VoituresÀVendre — Inventory

Used-car rates: how to compare current financing offers

All guides

Your actual rate depends on the lender, application, vehicle, down payment and term. A dated offer is required: the policy interest rate is not an auto-loan rate.

Sources checked : 2026-11-13. Review due by : 2026-11-20.

What was verified, and what was not

The Bank of Canada page checked November 13, 2026 showed a 2.50% target announced October 28, 2026. This is the policy rate, not a retail auto-loan offer.

The TD calculator’s accessible content did not provide a firm personal rate and explicitly describes illustrative calculations subject to credit approval. We therefore do not present an unverified current starting APR or universal used-car rate range. Request dated offers directly from lenders.

Compare the entire written offer

Ask for the annual rate, financing fees, amount financed, term, payment frequency and total payable. Check prepayment conditions and the offer’s expiry.

Keep the vehicle, down payment and optional products identical. Promotions may require a particular model or eligibility and may replace a cash discount. The written terms matter more than a headline.

Your checklist

  • Obtain at least two dated offers and conditions.
  • Compare the same principal and term.
  • Separate the policy rate, an illustration and an approved loan offer.

Worked example

FCAC’s published illustration compares a $25,000 loan at 5%: about $1,974 interest over 36 months versus $4,681 over 84 months. This is an illustration, not a current rate offer.

Limits

Current borrower offers are still required. Review market context by November 20, 2026; after that it is historical, never current. No approval or rate is guaranteed.

One question, if you wish

Do you already have a written financing offer?

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

Would you like to speak to an expert for free to help with your decision?