Getting ready to apply for a car loan
What a car-loan quote is and isn't, and how to compare offers from a dealer, a bank or a credit union before you sign anything.
Getting written quotes before you choose a vehicle gives you a budget to shop within, and a baseline to compare against.
What to know
- A quote isn't a final offer. The final terms depend on the vehicle, the amount and the lender's checks, and the lender makes the decision.
- Get more than one quote. The FCAC suggests getting quotes from multiple dealers and lenders, including your own bank or credit union. A dealer doesn't have to offer you the lowest rate (FCAC).
- Sign the application only. You'll need to sign a credit application to get a quote. The FCAC says not to sign other documents, like a sales agreement, until you've decided.
- Compare total cost, not just the payment. Here's how.
Each of our dealerships has an online finance application on its own website. You'll find the links on our contact page. We don't collect applications or personal information on this site.
Guides in this section
Our first in-depth guides for this section are being written and fact-checked now. In the meantime, start with the overview above or browse all guides.