Car Loans Prince Edward Island

📅 Last Updated: March 6, 2024

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

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Car Loans Prince Edward Island - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1709683200	Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800	Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
15	1695254400	$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
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
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
6	1683676800	$15,000	6.7%	Up to 60	$15,000
7	1666051200	$250	0%	–	$250
100	1643932800	$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1623369600	Varies	0%	6 or 8 weeks	Varies
2	1620777600	Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
17	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400	Up to $15,000	–	–	Up to $15,000
100	1598832000	$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
100	1582243200	–	–	Up to 60	–
100	1580860800	$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
16	1580774400	$1,000 – $25,000	8.99% – 34.99%	36 or 60	$1,000 – $25,000
100	1579478400	$100 – $1,500	–	–	$100 – $1,500
100	1579478400	$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
18	1576713600	$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1562198400	$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
19	1552262400	$1,000 – $15,000	29.9% or 34.28%	6 – 60	$1,000 – $15,000
100	1551830400	$100 – $1,000	$14 per $100 borrowed	14 days	$100 – $1,000
100	1551830400	$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
15	1551139200	Up to $15,000	34.99%	Open-end	Up to $15,000
100	1569974400	Up to $1,500	$14 per $100 borrowed	Up to 62 days	Up to $1,500
100	1550534400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1550534400	$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400	$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200	$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
100	1567555200	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400	$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000	$500 – $1,000,000	7.9%	12	$500 – $1,000,000
100	1548720000	$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
5	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60	$500 – $10,000
2	1543622400	Up to $60,000	19.99% – 34.99%	6 – 120	Up to $60,000
100	1545350400	$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
5	1545350400	$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400	$500 – $750	23%	3 – 4	$500 – $750
100	1545350400	$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
4	1545264000	$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
3	1545264000	Up to $5,000	9.9% – 35%	–	Up to $5,000
10	1545177600	Up to $35,000	Starting at 12.99%	Up to 60	Up to $35,000
18	1545177600	$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600	Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
8	1714089600	$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600	$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	1669852800	$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000	$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600	–	–	12 – 60	–
100	1611878400	–	–	–	–
17	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400	–	–	–	–
100	1585612800	–	–	6 – 60	–
100	1581984000	$10,000 – $10,000,000	6% – 12.5%	–	$10,000 – $10,000,000
100	1580947200	$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
100	1580256000	$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400	$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
100	1579478400	$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400	–	–	24 – 60	–
100	1579478400	–	–	–	–
100	1579478400	Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600	Up to $250,000	–	–	Up to $250,000
100	1575590400	–	–	–	–
100	1575590400	–	–	–	–
1	1545955200	$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
100	1552262400	Up to $250,000	–	Up to 10 years	Up to $250,000
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 15 years	Up to $500,000
100	1551830400	Starting at $5,000	–	Up to 84	Starting at $5,000
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 $250,000	–	Up to 48	Up to $250,000
100	1550534400	$500 – $50,000	2.75% – 8.25%	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	–	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	1548720000	Up to $100,000	–	–	Up to $100,000
100	1548720000	$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000	Up to $250,000	–	3 – 24	Up to $250,000
6	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600	$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
5	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60	$500 – $10,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
2	1679529600	Varies	Varies	24 – 96 months	Varies
3	1632960000	Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600	$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
17	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
6	1597104000	–	–	–	–
100	1581033600	–	–	–	–
100	1580688000	–	Starting at 12.9%	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1578873600	–	Starting at 10.99%	–	–
100	1578873600	–	–	–	–
100	1551830400	Starting at $5,000	–	–	Starting at $5,000
100	1552262400	Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400	–	–	6 – 96	–
100	1551830400	$10,000+	–	12 – 96	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	–	–	–	–
100	1575849600	$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600	–	–	–	–
100	1575590400	–	–	–	–
6	1569974400	–	Up to 29.99%	12 – 96	–
100	1561507200	–	–	–	–
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	–	–	–	–
100	1548633600	–	Starting at 4.2%	–	–
5	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60	$500 – $10,000
100	1545177600	–	–	12 – 84	–

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600	Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000	Up to $50,000	–	–	Up to $50,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
3	1726531200	$5,000 +	6% – 16%	12 – 60	$5,000 +
5	1700524800	–	-	-	–
4	1690934400	–	–	–	–
2	1688601600	Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000	$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
100	1627344000	–	4.50% – 5.97%	12 – 60	–
100	1581033600	–	4.19% – 6.04%	12 – 120	–
100	1580860800	–	–	–	–
100	1580860800	–	2.99% – 5.49%	6 – 60	–
100	1580860800	$50,000+	–	12 – 120	$50,000+
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	–	–	6 – 60	–
100	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	4.49% – 6.63%	1 – 10 years	–
100	1574899200	–	–	12 – 60	–
100	1560124800	–	4.64% – 5.80%	1 – 10 years	–
1	1517097600	$10,000 – $500,000	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

A good car loan can be useful to any resident of Prince Edward Island. After all, having a car to make commuting more efficient is a convenience that most Canadians aren’t willing to live without. Getting around isn’t the only way a car loan can be useful. In fact, for PEI drivers, including yourself, a car loan can benefit you by:

Making normally expensive cars more affordable when you can’t pay in cash, by cheque or by credit card.
Improving your credit through full payments.
Making it easier and cheaper to upgrade to a newer or more fuel-efficient model than your current used car.
Helping you afford a larger, safer vehicle to for you and your family, such as a roomy minivan.
Helping you buy a new vehicle when your current one has been in an accident or is no longer reliable, ultimately costing you too much money in repairs.
Giving you the option of taking out a “vehicle title loan” once you’ve paid off your full balance. If approved, you can use your car title as collateral to secure loans, the size of which will be based on the vehicle’s estimated market value.

Note: before you choose a vehicle title loan, know that your lender will retain ownership of your car until you complete all your payments (including interest). This is risky if you can’t afford your payments and default for too long. If this happens, your lender may repossess your car and sell it to regain part of their investment.

Looking for a regular PEI installment loan instead? Try this.

My Credit is Bad. What Does That Mean for My Car Loan?

“Bad credit” likely implies that you’ve had a history of defaulted payments with your other credit products (credit cards, lines of credit, etc.). However, it could also mean:

You’ve fallen victim to fraud or identity theft at one point or another.
You’ve been applying for too much new credit. Hard inquiries performed by prospective lenders damage your credit score slightly. For more information about credit inquiries, click here.
You’re using too much of your available credit with your credit cards or other revolving credit products. The closer you are to your credit limit, the more your credit score will drop.
You’ve experienced a financial delinquency, such as a consumer proposal or bankruptcy because of your unmanageable debt.

If you’d like to improve your credit for better chances of approval and lower interest rates, you can try these methods:

Request a copy of your own credit report. This is a free yearly service provided by Canada’s credit bureaus (Equifax and TransUnion). When you check your own credit, it counts as a “soft inquiry” and won’t affect your credit score.
Inspect your report for errors. An error in your report of any kind can badly damage your profile if you don’t dispute it.
Heal your credit and payment history. Defaulted payments have a lasting effect on your credit. Wait a few months before applying for your loan, during which you can make timely, full payments on your other active credit accounts. Want to know how your payment history affects your credit score? Read this.
Keep your credit utilization ratio below 30%. If that’s not possible, request a raise in credit limit to prevent further harm to your credit score.
Manage your other debts. Unfortunately, some financial delinquencies will remain on your credit report for several years and there is no way to remove them until your credit bureau specifies. However, you can still make your payment history and creditworthiness look better by eliminating your other, more pressing debts before you apply.

Check out these debt management tips for credit users.

If your bad credit isn’t going anywhere soon, you can also get a bad credit car loan and get a slightly lower interest rate by:

Making a large down payment. While it’s not a requirement, putting more money down upon purchase will make you more creditworthy.
Offering up collateral. Since bad credit makes you a risky client, your lender will want more reassurance that you’ll pay your loan in full. You can give them that by securing your loan against your assets of value (home, another vehicle, etc.). Be careful! If you default for too many months, your lender might seize your asset!
Find a co-signer. If you have a trusted friend or family member who does have good credit and financial health, they can co-sign your loan to make you more creditworthy. Again, be careful! If you default again, your co-signer may need to take responsibility for your remaining loan balance!
Do more research for lenders. While applying all over town is not good for your credit, it never hurts to shop around to find a lender who offers better rates.

Check out this infographic to learn about your car financing options.

I’m Ready. What Vehicles Can I Buy?

Typically, the types of vehicles you can buy will depend on elements such as:

Your credit and finances
Your particular lender’s policies
Your particular lender’s inventory at the time
The value of the vehicle in question

However, once you’re approved, you can easily get a loan for almost any make or model, including but not restricted to:

Mercedes
Nissan
Acura
Ford
Toyota

You can also get a loan for alternative styles of vehicles, such as:

Motorcycles and scooters
RVs and camping trailers
ATVs, dirt-bikes, and crossovers
Jet-skis and snowmobiles

I Already Own a Used Vehicle? Can I Trade it For Another?

Trade-ins are a service offered by many lenders and dealerships all over Prince Edward Island. Essentially, your vehicle will be inspected on-site, given an estimated value and a quote for how much your lender will actually pay for it. If you’re comfortable with the quote, your lender may reduce the price of your next vehicle by that amount.

However, just remember:

Your vehicle must have a decent enough value for your lender to take it. Your current used car might not qualify with dealership standards.
Your lender/dealer needs to make a profit. They will almost never give you what the car is really worth, so keep your expectations low.
Your dealer might try to lowball you. Even if you’ll never get top dollar for your trade-in, it’s always good to get a second opinion. Do lots of research and get your car inspected by a mechanic of your choice to get a better idea of its value before you give it away for pennies on the dollar.

Frequently Asked Questions

How does car loan refinancing work?

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.

I have bad credit. Can I still get a car loan?

Even with a low credit score, you can find lenders 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 driver’s license and a bank account.

Do I get charged a penalty for paying my car loan off early?

In most cases, paying off your loan early will invariably save you money because there is less time for interest to accumulate. This sort of loan is called “open-end”, and some car loans are structured this way. Unfortunately, most are not structured in this way, especially for those who have poor credit. The amount of interest you pay on a car loan is usually precalculated, meaning the total amount of interest you pay is the same whether you pay it off early or not. You can even incur what’s called a prepayment penalty simply for making one extra payment. That said, some of these types of contracts do have what’s called a prepayment privilege. This allows you to make early payments up to a certain amount so you can still save a bit on interest. In some cases, it might still be worth it to pay the penalty and get out of the contract early. Make sure to consult with your lender to determine the full conditions of your contract.

Loans Canada, Helping You Drive Your Way to a Better Tomorrow

If you’re reading this and you’re a Prince Edward Islander in search of a good car loan, you’ve come to the right place. Loans Canada is always here to put you in touch with the right lenders and dealerships for all your auto financing needs. Apply today!

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