Used Car Financing in Canada

Financing a Used Vehicle

Used car financing works similarly to new car financing — you borrow money to purchase the vehicle and repay it over time with interest. The main difference is that used vehicles may have different loan terms, and the vehicle's age and condition can affect the financing options available.

Benefits of Used Car Financing

• Lower purchase price — Used vehicles typically cost less than new ones
• Slower depreciation — Used vehicles have already experienced their steepest depreciation
• Lower insurance costs — Used vehicles may have lower insurance premiums
• More vehicle for your budget — You may be able to afford a higher trim or model

What Participating Dealers Consider

When reviewing used car financing applications, dealers may consider:

• The vehicle's age, kilometres, and condition
• The vehicle's market value
• Your credit profile and income
• The loan-to-value ratio
• Whether the vehicle is certified pre-owned

Certified Pre-Owned Vehicles

Certified pre-owned (CPO) vehicles are used vehicles that have been inspected and refurbished by the dealer or manufacturer. CPO vehicles may come with additional warranty coverage and can offer a balance between the lower price of a used vehicle and the peace of mind of a new one.

Applying for Used Car Financing

Complete our secure online application and indicate your preference for a used vehicle. After reviewing your information, we connect you with a participating dealer that can help you explore available used vehicle options and financing programs.

We do not guarantee approval. Our role is to connect you with dealers who can review your individual situation.