Car Loans Vancouver 2019

While Vancouver is a big city with a solid public transit system, it is still a good idea to have a car if you want to go to the suburbs or travel around the beautiful province of British Columbia.

However, with the cost of living and real estate in the city, having the money to shell out for a new (or even used) car isn’t always easy. Thankfully, a car loan can be just what you need to get the car you want without breaking the bank and spending all of your money.

Need financing to help repair your current vehicle? Click here.

What Type of Vehicles Can You Get With a Car Loan?

The great thing about car loans is that most of them are quite flexible. As a result, you can pretty much get any type of vehicle you want, new or used. Just keep in mind that the type of car you should get is one that will fit your needs. Some people need a larger vehicle for their families or for work, while others will just need something small to make life a bit more convenient in Vancouver.

The type you ultimately go with will depend on what’s available at the dealerships in your area, but you can choose from a wide variety of vehicles including:

  • SUV
  • Coupe
  • Sedan
  • Hatchback
  • Truck
  • Van

Of course, while you can get a car loan for basically any vehicle, you should still be smart. Only get a loan that you can afford, even if you might qualify for a larger one. Just because you can pay off a larger loan now, doesn’t mean you’ll always be able to, so it’s always a good idea to keep your future finances in mind when taking out a loan.

Auto Financing 101Looking for more information about auto financing? Click here.

Bad Credit Car Loans in Vancouver

When many people think of getting a good car loan, they may believe that good credit is needed. While you will often get more affordable rates and less strict terms when you have a solid credit score and report, getting a car loan with bad credit is still possible.

The key to getting a bad credit car loan is finding the right lender. Some lenders are more than willing to work with anyone, even if you have bad credit. Next, having a decently large down payment can help to offset some of the lender’s worries surrounding your subpar credit score.

As for what bad credit is in Canada, it is generally a credit score under 600. If you find yourself with bad credit and want to improve it before applying for a car loan, there are a few things you can do. These include:

  • Paying your bills on time, in full
  • Keeping credit utilization low
  • Using credit only when you need to/can afford it
  • Leave old debt accounts alone
  • Limit your credit applications

Check out this article for more information about your credit score.

What About Trading My Car In?

If you currently have a vehicle but are interested in getting a newer or upgraded one, you should definitely consider trading your car in. Many dealerships give you the option to trade in your old vehicle to get a bit of a discount on a new one. It is a fantastic way to not only get rid of an old car that you no longer need but also to lower the cost of your new vehicle.

However, you should be sure to temper your expectations when it comes to trade-ins. Because of how quickly vehicles depreciate in value, you shouldn’t expect to get thousands and thousands of dollars for your old vehicle. Of course, you can also privately sell the vehicle instead of trading it in, but that can be a much longer process and involve a lot more work.

New vs. Used CarsNew cars vs. old cars, check this infographic out.

The Perfect Car Loan For You

Loans Canada is confident that we can find the perfect car loan for you. Don’t hesitate to reach out and contact us with any questions or concerns you may have. Or get started right away by filling out an application.

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After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Ka...

Lenders in this region:
Provider Rating
Pylo Finance 4/5
Fresh Start Finance 4/5
Marble Finance 5/5
Money Mart 4/5
Speedy Cash 5/5
Private Loan Shop 5/5
Progressa 5/5
My Canada Payday 4/5
Mr. Payday 4/5
Money Provider 5/5
Loan Express 3/5
Loan Away 5/5
Lendful 3/5
LendDirect 5/5
Health Smart Financial Services -
GoDay 5/5
iCash 5/5
Focus Financial Inc. 2/5
FlexFi 5/5
Eastern Loans 5/5
DMO Credit 5/5
Capital Cash 2/5
Credit 700 2/5
Credit Club 5/5
Credit2Go 3/5
Ledn 5/5
Amber Financial 5/5
Affirm Financial 5/5
310 Loan 2/5
Newstart Canada 4/5
Ferratum 5/5
SkyCap Financial 3/5
Fairstone 2/5
Lending Mate 5/5
Consumer Capital Canada 2/5
Lamina 3/5
Loans SOS -
514 Loans 5/5
CashCo 5/5
UrLoan 5/5
Loan Me Now 4/5
Captain Cash 3/5
BC Loans 4/5
Urgent Loans 4/5
Easy Financial 3/5
Mogo Finance 4/5
Cash Money 5/5
Borrowell 5/5
Magical Credit 5/5
Provider Rating
SharpShooter Funding 5/5
First West Credit Union 5/5
Meridian Credit Union 5/5
Laurentian Bank of Canada 5/5
HSBC Bank Canada 5/5
National Bank 5/5
Canadian Imperial Bank of Commerce (CIBC) 5/5
Scotiabank 3/5
Bank of Montreal (BMO) 3/5
Royal Bank of Canada (RBC) 5/5
CWB National Leasing 5/5
Money in Motion 5/5
Lease Link 5/5
FundThrough 5/5
Econolease Financial Services Inc. 5/5
Easylease Corp 5/5
Dynamic Capital 5/5
Capify 5/5
Canadian Equipment Finance 5/5
Capital Key 5/5
Cashbloom 5/5
BFS Captial 5/5
BDC 5/5
Baron Finance 5/5
B2B Bank 5/5
AOne Financial Solutions 5/5
Borrowell 5/5
iCapital 5/5
Lendified -
IOU Financial 5/5
Company Capital 5/5
OnDeck 5/5
Evolocity 5/5
Lending Loop 5/5
Thinking Capital 5/5
Provider Rating
Car Creditex -
Auto Capital Canada 5/5
Carfinco 5/5
Canada Drives 5/5
Prefera Finance 5/5
Approve Canada 5/5
2nd Chance Automotive 5/5
Newstart Canada 4/5
SkyCap Financial 3/5
Splash Auto Finance by Rifco 5/5
Carloans411 5/5
AutoArriba 5/5
Provider Rating
Newstart Canada 4/5
BHM Financial 2/5
Provider Rating
Centum 5/5
Broker Financial Group Inc. 5/5
Bridgewater Bank 5/5
Alpine Credits 5/5
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Note:

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