CarsFast Car Loans
- Borrow from $500 - $75,000
- Rates from 3.90% - 29.90%
- Loan term of 12 - 96 months
If you’re looking for car loans in British Columbia, there are many options for all credit scores. Find out how much car loans typically cost in this province, how to get approved, and the steps you need to take to apply and find the right lender. You can also compare loan providers to find the best financing option for your personal needs.
You can apply for auto loans in BC from a number of different lenders:
Banks can offer car loans with competitive rates, but you’ll usually need a good credit score (660+) to apply.
Sample banks in BC offering car loans: | BMO, TD Bank, RBC, CIBC, Scotiabank, Canadian Western Bank and National Bank. |
Credit unions in BC usually offer smaller car loans that have less strict eligibility criteria. These auto loans will often come with lower interest rates than online car loans, but you’ll need a good credit score to apply. You’ll also need to be a credit union member.
Sample credit unions in BC offering car loans: | Coast Capital, Vancity, Coastal Community Credit Union, Greater Vancouver Community Credit Union, Island Savings and Community Savings Credit Union. |
Loan search platforms will pair you with a lender or dealer that matches your needs.
Sample providers in BC: |
Going directly to a dealership is a viable option. Dealers have a network of lenders to help customers find a car loan.
Sample providers in BC offering car loans: | BCS Auto Sales, Good Used Cars Inc, King of Cars BC |
Follow these steps to find the best car loans for your unique personal situation:
The cost of car loans in this province will vary based on a number of factors such as your term, interest rate and the ticket price of your car.
According to a 2024 Q1 study by AutoTrader, the average cost of a new car in BC is $68,896 while used cars in BC cost $41,452 on average.
As for the interest rate you may pay on a car loan in BC, you can use the current average car loan interest rate from Statistics Canada of around 7.50% as a benchmark. You’ll typically pay higher interest if you have a bad credit score.
You can use the car finance calculator below to calculate how much you could pay each month for a car loan in BC. Simply enter the details of any loan you’re interested in, and hit the Calculate button to find out how much your monthly payment will be and the overall cost of your car loan.
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Use the following sample interest rates to compare how much you could expect to pay for car loans in BC based on your credit score (assuming a 5 year loan term, 12% HST sales tax and a 10% down payment).
Credit score | Interest rate | Monthly payment | Total interest paid |
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Bad credit | 14.9% | $1,648.50 | $29,462.84 |
Average credit | 6.98% | $1,374.48 | $13,021.75 |
Excellent credit | 5.39% | $1,323 | $9,932.74 |
Credit score | Interest rate | Monthly payment | Total interest |
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Bad credit | 14.9% | $991.84 | $17,726.63 |
Average credit | 6.98% | $826.97 | $7,834.67 |
Excellent credit | 5.39% | $796 | $5,976.14 |
As you can see, you’ll have a higher monthly payment and pay more in interest over time with a bad credit score. The better your credit score is, the less you’ll pay each month and the less interest you’ll pay on your loan overall.
Yes, some online lenders and dealerships offer bad credit car loans in BC. Because many bad credit car loan providers are web-based, you can apply for them whether you live in Vancouver, Victoria, Burnaby or any other area of British Columbia.
Bad credit car loans are sometimes called subprime loans and tend to come with high interest rates between 10% and 30%. They may also come with longer payment terms which will drive up the amount of interest you pay over time.
You can qualify for a car loan with bad credit by filling out an application just as you would with any other car loan in BC. While this type of loan can be a helpful last resort option, you may want to build up your credit score before applying for a car loan to avoid taking on too much debt.
You can also explore other options if you want to avoid the high costs of a bad credit loan in BC.
Dealership financing in BC is generally available for the full price of the car, while a private car loan lender will often offer auto financing up to $50,000 or $75,000.
Keep in mind that the amount of money you’re approved for will depend on factors such as your income, your credit score, your current debt load and the price of the car you want.
While you may be able to borrow amounts between $1,000 and $75,000, there are some rules you can follow to figure out how much it makes sense to borrow based on your income.
This rule implies that the total operating cost of a car (including purchase price, insurance, gas, and other costs) should fall between 10% and 15% of your annual income. Check out the table below to determine how much you may be able to borrow for a car loan in BC based on your salary.
Annual salary | Budget for car (10% to 15%) | Monthly budget |
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$30,000 | $3,000 – $4,500 | $250 – $375 |
$50,000 | $5,000 – $7,500 | $417 – $625 |
$80,000 | $8,000 – $12,000 | $667 – $1,000 |
$100,000 | $10,000 – $15,000 | $833 – $1,250 |
The 20/4/10 rule is a handy guideline to go by when buying and budgeting for a car financing in BC. This rule states that you should put down 20%, obtain a loan term no longer than 4 years, and keep monthly car payments (including principal, interest, insurance, gas and other operating costs) at or below 10% of your monthly pre-tax income.
Compare British Columbia car loan options
You may need to meet the following eligibility criteria to qualify for car loans in British Columbia:
You can follow these steps to apply for car loans in British Columbia:
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