Shawn Ryder

JANUARY 22, 2025

When considering purchasing a used car in Ontario, Canada, one major financial aspect to be aware of is the Annual Percentage Rate (APR) you might encounter when financing your purchase. In Canada, lenders are legally required to disclose the APR, allowing consumers to better compare financing options from various providers.

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Shawn Ryder

JANUARY 18, 2025

The key components of an auto loan include the principal amount (the price of the vehicle), the interest rate, and the term of the loan (length of time to repay). Third-Party Lenders: Often, manufacturers will partner with banks and credit unions to provide loan options, utilizing their established procedures for determining interest rates.

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Automotive Mastermind

NOVEMBER 18, 2022

Still, S&P Global Mobility notes the average APR has risen for the upper-level credit tiers, but not for the lowest tier, including credit scores between 300–600. APR in August versus 5.4% According to S&P Global Mobility, credit unions now offer the lowest average rates in the industry at an average 4.7% for captives and 6.2%

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