Can I get a car loan with bad credit in Canada?

Yes. Participating dealers consider a range of credit situations, including bad credit, no credit, previous bankruptcy, and consumer proposals. Complete the secure online application to explore your options.

How long does the application take?

The online application takes approximately two minutes. After submitting, our team reviews your information and connects you with a participating dealer.

Can I trade in my current vehicle?

Yes. Use our trade-in appraisal flow to tell us about your vehicle — by VIN or year/make/model — and a specialist will contact you with an estimate you can put toward your next purchase.

Can I finance a used vehicle?

Yes. Participating dealers offer financing for both new and used vehicles, including certified pre-owned options. Used vehicle financing may have slightly different terms, but it can be a cost-effective way to get behind the wheel.

How long does the car financing application take?

The online application takes approximately 2 minutes to complete. After submitting, our team reviews your information and connects you with a participating dealer.

Does applying affect my credit score?

YourApproval.ca does not pull your credit when you submit your application. A participating dealer may request your consent to perform a credit check as part of their financing review.

Car Financing in Ontario

YourApproval.ca helps Ontario residents explore car financing options for new and used vehicles. Our secure online application connects you with participating dealers that can review your financing needs — whether you are buying your first car, upgrading, or refinancing.

What Is Car Financing?

Car financing is a loan that lets you purchase a vehicle by making monthly payments over a set term, rather than paying the full price upfront. The lender provides the funds, and you repay the loan amount plus interest over an agreed period — typically 24 to 96 months. The vehicle serves as collateral for the loan.

Types of Car Financing Available

Participating dealers offer financing for a range of vehicle types:

New vehicles — Finance a new car, truck, or SUV from dealership inventory
Certified pre-owned vehicles — Inspected and refurbished used vehicles with warranty coverage
Used vehicles — Finance a pre-owned vehicle from dealer stock
Cars, trucks, SUVs, and minivans — Financing is available across vehicle categories

What Affects Your Car Financing Options

Several factors influence the financing options available to you:

Credit history — Your credit score and payment history are key factors lenders consider
Income and employment — Stable income and employment history support your application
Down payment — A larger down payment reduces your loan amount and monthly payment
Vehicle choice — The vehicle's age, price, and condition affect loan terms
Loan term — Shorter terms generally mean higher monthly payments but less total interest

How to Apply for Car Financing

Our online application takes approximately 2 minutes. You will provide information about your employment, residence history, income, and vehicle needs. After submitting, our team reviews your application and connects you with a participating dealer that can assess your financing options.

We do not guarantee approval. Our role is to connect you with dealers who can review your individual situation and help you explore available financing programs.

Understanding Your Financing Terms

When you finance a vehicle, key terms to understand include:

Principal — The amount you borrow
Interest rate — The cost of borrowing, expressed as a percentage
APR — The annual percentage rate, which includes interest and certain fees
Loan term — The length of time you have to repay the loan
Monthly payment — Your regular payment, which includes principal and interest

Use our car loan calculator to estimate your monthly payment based on different vehicle prices, down payments, and terms.