Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score
📅 Last Updated: October 4, 2021
✏️ Written By Kale Havervold
🕵️ Fact-Checked by Caitlin Wood

Ottawa is not only the capital of Canada but is also one of its largest cities and metropolitan areas in the county. Ottawa is home to many academic institutions and has among the highest standards of living in Canada.

Wondering if a lease takeover is right for you? Find out here.

Unfortunately, with so many people, getting around the city of Ottawa isn’t always quick. While public transit and biking are becoming more common, having a car is still the most popular way of getting around in Ottawa. Alas, getting a car is often easier said than done for many consumers. Thankfully, there are plenty of car loan options available in Ottawa.

Auto Financing 101Take a look at this infographic to learn more about your auto financing options.

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

So just what sorts of vehicles can you get with a car loan in Ottawa? Well, the good news is that a car loan can be used on any sort of vehicle that you want. You can choose from a wide range of different vehicles including:

  • Sedans
  • Convertibles
  • Coupes
  • Hatchbacks
  • Trucks
  • Vans
  • SUVs
  • Hybrids
  • Electric Cars

The actual car you end up being able to get will depend on the stock that your dealerships in Ottawa have unless you are willing to travel to get your vehicle. Of course, the type of vehicle that you choose will also depend on your needs, first and foremost. So someone who needs to drive long distances transporting tools will have different requirements than someone who simply drives to work and home every day.

Can’t decide if you should repair your old car or buy a new one? Try reading this.

Also, be sure to keep a budget in mind. Sure, you can likely secure a car loan for an expensive vehicle, but it is best to only buy what you can afford. If you take out a huge loan on an expensive car, it can be quite difficult to keep up with the large payments you’ll be responsible for making.

With the weather being incredibly unpredictable in Canada, it is a good idea to ensure you get a reliable vehicle with your car loan, as well. While they might cost a little more than an older and unreliable vehicle, it’s worth the extra cost. If you are unsure about the reputation or reliability of a car, it is a good idea to do some online research.

New vs. Used CarsCheck out this infographic for advice on how to choose between buying a new or used car.

Bad Credit Car Loans

While it would be great if everyone had spotless credit and a high credit score, that simply isn’t the case. As a result, there are many consumers in Ottawa and beyond that are struggling with bad credit.

However, those with bad credit still need to drive, but how are they supposed to get a car loan in Ottawa with their credit struggles? Well thankfully, there are many lenders in Ottawa that are willing to work with everyone, even those with bad credit. You should look online and around your city to find reputable lenders that work with anyone. They shouldn’t be too difficult to find in most major cities like Ottawa.

Want some information about bad credit loans in Ottawa? Check this out.

In addition to finding the right lender, you should also do your best to save up for a large down payment. Having a large down payment makes you less risky than someone with a smaller down payment, so this might offset any hesitation that your lender in Ottawa has about your bad credit.

Of course, if you’d rather work with a standard lender and get a standard car loan, you’ll need to look at improving your credit before applying for a loan. There are many different ways you can improve your credit, which include:

  • Using credit cards responsibly
  • Keeping credit utilization low
  • Always make your payments on time
  • Keep old credit accounts open

Canadian Credit ScoreCheck out this infographic to learn more about what affects your credit score.

Common Reasons Why Consumers in Ottawa Need Car Loans

Obviously, the biggest reason that people need a car loan is that they don’t have enough cash to pay for the car up front. Most vehicles can easily cost thousands of dollars or more, and most people simply don’t have that in the bank.

Is paying cash for a car a good idea? Click here to know.

However, that is not the only reason that consumers in Ottawa and beyond need car loans. Some of the other reasons why car consumers need car loans are:

  • They need to upgrade from an older car to a newer vehicle
  • They need a larger vehicle for a growing family or other changes in life
  • They have gotten a new job and need something smaller or larger
  • Their old car died so they need to replace it
  • Their needs and wants have changed and they want their car to reflect that

Of course, this isn’t an exhaustive list as each individual person could have their own reason for needing a car loan.

Need a loan to deal with a car accident? Look here.

The Right Car Loan For You

Looking for a car loan in the Ottawa area? If so, be sure to contact Loans Canada for assistance, we are confident we can help.

Special Offers

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/03/How-To-File-A-Notice-Of-Objection-To-Dispute-Your-Tax-Return.png
Filing A Notice Of Objection To Dispute A Tax Return

By Corrina Murdoch

Do you disagree with your notice of assessment? Find out how to file a CRA notice of objection and have the issue resolved.

https://loanscanada.ca/wp-content/uploads/2022/01/Notice-Of-Assessment.png
What Is A Notice Of Assessment?

By Corrina Murdoch

A Notice of Assessment is the government’s evaluation of your income tax return. After you file your taxes each year, the CRA sends you an NOA.

https://loanscanada.ca/wp-content/uploads/2024/03/Canada-tax-reviews.png
Canada Tax Reviews

By Lisa Rennie

Wondering if you have any unclaimed cash with the CRA? Canada Tax Reviews can help you recover unclaimed tax credits from previous years.

https://loanscanada.ca/wp-content/uploads/2024/03/Nyble-vs-bree.png
Nyble vs. Bree: Which One Is Better?

By Lisa Rennie

Bree and Nyble make great alternatives to expensive payday loans. If you're short on cash, these services can help cover you.

https://loanscanada.ca/wp-content/uploads/2024/03/Debt-to-income-ratio.png
What Is Debt-To-Income Ratio And How To Calculate It?

By Lisa Rennie

Everything you need to know about what a debt-to-income ratio is and how it affects your ability to get approved for the loan you want.

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card