Press release
How to Negotiate Interest Rate On Car Loan: Research Backed Guide to Getting the Lowest APR
The good news is that most buyers don't realize this simple fact: car loan interest rates are negotiable.
Whether you're borrowing from a bank, credit union, online lender, or dealership, you can almost always negotiate a lower rate if you know what to ask and how to compare offers.
This guide explains how to negotiate interest rate on car loan step-by-step, with real market averages, negotiation scripts, and proven tactics that work in Ontario and across Canada.
Why Negotiating Your Car Loan Interest Rate Is Worth It
The difference between a good APR and a bad APR is massive:
On a $30,000 car loan
6% APR = $4,848 interest over 5 years
9% APR = $7,386 interest over 5 years
That's $2,538 in savings just from negotiating a better rate.
Because interest rates have risen in Canada compared to pre-2020 levels, negotiating is even more important today.
What Are the Average Car Loan Interest Rates ?
Car loan rates vary by credit score, lender type, and whether you're buying new or used.
Typical ranges in Canada:
Credit score 720+ = 5.5% to 7%
Credit score 660-719 = 7% to 10%
Credit score 600-659 = 10% to 17%
Credit score
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