Car Loan Interest Rates in Canada Rise
Average Rate Hits 7.21%
Banks Offering Pre-approvals with 0 Down
The average car loan interest rate in Canada has climbed to 7.21%, according to a recent study. This is the highest rate in several years, and it is expected to continue rising in the coming months.
The increase in interest rates is due to a number of factors, including the Bank of Canada's recent decision to raise its overnight lending rate. This has made it more expensive for banks to borrow money, which has in turn led to higher interest rates on car loans.
Despite the higher interest rates, there are still some good deals to be found on car loans. Some banks are offering pre-approvals with 0 down, which can save you a lot of money in the long run. It is important to shop around and compare rates from different lenders before you decide on a loan.
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