Car Loans Sherbrooke, Quebec

📅 Last Updated: November 18, 2024

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

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Car Loans Sherbrooke - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1694390400	$500 – $2,500	18.99%	3 – 6	$500 – $2,500
100	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
22	1683676800	$15,000	6.7%	Up to 60	$15,000
9	1666051200	$250	0%	–	$250
100	1643932800	$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
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	1592438400	$500 – $1,500	18.99%	3 – 6	$500 – $1,500
19	1582243200	–	–	Up to 60	–
100	1580860800	$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400	$1,000 – $25,000	8.99% – 34.99%	36 or 60	$1,000 – $25,000
100	1579478400	$100 – $1,500	–	–	$100 – $1,500
14	1579478400	$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
100	1576713600	$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1551830400	$100 – $1,000	$14 per $100 borrowed	14 days	$100 – $1,000
100	1550534400	$3,000 – $15,000	13.99% – 34.99%	12 – 60	$3,000 – $15,000
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
5	1543622400	Up to $60,000	19.99% – 34.99%	6 – 120 months	Up to $60,000
100	1545350400	$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
100	1545350400	$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
15	1545350400	$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
6	1545264000	$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
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	–	–	–	–
100	1598918400	–	–	–	–
100	1592438400	–	–	–	–
100	1585612800	–	–	6 – 60	–
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	$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	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	–	–	–	–
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	$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	$10,000 – $300,000	–	–	$10,000 – $300,000
6	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
4	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
8	1624233600	$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1581033600	–	–	–	–
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	$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	1548633600	–	Starting at 4.2%	–	–
100	1545177600	–	–	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	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
100	1731542400	$15,000 – $1,000,000	Starts at 12%	Up to 36	$15,000 – $1,000,000
5	1700524800	–	-	-	–
100	1695945600	–	–	–	–
2	1688601600	Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
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	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
100	1577059200	–	Varies	–	–
100	1577059200	–	–	–	–
100	1577059200	–	4.49% – 6.63%	1 – 10 years	–
100	1574985600	$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200	–	–	12 – 60	–
100	1574899200	–	4.24% – 6.30%	–	–
100	1560124800	–	4.64% – 5.80%	1 – 10 years	–

		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

Although Sherbrooke is a large town, it’s also located in a rural part of Quebec, meaning cars, trucks, and other vehicles are necessary for many residents to get around. That’s right, whether it’s to commute to work, to get your groceries home, or to go on a road trip, a reliable car is a commodity for a lot of Canadians out there.

Nevertheless, anyone who owns a car will tell you how expensive it can be to purchase, fuel, and maintain throughout the years. While many of these costs are manageable, sometimes financing is required to make the overall price of the vehicle more affordable over time. Luckily, that’s exactly what a car loan is for.

Common Reasons to Apply For a Car Loan

Why would you apply for a car loan in Sherbrooke? The answer can vary, of course, but the main reason is so that you can gradually purchase a newer or more expensive vehicle through payments, rather than all at once. After all, even a lightly used car can retail for well over $10,000 and that’s not including the interest and fees that you may be charged along the way.

If not for the overall cost, you may want to apply for a car loan because:

Your old vehicle is broken down or unreliable
You’re looking to upgrade to a nicer model or downgrade to a cheaper one
Repairing and/or maintaining your current model is too expensive
You’re buying a second vehicle for your child, partner, or another family member
Your family is expanding, so you need a bigger, safer vehicle
You have to drive a lot for work

When searching for financing, you’ll typically have two choices. The first would be to apply for a loan through your bank or other lending institution, then repay it through installments over several months to several years. Alternatively, many dealerships offer their own in-house financing programs. Be sure to speak with a financial advisor before you make your decision, as both options have their benefits and drawbacks.

Trading In Your Current Vehicle

Another situation that could cause you to apply for a car loan in Sherbrooke is a trade-in. Essentially, this is when a dealership accepts your used vehicle in exchange for a reduced price on the model you’re interested in buying. As long as they can resell your car at a profit someday, many dealerships will make these kinds of agreements.

Before you attempt a vehicle trade-in, there are a few things you should consider:

Many less reputable dealers will low-ball you on the price and try to get your vehicle for less than it’s worth, then sell you an unreliable vehicle.
So, it’s smart to check what similar makes and models are selling for online, then get your vehicle inspected by an outside mechanic to learn it’s true value.
If the car seems fit for a trade-in, be sure to clean it properly and get any necessary repairs done so it commands as much value as possible.
Organize any paperwork you have on the vehicle (registration, accident reports, etc.) and make sure the dealer provides the same documents for your new car.
Even if your dealer is reputable, most vehicles depreciate rapidly in value, so it’s unrealistic to expect top-dollar for your car, regardless of where you trade it in.
Depending on the make, model, condition, and mileage of your current vehicle, you may only receive a few hundred to a few thousand dollars off your next one.

Despite all these factors, a trade-in can be a great way to reduce the price of a new or slightly used vehicle that would otherwise be unaffordable. It’s just important to set your expectations appropriately and do all the research you can prior to signing any contracts. That way, you can get every dollar possible out of the deal.

Vehicle Title Loans

As mentioned, a traditional car loan is a lump sum of money that you can apply for through your bank or another lender. However, many lenders can also offer you a vehicle title loan. This type of financing allows you to temporarily sign over the title of your current car and use it as collateral in exchange for a loan.

Since this loan is liquid cash, you can use it for almost any expenses that come your way. That said, before you apply for this kind of financing, keep in mind that the loan will be secured against the vehicle, meaning the lender is allowed to repossess it if you miss too many of your upcoming payments.

In addition, you must fully own the car’s title and there must be enough residual value in the vehicle itself for the lender to sell it if you go into default.

Bad Credit Car Loans

If you have a bad credit score (300-600), it’s likely the result of too many missed payments in the past, loss of employment, identity theft, or other problems related to your unpaid debts. As a result, your options will be more restricted when it comes to the credit products that you’ll qualify for.

Don’t worry, because there are still numerous ways to get approved for a car loan in Sherbrooke, including but not limited to:

Applying With The Right Lender

Unfortunately, many prime lenders, such as banks, will not approve you because of their tighter borrowing standards. Thankfully, there are plenty of subprime lenders in Quebec who can offer you a smaller, higher-interest loan, as well as many dealerships with bad credit in-house financing programs. Just make sure that your chosen lender is a legitimate source of financing with a good reputation among their customers.

It’s also a good idea to choose a lender that reports to at least one of Canada’s credit bureaus (Equifax or TransUnion) so that any payments you make will show up on your credit history and gradually increase your credit score.

Offering A Sizeable Down Payment

Another way of earning better loan approval odds and conditions when you have bad credit is to come up with a large down payment of 10%-20% of the vehicle’s final asking price. Not only will this help reduce the length of your repayment plan, but your lender might also consider you less risky, so you could be eligible for a lower interest rate.

Finding a Cosigner or Offering Collateral

If your creditworthiness still isn’t strong enough, you can also get a stronger borrower to co-sign your application and agree to take over your car payments if you can’t afford them. Alternatively, you can offer up one of your assets, such as another vehicle, so your lender has some collateral to sell if you one day go into loan default.

Improve Your Finances

In the end, the main thing your lender or dealership needs to confirm is that you’ll make your car payments on time. So, even if you have bad credit now, it may be easier to get approved for a favourable car loan if you have a solid income and a decent amount of savings to cover your payments during any financial emergencies that arise.

Vehicles You Can Finance With a Car Loan

Remember, any vehicle can be expensive, especially when you consider the base price, the interest, and any costs that recur throughout the years. So, before you apply for a car loan in Sherbrooke, be sure to tally up these costs and factor them into your budget to know if you can afford them when coupled with your other expenses.

If your finances and credit are healthy enough, then there are plenty of car brands that your loan can help finance, such as:

Mercedes
Toyota
Hyundai
Volkswagen
Honda
BMW
Tesla

You can also use this type of loan to finance most recreational vehicles, such as:

Motorhomes
Boats
Motorcycles
Scooters
Snowmobiles
Jet Skis
All-Terrain Vehicles

Finding The Right Car Loan

If you’re looking for a car loan in Sherbrooke, don’t hesitate to reach out to the experts at Loans Canada. We can put you in contact with the best vehicle financing plans, dealerships, and lenders in your area.

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