Car Loans Sherbrooke

Compare and Save With Loans Canada

Written by Bryan Daly

Best Car Loans Sherbrooke (Online) August 2021

Lender directory

Compare the providers in this region

Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 22.99% 24 - 60
$1,000 - $3,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Credit Matik
$250 - $1,250 22% 3 - 6
$250 - $1,250
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
Prêt Express 911
$250 - $1,250 22% APR -
$250 - $1,250
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
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $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
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
Fina Capitale
Up to $30,000 28% - 32% 1 - 3
Up to $30,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash Depot
$300 - $1,500 32% APR 3 - 5
$300 - $1,500
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
Fairstone
Up to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Loop
- - -
-
Core Capital Group Inc
- - -
-
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
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 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
Desjardins
Up to $100,000 - -
Up to $100,000
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
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
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
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
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 29.99% 12 - 72
$1,000 - $3,000
Alphera Financial Services
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
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
- - -
-
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
- - -
-
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
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
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+
Turnedaway
- - -
-
REICO
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Raymond Chabot
Bankruptcy, Consumer Proposal
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 ...

Note: Loans Canada does not arrange or underwrite mortgages or any other financial service. We are a simple referral website that provides free educational resources to help Canadians make better decisions.

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. 

Auto Financing 101

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.

New vs. Used Cars

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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