Dealership hours of operation
Mon - Thu 9:00am - 7:30 PM
Fri - Sat 9:00am - 6:00pm
Sun Open Online
Dealership hours of operation
Mon - Fri 7:30am - 6:00pm
Sat - Sun closed
Dealership hours of operation
Mon - Fri 8:00am - 5:00pm
Sat - Sun closed
Dealership hours of operation
Mon - Fri 8:00am - 5:00pm
Sat - Sun closed

Car Loan Financing & Leasing Interest Rates in Toronto, Ontario, Canada | Ontario Chrysler Jeep Dodge Ram

Get Approved for A Car Loan in Toronto

1- What's the Average Car Loan Interest Rate for Bad Credit Car Loans?

The average car loan interest rate on loan for car buyers with bad credit is generally higher than 10%. However, many customers can refinance their automobile loan at a prime rate after 12 to 18 months of on-time car loan payments. This option does exclude people with additional reports of damaging activity on their credit report.
Below is some data from statistics Canada on funds advanced for non-mortgage loans, personal loan plans, consumer credit, Of which are auto loans:
September 2020 October 2020 November 2020 December 2020 January 2021
4.04% 4.14% 4.23% 4.20% 4.45%

2- What is a good new or used car interest rate for a car loan?

The car finance rates for a new car can be as low as 0%, and rates for used cars typically start at 5.9%, depending on the terms of the loan. These auto loan interest rates are On Approved Credit Only.

3- How can I raise my credit score in 30 days?

You can raise your credit score in 30 days in order to qualify for a low interest car loan rate by doing the following:

  • Correct any errors on the credit report.
  • Become an authorized user.
  • Raise your available credit.
  • Make minimum payments on time.
  • Reduce your debt-to-income ratio.
  • Have a good mix of debt.

As you can see, low or no credit doesn't mean you can't purchase a car. Raising or repairing a low credit score can be done. If your credit is in good shape, a car or truck is an easy buy but even if you don't have great credit, there's almost always a way to get car or truck financing rates that will work with your budget. Use our car loan calculator to determine if you can afford your vehicle based on your car loan interest rate.

Apply For A Car Loan:

    Short Finance Form

    Contact Information

    Address Information

    Privacy Statement

    As a valued customer, we want to ensure that your private information is kept private and only shared with those companies that are authorized by yourself or that are allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

    Collection of Information
    The purchase of a motor vehicle requires considerable accumulation of non-public personal information. For example, if we sell or lease you a vehicle—extending credit to you at your request—we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

    Some of the information we obtain from you may be required by provincial or federal agencies, such as the Department of Motor Vehicles or the Canada Revenue Agency. This information may be required even if you were to pay cash for your vehicle. Examples would be a driver's license or social security number.

    Protecting Your Information
    We safeguard nonpublic personal information according to established industry standards and procedures. We maintain physical and electronic safeguards that comply with provincial and federal law. We restrict access to non-public personal information about you to those employees and outside contractors who need to know the information to provide goods or services to you. We prohibit our employees and agents from giving information about you to anyone in a manner that would violate any applicable law or our privacy policy.

    Information Sharing
    Unless we have indicated our desire to share your non-public personal information with non-affiliated third parties (by checking the box in the section below), we share information:

    A) For everyday business purposes, such as to process transactions, maintain account(s), to respond to court orders and legal investigations, or to report to credit bureaus.

    B) For the purposes of processing a sale or lease transaction at your request or authorization, such as submitting information to third party financial institutions that may be requested to take an assignment of the contract, or verifying insurance coverage information.

    C) When using outside service providers to help us provide you with products and services. Before providing information to our service providers, we enter into contractual agreements prohibiting them from disclosing or using the information other than for the purpose for which it was disclosed.

    D) With "Affiliated" companies. Companies that are affiliated with us include any company that controls us, any company that we control, or any company under common control with us.
    I am interested in purchasing or leasing a vehicle and request that my Consumer Credit Report be obtained, at no cost to me, in order to help determine the types and extent of financing which may be available to me.

    Enter Your Initials In The Box Below