at 6.87%	3 – 18	$5,000 – $100,000
5	1545177600	$5,000-$300,000	15% - 25%	4 - 24	$5,000-$300,000
4	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1561507200	Up to $300,000	-	-	Up to $300,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1632960000	Up to $50,000	15.99% +	12 -72	Up to $50,000
8	1624233600	Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
17	1607558400	$500 - $50,000	-	24 - 60	$500 - $50,000
100	1594339200	-	-	-	-
6	1582761600	-	11.9% - 22.9%	Up to 84	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1580688000	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1578873600	-	+8.99%	-	-
100	1578873600	-	-	-	-
100	1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400	Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400	Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400	$10,000+	-	12 - 96	$10,000+
100	1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200	-	-	up to 72	-
100	1577059200	-	-	-	-
100	1575849600	-	Starting at 4%	Up to 84	-
100	1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	14.5% to 29.9%	-	-
100	1575504000	-	-	-	-
100	1574985600	-	-	-	-
6	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
9	1561507200	Up to $50,000	-	-	Up to $50,000
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	Up to $30,000	-	-	Up to $30,000
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
5	1545264000	$500 - $10,000	12.99% – 39.99%	9 – 36	$500 - $10,000
100	1545177600	Up to $50,000	-	-	Up to $50,000
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1545955200	Up to $20,000	19% - 49%	36 - 48	Up to $20,000
100	1545264000	Up to $25,000	-	12 - 60	Up to $25,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
3	1726531200	$15,000 +	6% - 16%	12 - 60	$15,000 +
7	1708473600	Varies	Varies	1 - 10 years	Varies
5	1700524800	-	-	-	-
100	1695772800	-	-	-	-
4	1690934400	Varies	5.54%+	Varies	Varies
2	1688601600	Min $100,000	5.34%+	2 - 10 years	Min $100,000
100	1627344000	-	1.94% - 2.45%	12 - 60	-
100	1617926400	-	1.69% - 3.49%	12 - 84	-
100	1581033600	-	2.74% - 6.30%	12 - 120	-
100	1580947200	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	2.64% - 4.45%	12 - 120	-
100	1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800	-	-	36 - 60	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580688000	-	2.79% - 6.00%	6 - 60	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1579219200	$10,000+	Upon request	Upon request	$10,000+
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1577059200	-	-	-	-
100	1577059200	-	--	-	-
100	1577059200	-	2.84% - 7.30%	-	-
100	1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200	min 25,000	3.89.% - 4.84%	12 - 60	min 25,000
100	1574899200	-	2.23% - 4.45%	-	-
100	1560124800	-	2.89% - 3.79%	-	-
100	1548806400	$10,000 - $1,500,000	Varies	12 - 24	$10,000 - $1,500,000
100	1548720000	-	2.41% - 3.84%	-	-
100	1548720000	-	-	-	-
1	1517097600	$10,000+	Based on equity	-	$10,000+

		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

Many Canadians need access to a car or other motor vehicle to get around. The residents of Manitoba, like yourself, are no exception. Whether it’s for going to work, school, the grocery store, or to simply avoid Canada’s ever-changing weather conditions, any car can be an extremely beneficial asset.

Looking for a personal loan in Manitoba? Try reading this.

Reasons You Might Need a Car Loan

While it’s possible to find a second-hand, fixer-upper car for sale in your neighborhood, a more reliable one might be a better choice. When you need your car for daily activities, you probably want one that’s not in danger of breaking down all the time.

Other reasons Manitoba consumers would need a car loan:

Cars, even used ones, can be very expensive. Most consumers can’t afford to pay for a new or slightly used car with cash, cheques or credit cards.
For the sake of their other expenses. Since you would be paying the car back through installments, you should still have some money left over to pay for your other regular costs (groceries, living expenses, etc.). You can even afford all the expenses that come with any vehicle (fuel, insurance, registration, etc.)
To upgrade to a better or more efficient model. Maybe you’re already driving a gas-guzzler or you’re sick of spending money trying to keep your old car running. Whatever the reason, a new model can certainly upgrade your lifestyle.
To upgrade to a larger model. You could also want a bit more cargo space. Then again, it might be because you have a spouse and children to think about. After all, a minivan is roomier and safer than a sports car.
An accident or a breakdown has occurred. Even if you love the car you’re driving now, remember that anything can happen while you’re on the road. When something inevitably goes wrong, making your car undrivable, scrapping it and getting a car loan instead can save you a lot of stress.

I Want To…

Getting Approved for a Car Loan

As it is with most credit products, it’s essential to show your lender that you’re worthy of the potential credit they’re letting you borrow. Any car, new or used, can cost a pretty penny, so lenders want to be certain that their clients can pay off their loan in full by the end of their payment term. So, be prepared for your lender to examine:

Your credit – The lender might perform a “hard inquiry” to view your credit report and credit score. By doing this, they’ll be able to see how you’ve been handling your other active credit products.
Your employment/income – You could be paying off your car loan for years, so your lender will want to confirm that you have (and will continue to have) steady employment and enough income to justify all your payments.
Your other outstanding debts – For obvious reasons, some lenders might deny your applications when they examine your credit and finances, only to discover that you already owe money all over town.

However, your approval chances and interest rate may also depend on:

The type of vehicle you want – When it comes to more expensive or newer makes and models, the application process is likely to be more strict and your approval harder to receive. If you are approved, watch out, because your interest rate will probably be much higher than a cheaper or older model.
What your dealership’s inventory looks like – Who knows? Your dealership might specialize in luxury models, used models, hybrids/electric cars, etc. If you want a higher priced make/model, but your credit and finances aren’t up to the dealership’s standards for lending, you may have to search elsewhere.
The size of your down payment – One way of gaining both approval and a lower interest rate is by making as a large of a down payment on your car as you can. Not only does this look good to your lender, you’ll also be saving money over time, because more of the car’s principal cost will be paid down, reducing your overall payment period.
Your own wants and needs – Let’s not forget the most important element of all, your own lifestyle. No matter what your credit looks like or how easily you’ve been able to keep up with your debts, none of it matters if your new car loan won’t fit comfortably into your budget. Before applying, make sure you can afford all your payments, interest rates, other fees, a good warranty, etc. If approved, your car loan could be putting you in debt for years to come and it’s essential not to let that debt get out of hand.

Looking for even more information about your auto financing options? Click here.

Types of Vehicles You Can Have Access To

Once again, the vehicle you’re actually approved for will depend largely on your financial health over the last few years. However, once you are approved, you should be able to buy almost any make or model, including but not limited to:

Toyota
Honda
Volkswagen
Subaru
Tesla
Nissan
Ford
Recreational vehicles (motorhomes, boats, ski-doos, ATVs, motorcycles, etc)

Trading in Your Used Vehicle

If you’re on the hunt for your next vehicle, you might be wondering if you can trade in your old car. Yes! There are plenty of dealerships in Manitoba that accept trade-ins. Essentially, your vehicle will be inspected to determine its current market value. If it qualifies, the dealership may discount part of that value from the price of the new one.

However, when considering a trade-in, it’s important to understand the value of your used vehicle and how it drops the more you drive it. That’s right, most cars, even brand new ones, lose around 11% of their value as soon as you leave the dealership. So, it’s best to have your expectations low during the trade-in evaluation. Being that your dealership has to resell the car at a profit, you probably won’t receive anywhere near what the vehicle is worth. However, even if you’re only saving a couple of hundred, even a thousand dollars, at least you’re still saving.

Want to know if you can trade in a vehicle that isn’t paid off? Find out here.

Using Your Vehicle’s Title to Borrow

If you already own your vehicle completely, you can also use it to borrow loan money by leveraging its title. As it would be with a trade-in, your vehicle with be inspected and quoted at a certain market value. If that value is high enough to qualify, your lender will grant you a loan using your vehicle’s title as collateral. Be warned, however, that since the loan is secured against your vehicle, your lender has the right to repossess it in the event that you start missing your loan payments!

Here’s how you can get a car loan after a repossession.

Frequently Asked Questions

Can I still get a car loan in Manitoba if I have bad credit?

Even with a low credit score, you can find lenders in Manitoba willing to work with you to get a car loan. That said, by having bad credit, it is inevitable that you’ll pay higher interest rates — anywhere between 8.99% to 29.99%. In order to get in the lower end of that range, there are some key factors you can consider. Consider putting in the highest down payment you can afford to help lower the rate. Also, assuming it aligns with your budget, always opt for a newer car over a used car, as the rates tend to be lower due to retained value. Lastly, consider a shorter loan term to further lower the interest rate. Don’t be too swayed by lower monthly payments with longer-term loans because you’ll be paying more for the vehicle overall. Regardless of these factors, at a bare minimum, to be considered for a car loan, you should have at least 3 months of employment at $1600 to $2000 per month, a valid Manitoba driver’s license and a bank account.

Are there prepayment penalties for car loans in Manitoba?

Determining if you should pay off your car loan early is based on a few factors. If you have an “open-end” contract, then paying it off early will certainly mean less interest paid and more money saved. However, if you have a “closed-end” or “fixed-term” car loan contract, then it might be a bit trickier to determine if early payments are worth it. If your contract stipulates a precalculated interest, then it is expected that you pay the same amount whether it is paid off early or on time. However, even these types of strict contracts have some flexibility. They may allow you to make an early payment to save interest, but they’ll charge a lesser prepayment penalty to compensate. Most of the time, you’ll still come out ahead having saved a bit on the interest. Better yet, you may have a “prepayment privilege”. This is an extra amount that you can make on top of your regular payments without having to pay any kind of penalty. In this case, you want to take advantage of the prepayment privilege whenever possible.

Can I refinance my car to get a lower monthly payment?

Car loan refinancing is a way to create a new loan out of your old loan. You can stick to the same provider or have it taken over by a new lender. There are different ways you can benefit from refinancing your vehicle. Cash-out refinancing, for example, lets you transform your car loan to include a portion which is a cash loan. The amount will depend on the equity in the vehicle. Another way car refinancing can be used is to lower your monthly payments. Although this might mean you pay more in the long run, it could mean easier to manage monthly payments. Finally, car refinancing could help you save money overall if you can score a better interest rate and/or a shorter term to save money on interest charges.

Getting Your Car Loan Through Us

If you’re a Manitoba driver and you’ve been looking for the right car loan for your financial needs, your search ends here at Loans Canada. Don’t be shy! Contact us today and we’ll get you squared away with the best sources of car loans in your area.

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