📅 Last Updated: August 26, 2022
✏️ Written By Bryan Daly
🕵️ Fact-Checked by Caitlin Wood

Car Loans Nova Scotia - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
231700524800 ParachuteUp to $25,000 24.99% – 29.99% 30 or 60
Up to $25,000
31692748800 BreeUp to $350 0% Up to 65 days
Up to $350
81688083200 City Lending Centers (CLC)$150 – $1,600 10 – 35% 3 – 6
$150 – $1,600
1001686182400 Northstar Brokers$300 – $3,000 18% + fees 6
$300 – $3,000
1001686182400 Deposit My Cash Now$300 – $3,000 18% + fees 6
$300 – $3,000
1001686182400 My Next Pay$300 – $3,000 18% + fees 6
$300 – $3,000
61683676800 Windmill Microlending$15,000 6.7% Up to 60
$15,000
11670889600 Fora$1,000 – $15,000 19.9% – 34.9%
$1,000 – $15,000
71666051200 Nyble$250 0%
$250
1001643932800 FlexMoney$500 – $15,000 Starting at 18.9% 6 – 60
$500 – $15,000
1001642723200 Pay2DayUp to $1,500 $14 per $100 borrowed 14 days
Up to $1,500
1001623369600 AfterpayVaries 0% 6 or 8 weeks
Varies
21620777600 Spring FinancialUp to $35,000 9.99% – 35% 6 – 60
Up to $35,000
171607558400 Helium Loans$500 – $50,000 Varies 6 – 60
$500 – $50,000
1001600646400 Iceberg Finance$1,000 – $35,000 12.99% – 29.99% 12 – 84
$1,000 – $35,000
1001598918400 LM FinancialUp to $15,000
Up to $15,000
1001598832000 LM Credit$500 – $15,000 Start at 10.99% 9 – 60
$500 – $15,000
1001582243200 LendCare Up to 60
1001580860800 SimplyBorrowed$1,500 – $10,000 12 – 60
$1,500 – $10,000
161580774400 goPeer$1,000 – $25,000 8.99% – 34.99% 36 or 60
$1,000 – $25,000
1001579478400 North’n Loans$100 – $1,500
$100 – $1,500
1001579478400 MDG$850 – $1,600 29.78% – 34.95% 36 months
$850 – $1,600
181576713600 Financeit$500 – $100,000 Starting at 12.99% Up to 60
$500 – $100,000
191552262400 Money Mart$1,000 – $15,000 29.9% or 34.28% 6 – 60
$1,000 – $15,000
1001551830400 Payday King$100 – $1,000 $14 per $100 borrowed 14 days
$100 – $1,000
1001551830400 Progressa$1,000 – $15,000 19% – 34.95% 12 – 60
$1,000 – $15,000
1001551398400 My Canada PaydayUp to $1,500 $14 per $100 borrowed 14 days
Up to $1,500
151551139200 LendDirectUp to $15,000 34.99% Open-end
Up to $15,000
1001550534400 GoDay$100 – $1,500 $14 per $100 borrowed 14 days
$100 – $1,500
1001569974400 iCashUp to $1,500 $14 per $100 borrowed Up to 62 days
Up to $1,500
1001550534400 Eastern Loans$500 – $1,000 23% 3 – 6
$500 – $1,000
1001550534400 DMO Credit$300 – $1,000 Up to 38% 3 – 4
$300 – $1,000
1001549411200 Capital Cash$100 – $1,500 $14 per $100 borrowed 14 days
$100 – $1,500
1001567555200 Cash Depot$300 – $3,000 18% + fees 6
$300 – $3,000
1001549238400 Credit2Go$250 – $1,500 23.99% – 29.99% 3 – 4
$250 – $1,500
201548720000 Ledn$500 – $1,000,000 7.9% 12
$500 – $1,000,000
21543622400 Fairstone FinancialUp to $60,000 19.99% – 34.99% 6 – 120 months
Up to $60,000
1001545350400 Lamina$300 – $1500 Starting at 18% 3 – 7
$300 – $1500
51545350400 LoanMeNow$500 – $1000 Up to 32% 3
$500 – $1000
1001545350400 Captain Cash$500 – $750 23% 3 – 4
$500 – $750
1001545350400 BC Loans$500 – $750 22% 90 – 120 days
$500 – $750
1001545350400 Urgent Loans$300 – $3,000 27% – 35% 90 – 120 days
$300 – $3,000
41545264000 easyfinancial$500 – $100,000 29.99% – 35% 9 – 84
$500 – $100,000
31545264000 Mogo FinanceUp to $5,000 34.37%
Up to $5,000
41568937600 Cash MoneyUp to $10,000 Varies by product Varies by product
Up to $10,000
101545177600 BorrowellUp to $35,000 Starting at 12.99% Up to 60
Up to $35,000
181545177600 Magical Credit$100 – $20,000 Up to 35% Up to 60
$100 – $20,000
1001569974400 Speedy Cash$200 – $1,500 $14 per $100 borrowed Next payday
$200 – $1,500
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
31725321600 iCommissionUp to $40,000 $0.75 per $1,000 per day
Up to $40,000
81714089600 Primed Loans$10,000 – $20,000,000
$10,000 – $20,000,000
71714089600 OnTap Capital $10,000 – $2,000,000 10%+ Up to 36
$10,000 – $2,000,000
21669852800 Driven$10,000 – $300,000 3 – 24
$10,000 – $300,000
1001648512000 2M7 Financial Solutions$1000 - $250,000
$1000 - $250,000
1001620345600 TD Bank 12 – 60
1001611878400 Accord Financial
171607558400 Helium Loans$500 – $50,000 Varies 6 – 60
$500 – $50,000
1001598918400 Loop
1001585612800 BarterPay 6 – 60
1001580947200 Corl$200,000 – $5,000,000
$200,000 – $5,000,000
1001580860800 Travelers Financial
1001580860800 Peel Financial
1001580860800 Pioneer Financial Services$5,000 – $1,000,000
$5,000 – $1,000,000
1001580860800 Polaris Leasing
1001580860800 Patron West
1001580860800 Payability
1001580860800 Planet Financial
1001580688000 RiseUp to $10,000 Prime + 2.5% Up to 60
Up to $10,000
1001580256000 Merchant Growth$5,000 – $800,000 6 – 24
$5,000 – $800,000
1001579478400 Lift Capital$50,000 – $5,000,000 3 – 36
$50,000 – $5,000,000
1001579478400 Leaseline 24 – 60
1001579478400 Lease Direct
1001579478400 John DeereUp to $1,200,000 12 – 84
Up to $1,200,000
1001579046400 Hitachi Capital Canada
1001577059200 Export Development Canada
1001577059200 Essex Lease Financial Corporation
1001577059200 Equilease
1001575849600 Alliance Financing Group LTD$5,000 – $150,000 Starting 15% 6 – 24
$5,000 – $150,000
1001575849600 CanaCapUp to $250,000
Up to $250,000
1001575590400 CLE Capital
1001575590400 Canada Equipment Loan
11545955200 SharpShooter Funding$1,000 – $300,000 5.49% – 22.79% 12 – 60
$1,000 – $300,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 Up to 10 years
Up to $250,000
1001552262400 National BankUp to $1,000,000
Up to $1,000,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 Up to 15 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)Starting at $5,000 Up to 84
Starting at $5,000
1001551398400 CWB National Leasing$3,500+
$3,500+
1001551398400 Money in Motion$10,000 – $1,000,000 4% – 14% 12 – 84
$10,000 – $1,000,000
1001551139200 Lease LinkUp to $250,000 Up to 48
Up to $250,000
1001550534400 FundThrough$500 – $50,000 2.75% – 8.25% 12 week cycles
$500 – $50,000
1001550534400 Econolease Financial Services Inc.$1,000 – $1,000,000 6% – 20%
$1,000 – $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 24 – 72
Up to $5,000,000
1001550534400 Capify$5,000 – $200,000
$5,000 – $200,000
1001549411200 Canadian Equipment Finance$50,000 – $12,000,000 24 – 96
$50,000 – $12,000,000
1001548720000 BDCUp to $100,000
Up to $100,000
1001548720000 B2B Bank$10,000 – $300,000
$10,000 – $300,000
1001545264000 iCapitalUp to $250,000 3 – 24
Up to $250,000
61545350400 IOU Financial$15,000 – $1,500,000 6 – 36
$15,000 – $1,500,000
51545177600 Journey Capital$5,000 – $300,000 9% – 35% Varies by product
$5,000 – $300,000
41545177600 Lending Loop$5,000 – $500,000 4.96% – 24.93% 1 – 60
$5,000 – $500,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
21679529600 ClutchVaries Varies 24 – 96 months
Varies
31632960000 SafeLendMin. $10,000 6.93% – 19.99% 18 – 96
Min. $10,000
81624233600 Auto Credit Deals $5,000 – $75,000 12 – 96
$5,000 – $75,000
171607558400 Helium Loans$500 – $50,000 Varies 6 – 60
$500 – $50,000
1001600646400 Iceberg Finance$1,000 – $35,000 12.99% – 29.99% 12 – 84
$1,000 – $35,000
61597104000 Bryden Financing & Auto Sales
61582761600 Eden Park
1001581033600 Toyloan
1001580688000 Rifco Starting at 12.9%
1001579478400 National Powersports Financing
1001579478400 LMG Finance
1001579478400 Loans2Go
1001578873600 iA Auto Finance Starting at 10.99%
1001578873600 Gamache Group
1001551830400 Royal Bank of Canada (RBC)Starting at $5,000
Starting at $5,000
1001552262400 National BankUp to $1,000,000 up to 96
Up to $1,000,000
1001551830400 Desjardins 6 – 96
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ 12 – 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 Up to 15 years
Up to $1,000,000
1001577059200 Daimler Truck Financial
1001577059200 DealerPlan Financial
1001575849600 Coast Capital Savings
1001575849600 Canada Auto Finance$5,000 – $45,000 4.90 % – 29.95%
$5,000 – $45,000
1001575849600 Credit River Capital Inc
1001575590400 Capital Trust Financial
61569974400 Car Loans Canada Up to 29.99% 12 – 96
1001561507200 Auto Capital Canada
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001551830400 Prefera Finance
1001548633600 2nd Chance Automotive Starting at 4.2%
1001545177600 Carloans411 12 – 84
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 35%3 – 120
Up to $50,000
1001578873600 Instant Loans CanadaUp to $50,000 24 – 60
Up to $50,000
1001545264000 BHM FinancialUp to $50,000
Up to $50,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
31726531200 Lotly$5,000 + 6% – 16% 12 – 60
$5,000 +
51700524800 Rocket Mortgage - -
41690934400 Neo Mortgage
21688601600 nestoMin $110,000 4.14% – 6.29% 24– 120
Min $110,000
1001627344000 Peoples Bank 4.50% – 5.97% 12 – 60
1001581033600 Mortgage Alliance 4.19% – 6.04% 12 – 120
1001580860800 Verico
1001580860800 True North Mortgage 2.99% – 5.49% 6 – 60
1001580860800 Tangerine$50,000+ 12 – 120
$50,000+
1001580860800 Think Financial
1001580860800 Turnedaway
1001580860800 REICO
1001580688000 Motusbank 6 – 60
1001579478400 Mortgage Architects 4.54% – 7.49% 6 – 120
1001578873600 Invis
1001577059200 Dominion Lending Center
1001577059200 First National Financial LP 4.49% – 6.63% 1 – 10 years
1001574899200 CHIP Reverse Mortgage 12 – 60
1001560124800 Centum 4.64% – 5.80% 1 – 10 years
1001548806400 Capital Direct$10,000 – $3,000,000 Varies 12 – 24
$10,000 – $3,000,000
11517097600 Alpine Credits$10,000 – $500,000 Starting at 10%
$10,000 – $500,000
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Are you considering buying your first car or getting rid of your old one? In either of those cases, a Nova Scotia car loan could be the best payment option for you. After all, any car can cost a small fortune, particularly if it’s a newer model, and you want something that’s as reliable and affordable as possible.

Reasons a Nova Scotian Driver Might Choose a Car Loan

Apart from making an expensive car easier to pay for, there are other situations where any Nova Scotian would prefer a car loan over other methods of payment, such as:

  • To finance a more trustworthy vehicle – While your rust-bucket might have been a cheap purchase, keeping it from breaking down every other month can end up costing you just as much as a new car.
  • When travelling to and from rural areas – Some Nova Scotians don’t live in an area where taking public transit, walking or biking to work is an option. There are also those who live in the city, but work in a rural area. In both cases, a car loan can help them afford a reliable vehicle with good gas mileage.
  • To start a private transport business or impress clients – When you’re establishing a limousine or Town Car service, or if you’re just trying to look good for clients, driving a luxury model can make all the difference. With a car loan, those expensive models won’t be so far out of your price range.
  • To take advantage of “vehicle title loans” – Once you’ve purchased your car in its entirety, it becomes an asset that you can leverage for loan money, the amount of which will be based on it’s estimated market value. Your lender will then hold the rights to your vehicle until your loan has been repaid in full.

New vs. Used CarsCheck out this infographic to compare purchasing a new car and a used car.

Types, Makes, and Models of Vehicle Available to Nova Scotian Drivers

Before you apply for your car loan in Nova Scotia, It’s best that you get a better understanding of your lender’s or dealership’s borrowing criteria in Nova Scotia.

Your approval and interest rate will most likely depend on elements such as:

  • Your regular income
  • Your employment record
  • Your credit score:
    • Good credit score (650 or above) = better chances of approval and a lower interest rate (saving you more).
    • Bad credit score (620 or under) = worse chances of approval and a higher interest rate (saving you less).

The healthier your credit and finances look, the more likely you are to be approved for nicer vehicles. However, even if you have bad credit, you should still be able to find a lender or dealership in Nova Scotia who will approve you for all kinds of vehicles, such as:

  • Hatchbacks
  • Sedans
  • SUVs (sports utility vehicles)
  • Pickup trucks
  • Vans (mini, oversized, etc.)
  • Motorcycles
  • Recreational vehicles (trailers, campers, jet-skis, snowmobiles, ATVs, etc.)

Requirements for Nova Scotia Borrowers With Bad Credit

As you can see, drivers In Nova Scotia with bad credit, while approvable by many lenders, may still have a harder time getting their applications accepted and receiving a reasonable interest rate. Obviously, approval will come easier to someone with a credit score of 620 or slightly under than to someone with a terrible credit score of 500 or below. In either case, there are certain things you can do to either improve your credit or, at the very least, get a better interest rate upon approval.

To build, repair and increase your credit score, you can:

  • Reduce your credit usage or increase your credit limit – Whatever option you choose, staying as far below your credit limit (30% or less) as you can to prevent your score from further damage.
  • Manage your debts more responsibly – If your bad credit is caused by your financial habits (i.e. not paying your credit card bills on time), the best way of reversing that situation is to start making your payments on time and in full to the best of your ability.
  • Apply for less new credit – Even if you’re just weighing your options, applying for car loans (or any other loan product for that matter) all over town is not a good idea. That’s because each lender you apply with in Nova Scotia will perform a hard inquiry into your credit report. Each hard inquiry stays in your report for several years and drops your credit score slightly. Your next lender then sees a record of this, assumes you’re not creditworthy and denies your next application.

For some information about bad credit loans in Nova Scotia, take a look at this.

To increase your approval chances in general and earn a lower interest rate, you can:

  • Find the right lender or dealership – Even if it’s not good to apply all over, it doesn’t mean you should settle for the first car loan source you come across. Some Nova Scotia car loan sources are more legitimate and reasonably priced compared to others.
  • Offer assets as collateral – If you have any valuable property, such as your home or a piece of land, you can use it as a bargaining chip to secure a car loan. Be careful, however, because (like a vehicle title loan) your lender will hold the rights to your asset, meaning you’ll lose it if you default on too many payments.
  • Offer a large down payment – A good way of giving your lender in Nova Scotia some faith in your financial ability is to make a sizeable down payment, the amount of which should depend on the overall price of the car itself. This will also help you pay down your total balance sooner, saving you more on interest over time.

I Want To…

Opting For a Trade-In

When you already own a car but you’re looking to upgrade to a more preferable model by way of your car loan, a trade-in can potentially save you a few dollars. This option is not for everyone, as your current vehicle will need to have some value for your dealership in Nova Scotia to accept it.

The process may go like this:

  1. Start by researching your car. See what models in similar conditions are going for these days. If you want to take it a step further, have your car inspected by a professional mechanic to get an idea of what shape it’s in.
  2. Bring the car to your chosen dealership in Nova Scotia, where they are likely to do an evaluation of their own. They should soon give you a quote. Keep in mind that they will not pay top dollar for it, because they have to resell it and still make money.
  3. If you’re satisfied with their offer, you can trade in the car in exchange for a reduced price on your new one.

Wondering if you can trade in a vehicle that it’s paid off yet? Look here for the answer.

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.

Can I still qualify for a car loan in Nova Scotia with a bad credit score?

It’s entirely possible to get a car loan in Nova Scotia even with a low credit score. However, be prepared for certain conditions. For one, you will likely pay a higher interest rate than normal. For non-prime car loans, the rates are generally from 8.99% to 29.99%. The exact rate will depend on some other factors besides your raw credit score. For example, newer cars actually have lower interest rates than older cars because of their retained value. Also, if your budget allows it, making your car loan shorter in length can net you a lower rate overall. A larger down payment is another way of potentially lowering the interest rate on your car loan. Besides credit score, you should also be concerned with meeting the bare minimum requirements before being considered for a car loan. Generally, you should have at least 3 months or more of continued employment, with $1600 to $2000 in monthly income. A valid Nova Scotia driver’s license and bank account are also required.

What is car loan refinancing?

Car loan refinancing is a way for you to change the rate, terms, and conditions of your car loan to your benefit. It can be done with your current loan provider or a new provider who’s taking over the loan. A new loan is calculated that is based on any remaining balance from the previous loan. You can use this refinancing as a way to lower your monthly payments, save overall interest paid, or even to get a cash loan (called “cash-out refinancing”). If you’re lowering your monthly payments, it most likely means you’ll be extending your term. You might be paying more in interest overall, but smaller monthly payments might be easier to manage. Saving on overall interest paid is usually done by refinancing to a shorter-term loan. And finally, cash-out refinancing is an option with newer cars. The cash loan amount will depend on the equity of the vehicle.

Your New Car is Just Around the Corner

If a good Nova Scotia car loan sounds appealing to you, talk to our Loans Canada team. We’ll set you up with the right lenders for your financial situation. Apply today!

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