VoituresÀVendre — Inventory

Using your bank or credit union to finance a car

All guides

Your institution’s proposal provides a comparison, not a guarantee of the lowest cost. Compare it with dealership offers for the same transaction.

Sources checked : 2026-11-13. Review due by : 2027-02-13.

Ask for a usable proposal

Specify the vehicle, amount, down payment and preferred term. Ask whether the proposal is an estimate, conditional preapproval or approval for that vehicle, and when it expires.

Conditions differ by vehicle age, private versus dealer sale and product. TD, for example, describes different financing paths for different vehicle ages and sellers; these are not universal lender conditions.

Compare without blindly multiplying applications

FCAC notes that a dealer is not required to show you its lowest available rate. Ask for multiple offers and compare your own institution.

Check fees, total interest, prepayment and optional products. A variable-rate line of credit carries different risks from an amortizing loan; compare more than the initial payment.

Your checklist

  • Record each proposal’s expiry and conditions.
  • Compare equal principal, down payment and term.
  • Decline unwanted extras and read before signing.

Worked example

A bank offer conditional on vehicle evaluation is not unconditional available cash. Have the exact vehicle confirmed before making a purchase commitment.

Limits

We do not apply for loans or promise approval or a better rate. Answering the optional question triggers no credit inquiry.

One question, if you wish

Have you arranged financing?

No answer is required. You can save an answer for your advisor in the interactive version; reading does not share anything with a dealer.

Sources

Related reading

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