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0% Interest Car Finance In Ontario: All Your Questions Answered

0% Interest Car Finance In Ontario: All Your Questions Answered

If you are looking for zero percent car financing in Ontario, you are going to have some challenges.


Before the pandemic, carmakers offered a variety of different incentives to attract prospective buyers, including offering zero percent interest car loans to the most creditworthy borrowers.


While this tactic worked great, the economics of zero percent loans do not make sense in Canada, especially with the Bank of Canada raising interest rates to stop inflation in its tracks.


While interest rates are on the rise, it does not mean you cannot get a good deal, but you will need to move fast before interest rates go any higher.


How to get Approved for a 0% Interest Car Loan

To access the most competitive interest rates, your credit score is what will make or break the deal. Your credit score needs to be 680 or higher to access the best interest rates.


If your credit score is under 680, you can still get a car loan, but the interest rates will increase the lower your score.


If you are facing credit issues, they are not going to disappear by themselves; any negative or positive items will stay on your credit report for up to seven years.


Everyone in Canada relies on credit, so you need to work on improving your credit score.


There are some things you can do to improve your credit score; focus on bringing any accounts that are either in collections or past due.


Your payment history is the single biggest variable that impacts your credit score; allocate every extra dollar you have in your budget towards paying down these unpaid collections.


If you don’t know how much cash is available, it is time to create a budget.


What's Your Budget

The average price of a new and used car in Canada has gone up dramatically. This is due in part to inflation but also a limited supply of cars in the market.


If you have the budget, you should consider buying an EV, the cost of gas is already at $2.00 per litre, and it will continue to rise. The entire market will eventually migrate over to EVs, so the sooner you take the plunge, the more cash you are going to save.


The Best Source of Car Loans

There are many different car loan providers in Canada, and while there are many different lenders that advertise online if you want the best car loans, you need to visit your local car dealership.


These dealerships have a vast network of lenders and can tap into wholesale lending, which is something no one else can offer.


The dealership will show you how to improve your credit if you are facing credit issues; the dealership also has an extensive network of vehicles for you to choose from, so going to the dealership is by far the best place to go when you want to buy a car in Canada.


The sooner you go to the dealership, the faster you will be enjoying your new vehicle.


We’d love to help you find zero-percent car financing. Simply fill in the form below and we’ll get back to you ASAP or see our selection of new and used cars at our Burlington dealership. 


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    Categories: Auto Loan