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Car Loans Nova Scotia

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Written by Bryan Daly

Best Car Loans Nova Scotia 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Customer First Financing
$500 - $7,500 - -
$500 - $7,500
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% - 45.9% 24 - 60
$300 – $35,000
Cash Money
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Speedy Cash
Up to $1,500 15% - 23% 14 days
Up to $1,500
Provider Loan Amount Rate Term (Months) Rating
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 5.49% - 22.79% 12 - 60
$5,000 - $150,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Eden Park
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Cars on Credit Financial
- 14.5% to 29.9% -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Dominion Lending Center
- - -
-
First National
- 2.84% - 7.30% -
-
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Are you considering buying your first car or getting rid of your old one? In either of those cases, a Nova Scotia car loan could be the best payment option for you. After all, any car can cost a small fortune, particularly if it’s a newer model, and you want something that’s as reliable and affordable as possible.

Reasons a Nova Scotian Driver Might Choose a Car Loan

Apart from making an expensive car easier to pay for, there are other situations where any Nova Scotian would prefer a car loan over other methods of payment, such as:

  • To finance a more trustworthy vehicle – While your rust-bucket might have been a cheap purchase, keeping it from breaking down every other month can end up costing you just as much as a new car. What’s better repairing your old car or buying a new one? You can decide after you read this.  
  • When travelling to and from rural areas – Some Nova Scotians don’t live in an area where taking public transit, walking or biking to work is an option. There are also those who live in the city, but work in a rural area. In both cases, a car loan can help them afford a reliable vehicle with good gas mileage.
  • To start a private transport business or impress clients – When you’re establishing a limousine or Town Car service, or if you’re just trying to look good for clients, driving a luxury model can make all the difference. With a car loan, those expensive models won’t be so far out of your price range. 
  • To take advantage of “vehicle title loans” – Once you’ve purchased your car in its entirety, it becomes an asset that you can leverage for loan money, the amount of which will be based on it’s estimated market value. Your lender will then hold the rights to your vehicle until your loan has been repaid in full.

New vs. Used CarsCheck out this infographic to compare purchasing a new car and a used car. 

Types, Makes, and Models of Vehicle Available to Nova Scotian Drivers

Before you apply for your car loan in Nova Scotia, It’s best that you get a better understanding of your lender’s or dealership’s borrowing criteria in Nova Scotia.

Your approval and interest rate will most likely depend on elements such as:

  • Your regular income
  • Your employment record
  • Your credit score:
    • Good credit score (650 or above) = better chances of approval and a lower interest rate (saving you more).
    • Bad credit score (620 or under) = worse chances of approval and a higher interest rate (saving you less).

The healthier your credit and finances look, the more likely you are to be approved for nicer vehicles. However, even if you have bad credit, you should still be able to find a lender or dealership in Nova Scotia who will approve you for all kinds of vehicles, such as:

  • Hatchbacks
  • Sedans
  • SUVs (sports utility vehicles)
  • Pickup trucks
  • Vans (mini, oversized, etc.)
  • Motorcycles
  • Recreational vehicles (trailers, campers, jet-skis, snowmobiles, ATVs, etc.)

Requirements for Nova Scotia Borrowers With Bad Credit

As you can see, drivers In Nova Scotia with bad credit, while approvable by many lenders, may still have a harder time getting their applications accepted and receiving a reasonable interest rate. Obviously, approval will come easier to someone with a credit score of 620 or slightly under than to someone with a terrible credit score of 500 or below. In either case, there are certain things you can do to either improve your credit or, at the very least, get a better interest rate upon approval.

To build, repair and increase your credit score, you can:

  • Reduce your credit usage or increase your credit limit – Whatever option you choose, staying as far below your credit limit (30% or less) as you can to prevent your score from further damage. 
  • Manage your debts more responsibly – If your bad credit is caused by your financial habits (i.e. not paying your credit card bills on time), the best way of reversing that situation is to start making your payments on time and in full to the best of your ability.
  • Apply for less new credit – Even if you’re just weighing your options, applying for car loans (or any other loan product for that matter) all over town is not a good idea. That’s because each lender you apply with in Nova Scotia will perform a hard inquiry into your credit report. Each hard inquiry stays in your report for several years and drops your credit score slightly. Your next lender then sees a record of this, assumes you’re not creditworthy and denies your next application.

For some information about bad credit loans in Nova Scotia, take a look at this.  

To increase your approval chances in general and earn a lower interest rate, you can:

  • Find the right lender or dealership – Even if it’s not good to apply all over, it doesn’t mean you should settle for the first car loan source you come across. Some Nova Scotia car loan sources are more legitimate and reasonably priced compared to others.
  • Offer assets as collateral – If you have any valuable property, such as your home or a piece of land, you can use it as a bargaining chip to secure a car loan. Be careful, however, because (like a vehicle title loan) your lender will hold the rights to your asset, meaning you’ll lose it if you default on too many payments.
  • Offer a large down payment – A good way of giving your lender in Nova Scotia some faith in your financial ability is to make a sizeable down payment, the amount of which should depend on the overall price of the car itself. This will also help you pay down your total balance sooner, saving you more on interest over time.

I Want To…

Opting For a Trade-In

When you already own a car but you’re looking to upgrade to a more preferable model by way of your car loan, a trade-in can potentially save you a few dollars. This option is not for everyone, as your current vehicle will need to have some value for your dealership in Nova Scotia to accept it.

The process may go like this:

  1. Start by researching your car. See what models in similar conditions are going for these days. If you want to take it a step further, have your car inspected by a professional mechanic to get an idea of what shape it’s in.
  2. Bring the car to your chosen dealership in Nova Scotia, where they are likely to do an evaluation of their own. They should soon give you a quote. Keep in mind that they will not pay top dollar for it, because they have to resell it and still make money.
  3. If you’re satisfied with their offer, you can trade in the car in exchange for a reduced price on your new one.

Wondering if you can trade in a vehicle that it’s paid off yet? Look here for the answer.

Your New Car is Just Around the Corner

If a good Nova Scotia car loan sounds appealing to you, talk to our Loans Canada team. We’ll set you up with the right lenders for your financial situation. Apply today!  

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