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Car Loans Newfoundland and Labrador

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Updated On: September 30, 2021

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Car Loans Newfoundland and Labrador - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1741219200	Up to $1,000	0% interest (30.4% APR)	30 days (revolving)	Up to $1,000
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
18	1695254400	$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
10	1692748800	Up to $500	0%	Up to 65 days	Up to $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
11	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
1	1620777600	Up to $35,000	9.99% – 34.95%	6 – 60 months	Up to $35,000
24	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
19	1582243200	–	9.9% – 29.9%	12 – 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 months	$1,000 – $25,000
100	1579478400	$100 – $1,500	$14 per $100	–	$100 – $1,500
7	1579478400	Up to $20,000	19.8% – 34.99%	36 – 85 months	Up to $20,000
100	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
10	1552262400	$500 – $25,000	29.9% or 34.28%	6 – 84 months	$500 – $25,000
100	1551830400	$100 – $1,000	$14 per $100	14 days	$100 – $1,000
100	1551830400	$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400	Up to $1,500	$14 per $100	14 days	Up to $1,500
100	1546128000	Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
15	1551139200	Up to $15,000	34.99%	Open-ended	Up to $15,000
100	1550534400	Up to $1,500	$14 per $100	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	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
11	1545264000	$500 – $100,000	12.99% – 34.99%	9 – 60 months	$500 – $100,000
6	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
15	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
5	1545264000	$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
4	1545264000	Up to $5,000	34.37%	–	Up to $5,000
8	1568937600	Up to $10,000	Varies by product	Varies by product	Up to $10,000
21	1545177600	Up to $35,000	Starting at 12.99%	Up to 60 months	Up to $35,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
9	1725321600	Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
4	1714089600	$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
3	1714089600	$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
5	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	–	–	–	–
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400	–	–	–	–
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
2	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	–	12 – 120	$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	-	–	Up to 84	-
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
8	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
6	1545177600	$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
7	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
100	1749600000	–	–	Up to 96 months	–
19	1582243200	–	–	Up to 60 months	–
6	1543622400	Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
5	1545264000	$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
100	1620345600	–	–	Up to 96 months	–
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
24	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	1581033600	–	–	–	–
100	1580688000	–	Starting at 12.9%	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1578873600	–	Starting at 10.99%	–	–
100	1578873600	–	–	–	–
100	1551830400	-	–	12 – 96 months	-
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 months	$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	1548633600	–	Starting at 4.2%	–	–
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
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
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Any Newfoundland and Labrador consumer can take advantage of the benefits that come with a solid car loan. If you’re one of those hopeful drivers, you can use a car loan to:

Build, repair or improve your credit – Your lender or dealership should be relaying your car payments to one of Canada’s two credit reporting agencies (TransUnion/Equifax). If you’ve been making those payments on time and in full, your credit score will gradually rise, improving your whole credit report.
Drive a car that’s normally not affordable for you – Even factory floor models can be expensive, so a car loan can help you pay for one by stretching out your payments over a more reasonable schedule.
Get a new vehicle following an accident or breakdown – Either of these events can leave your current car completely undrivable. It’s best to get something more reliable if you want to get to work on time.
Change your lifestyle for the better – A new hybrid can save you money and be good for the environment. A new minivan can help you start a family. Don’t skip out on a great car just because the junker you have now is “good enough”.

The Way Bad Credit Changes Your Car Loan

If your credit is as worn out as your old vehicle, meaning your credit score is below 620 (Canadian credit scores range from 300-900), it can change your car loan in various ways. For instance:

Bad credit can make you a risky Newfoundland and Labrador borrower. Some lenders and dealerships might not approve your application.
Those that do approve you may give you a higher interest rate. A higher interest rate can cost you thousands more over the life of your car loan.

Don’t worry, you can still get approved if you:

Apply for a “secured” loan – Your odds will improve and your interest rate may be lowered if you offer your lender in in Newfoundland and Labrador some security upfront, such as your home, piece of land or another valuable asset. Just know that your asset will be at risk of seizure and sale if you don’t make your payments responsibly. To learn more about asset-based financing, watch this video.
Save for a down payment – Another way to earn your lender’s trust is to make a down payment for your car. This should give you a higher approval chance, a better interest rate, and a shorter overall payment term.
Find a bad credit lender/dealership in Newfoundland and Labrador – If you don’t qualify with conventional lenders and dealerships, you can seek one that deals specifically with bad credit borrowers, of which there are many in Newfoundland and Labrador.

Want to know about bad credit loans in Newfoundland and Labrador? Click here.

If you’d prefer to raise your credit score, you can always:

Improve your credit profile – Making responsible payments for all your other loans and credit products is a good first step. It takes time and effort, but it’s still one of the most efficient ways to improve your creditworthiness.
Avoid credit inquiries – When a lender in Newfoundland and Labrador is considering you for a car loan, they’ll perform a “hard inquiry” to examine your credit report for signs of financial delinquency. Every hard inquiry deducts points from your credit score, which is why it’s best not to apply numerous times within a few months.
Request a higher credit limit or use less credit – Straying too close to your credit limit (common with revolving products) can also harm your score. Use a maximum of 30-35% for the best results. Trying to manage your revolving debt? Check this out.
Dispute credit reporting errors – It’s essential to maintain the health of your credit report, which contains a history of your credit activity over a certain number of years. Errors caused by improperly relayed information, spelling mistakes, fraud and identity theft can ruin your credit score before you even notice.

Trying to decide between a new car and a used car? Check out this infographic.

Your Options in Newfoundland and Labrador: Vehicle Trade-Ins

Any car loan can be costly in Newfoundland and Labrador, even when you’re approved for a low-interest rate on a reasonably priced vehicle. One money-saving option is to trade in your used vehicle.

Here’s what the process looks like:

You must already own or be in the process of financing a vehicle that’s still got some market value to it. Get it inspected and appraised for a better idea of that value.
The same type of inspection process will likely be performed at the dealership.
If approved, the dealer will give you a quote based on how much they would be able to resell the car for.
You should keep your expectations low, as your dealer can’t give you top dollar if they want to make a profit.
If you like their offer, however, the quoted amount will be subtracted from the initial price of your new car, making it slightly more affordable.

Other Options in Newfoundland and Labrador: Vehicle Title Loans

This will only work if you own your car completely, meaning no payment balance remains. If so, you can leverage your car title in exchange for regular loan money, which you can use however you’d like. Similar to a trade-in, your car will be evaluated and you’ll be given a quote based on your lender’s expectations for resale. Your car title then acts as collateral to secure the loan. If you default on too many payments, your lender has the right to sell your vehicle at auction to regain part of their loss.

For more information about borrowing using your car title, check this out.

Approval Granted: Cars and Vehicles Available for Purchase in Newfoundland and Labrador

Once you’re approved, you should have a whole selection of cars and other vehicles to choose from. However, your selection generally depends on elements such as:

Your budget – A car loan may only put you in terrible debt if it can’t actually fit into your budget. Always factor your payments, interest rate, and other fees into your list of everyday expenses before you buy it.
Your dealership’s inventory – Before applying, make sure your dealership in Newfoundland and Labrador actually has the car you need. If not, you’ll be putting a hard inquiry on your credit report for no reason.
Your credit, income and employment history – For obvious reasons, your options will be more limited if your lender in Newfoundland and Labrador thinks there’s a chance you won’t keep up with your payments.

However, a decent financial profile will help you purchase vehicles of all kinds, such as:

Sedans
Minivans and oversized-vans
Hatchbacks
SUVs
Pickup trucks
Recreational vehicles:
- Motorcycles, roadsters, etc.
- Motorhomes, trailers, etc.
- Boats, jet-skis, etc.
- Snowmobiles, all-terrain vehicles, dirt-bikes, etc.

Frequently Asked Questions

How can I use my car to get cash?

Refinancing your vehicle is a creative way to get a cash loan and it is potentially a good option for other reasons as well. You can use “cash-out refinancing” to get yourself a cash loan for an emergency. If your car is relatively newer and already has a substantial amount of it paid off, you can turn that equity into cash. Also, if you find that you can no longer budget for your car’s monthly payments, refinancing can help spread out the loan over a longer-term and lower the payments. You might pay more in the long term, but at least you’ll have peace of mind knowing you can make the payments in time. Lastly, another use for car refinancing is to save money. This can be done if you can refinance at a lower interest rate or if you can shorten the term of your loan.

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

If your credit score is below 650, you may still have some options for car loans. With a lower score comes higher rates, which can be between 8.99% up to 29.99% for non-prime car loans. The exact rate you’ll get depends on other factors as well. New cars will have lower rates than used cars but require higher credit scores to qualify. The shorter the length of the loan, the lower your rate will be — but your monthly payments will have to be higher. Lastly, a higher down payment should also help lower your rate. At a bare minimum, you’d be required to have held a job for at least 3 months, have a valid bank account, and earn between $1600 to $2000 per month. Of course, you’ll also need a valid driver’s license.

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.

Getting Your Next Car Loan Through Loans Canada

Don’t wait! Apply today if you’d like to get access to the best car loans and other types of loans in Newfoundland and Labrador. Loans Canada has a solution for everyone!

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