Car Loans Quebec

Refinancing A Car Loan

📅 Last Updated: September 30, 2021

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

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Car Loans Quebec - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1694390400	$500 - $2,500	18.99%	3-6	$500 - $2,500
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	5.95%	Up to 60 months	$15,000
7	1666051200	$20 - $100	0%	-	$20 - $100
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
100	1600646400	$1,000-$7,500	12.99% - 29.99%	24 - 60	$1,000-$7,500
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600	-	0+	2 - 60	-
100	1592438400	$250 - $1,250	22%	3 - 6	$250 - $1,250
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
100	1580860800	$250 - $1,250	22% APR	-	$250 - $1,250
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 $3,200	-	-	Up to $3,200
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	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
100	1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
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	1550534400	Up to $50,000	14% - 34%	Up to 60	Up to $50,000
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1567555200	$300 - $3,000	18% + fees	6	$300 - $3,000
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
2	1543622400	Up to $50,000	19.99% - 39.99%	6 - 120	Up to $50,000
100	1545177600	$2,000 – $10,000	34.9% - 43%	12 - 60	$2,000 – $10,000
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	Up to $3,000	22% - 35%	3 - 4	Up to $3,000
100	1545350400	$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000	$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
3	1697414400	Up to $800,000	9% - 49.99%	3, 6, 9, or 12	Up to $800,000
2	1669852800	$500 - $300,000	-	2 - 24 months	$500 - $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
100	1598918400	-	-	-	-
100	1592438400	-	-	-	-
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	-	-	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	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
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	Up to $100,000	-	-	Up to $100,000
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	$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	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1548633600	Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
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
4	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
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
6	1624233600	Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
100	1600646400	$1,000-$7,500	12.99% - 29.99%	12 - 84	$1,000-$7,500
100	1594339200	-	-	-	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1579478400	-	-	-	-
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	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
100	1575504000	-	-	-	-
2	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
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
5	1700524800	-	-	-	-
100	1695945600	-	-	-	-
2	1688601600	Min $100,000	5.34%+	2 - 10 years	Min $100,000
100	1627344000	-	1.94% - 2.45%	12 - 60	-
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	-	-	-	-
100	1580860800	-	-	-	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1577059200	$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
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	1548720000	-	2.41% - 3.84%	-	-

		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	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

If you’re a citizen of Quebec, then you know what a great asset a car can be. While public transit, biking, and walking can save you money and keep you fit, there’s nothing like the convenience that comes with having access to your own car, and a car loan is one of the best ways of getting it.

In fact, a car loan in Quebec can be helpful in tons of situations, such as:

Following an accident or a breakdown – Maintaining and repairing your car can be pricey, no matter what make or model it is. Those costs are even worse when you’ve had an accident or your car becomes undrivable somehow. Wondering if you should repair your car or buy a new one? Read this first.
Making a new (or slightly used) car more affordable to buy – Most Quebecers can’t just walk into a dealership and pay for a car with a briefcase full of cash.
Reducing your carbon footprint or saving on fuel costs – Let’s be realistic, hybrid and electric models are usually more expensive than regular cars. Buying yourself a Tesla is much easier with a good car loan.
Getting a vehicle-title loan in the future – Once you’ve paid off your car loan completely and you own your vehicle’s title, you can then use it as collateral to secure future loans. Always be sure, however, to make your loan payments on time and in full, otherwise, your lender might repossess your car and sell it to compensate for their loss.

Do You Already Own a Car? Consider a Trade-In

As a car loan in Quebec (especially for a brand new car) can be expensive, one way of reducing the overall price is to trade in your used vehicle.

Generally, dealerships perform trade-ins by:

Inspecting and evaluating your car, giving them an idea of what it’s worth.
Giving you a quote (what they’ll pay for it)
Deducting that quote from the price of your new car, reducing the principal cost

Note: Most cars depreciate rapidly in value over time, which is why you likely won’t receive what your car is worth during a typical trade-in. However, it’s still good to do your own research and get a second opinion to determine the value of your car in today’s vehicle market. Make sure you’re getting the best price possible!

Click here to learn about some cars that have high trade-in values.

What About Other Kinds of Motor Vehicles?

Car loans in Quebec are not only a great option for consumers looking to purchase a car but can help those looking to purchase a secondary or recreational vehicle, including:

Motorhomes, trailers, etc.
Seadoos and skidoos
Motorcycles and open-air roasters
All-terrain vehicles and dirt-bikes

Things to remember in this situation:

A vehicle loan of any kind might only land you in bad debt if you can’t afford to make your payments on time.
A dealership might not approve you for a second vehicle loan if you’re still in the middle of paying your first.
Your credit and finances will be examined (for both types of vehicle loan). If you’ve already got a ton of other debt and bad credit, your chances of approval will be lower and your potential interest rate will be higher (if approved).

I Want To…

What Vehicles Can I Buy With My Car Loan in Quebec?

All dealerships and other lenders want to be sure that you’ll be able to pay them back in full by the conclusion of your loan term. Because of that risk of defaulting (not following your loan agreement), your credit and financial health may be subject to examination.

If everything looks in order, you should have no problem financing:

Sedans
Hatchbacks
Pickup trucks
Sports-Utility Vehicles
Mini or oversize vans

Check out this infographic for even more information about your auto financing options.

Will My Application Be Denied Because of My Bad Credit?

As we said, depending on your lender’s specifications, your credit might make up a significant portion of both your approval chances and the interest rate you’ll be given. Canadian credit scores range from 300-900. For larger credit products, car loans included, a score of 650 or above should put you in sight of both unquestioned approval and the lowest interest rates a typical lender can offer.

If your credit score is below that point, don’t worry. As long as your lender sees that your income outweighs your future payments, approval shouldn’t be far away. There are even lenders and dealerships in Quebec that cater specifically to borrowers bad credit.

Just be sure to watch out for:

High-interest rates – Since bad credit might imply that you’re a risky client, those same lenders might charge you a higher interest rate as compensation.
Potential debt – Always be certain that your car loan payments (including principal, interest, fees, warranty, and all other vehicle-related costs) fit properly into your budget. If not, you could only be putting yourself in unmanageable debt.
Scamming – Identity thieves, fraudsters, and other scam artists often use the idea of bad credit car loans to take advantage of those in need of a vehicle. Desperate to get approval after being rejected by conventional lenders, bad credit borrowers sometimes give away all their personal and financial information without thinking.

Click here for some information about bad credit loans in Quebec.

How Can I Improve My Credit or Chances of Approval?

While there are lenders all over Quebec a bad credit car loan, it never hurts to improve your credit for the sake of your approval, interest rate and financial health in general.

Here are a few ways you can do just that:

Pay off your other debts responsibly (on time and in full) – Not only does this make you look like a less risky borrower, it’s one of the most efficient ways of raising your credit score and improving the look of your credit history.
Get a secured credit card – If your credit score is so bad that you don’t qualify for a typical credit card, a secured credit card (which needs a security deposit equal to your credit limit) can help you increase your credit score until you do.
Correct errors on your credit report – When you request a free copy of your credit report from Equifax and/or TransUnion, you may come across informational errors that have been damaging your credit score. If so, you can dispute them and soon after you should see your score go back up.

For more ways of improving or fixing your credit score, read this.

Frequently Asked Questions

Can I pay off my car loan early?

Generally speaking, most car loans will charge you a prepayment penalty if you’d like to make early payments. Even so, depending on how much interest you’ll save, it might be worth it despite the penalty. Your car loan contract might also give you what’s referred to as “prepayment privilege”. Whenever your payments are scheduled, this privilege lets you pay up to a certain amount extra on top of your regular payment without any penalties. Doing this can save you lots of interest charges. A better alternative is to seek out what’s called an “open-end” car loan contract. Although they are less common, these will allow you to repay the loan as early as you’d like, saving you a ton of interest with no penalties.

Can I refinance my car to save money?

If you are unhappy with your car loan, you could refinance it in order to restructure the loan to better suit your needs. This can be done with the current lender or a new one looking to take over your contract. 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. Finally, 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.

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

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 Quebec 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.

Driving to a Better Financial Future With Loans Canada

Whether your credit is good or bad, rest assured that Loans Canada can connect you with the right source of car loans in Quebec. Just apply below and you’ll be on the road in no time!

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