Get on the road fast with car loans in Ontario

Whether you’re buying your first car or adding a new vehicle in Ontario, easily fund your new vehicle using your home equity.

Quick approval

No income verification

Flexible requirements

Large loan amount

How to get a car loan in Ontario

Complete an online application

Fill out the form with the right information: no obligation or impact on your credit score.

Speak with a Financial Solutions Specialist

A specialist will contact you to provide support, answer your questions and provide more information.

Get approved and receive funds

With at least 25% equity ownership in your home, you can get approved and receive funds within a few days.

What are car loans in Ontario?

Car loans are financial tools you can get in Ontario to help finance the purchase of a new or used vehicle. You can obtain it from a bank, car dealership or alternative financial institutions like Alpine Credits.

Use cases for car loans in Ontario

Acquire new or used vehicles

By providing the money you need right way, car loans allow you to act quickly when you find the right vehicle.

Achieve multiple financial goals

Using a car loan to pay upfront can help you maintain your cash reserves for other expenses or other needs.

Reduce cost by refinancing

With refinancing, borrowers can reduce monthly payments and overall loan cost, which can improve financial flexibility.

Benefits of car loans using your home equity

Hit the road quick with the help of a home equity loan:

Lower your monthly payment

A home equity loan can give you a longer term to pay off your car, lowering your monthly payment.

Qualify before you car shop

Shopping for a car is easier when you know how much money you have to work with upfront.

Get approved fast

Get your new vehicle on the road fast. We can approve home equity loans in less than 24 hours.

Why choose Alpine Credits

Simple qualifying criteria

Alpine Credits focuses primarily on home equity value, and less on credit score or income status.

Quick approval and funding

Alpine Credits reviews your application significantly faster than traditional banks and lenders. Get your funds deposited in less than a week.

Personalized support

Alpine Credits has a team of Financial Solutions Specialists to help you and answer any of your questions.

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How to get approved for a vehicle loan in Ontario

If you’re looking for an auto loan from an alternative lender instead of your local dealership, here’s what to do:

Choose a lender: Pick an alternative lender that fits your financial needs.
Gather your documents: Some lenders will want your credit score, while others may ask for details like your mortgage balance.
Get preapproved: Knowing your maximum loan amount helps you set a realistic budget before you start car shopping.
Set a budget: Calculate the total cost of buying a vehicle, including interest. Compare monthly payments with and without a down payment.
Go car shopping: alternative car financing options are good for buying a new or used car.

Types of car loans in Ontario

In Ontario, there are three main types of car loans:

Secured Car Loans: you can use a home equity loan in this instance and your house acts as collateral. These loans usually have lower interest rates.

Personal Loans: often unsecured and typically have higher interest rates.

Lease-to-Own Car Loans: You lease a car with the option to buy it later. You make regular payments for about four years, and at the end, you can purchase the car for the remaining balance.

Where to apply for a car loan in Ontario

Residents have different car financing solutions, mainly the following three sources:

Major financial institutions: to be approved for vehicle loans, you’ll need a good credit score and regular monthly income.

Credit unions: although not as common, you can get a car loan from a credit union, but you’ll already have to be part of one.

Alternative lenders: another way to get a loan to buy a car is from alternative lenders. They have a more flexible eligibility criteria than the other two options.

Get driving in Ontario with Alpine Credits home equity car loans

When it’s time to purchase a car, but you need a fast and flexible financing option, one solution is a home equity loan from Alpine Credits. Homeowners in Ontario who have built significant equity have a unique opportunity to access it as a lump sum.

If you have paid at least 25% of your property’s value, you’re eligible for a home equity loan from Alpine Credits. You don’t need to provide your credit score or income status, but only your existing mortgage details.

Contact Alpine Credits to learn more about home equity loans and what they can do for you. You can get connected with a Financial Solutions Specialist right away to talk about your options and to get answers to all of your questions.

Find loan options in your area

Click on the links below to get started, and see the mortgage options available to you, in the provinces we serve across Canada!

All of Canada

Consolidation loans in Canada

Business capital in Canada

Personal loans in Canada

Home equity loans in Canada

Investment loans in Canada

Third mortgages in Canada

Mortgage refinancing in Canada

Frequently asked questions about home equity loans in Canada

Find answers to frequently asked questions about Alpine Credits, home equity loans, second mortgages and more.

How do car loans work?

When you take out a car loan, you agree to repay the cost of the car to the seller over time with monthly payments. Once the loan term ends, you own the car outright.

Sometimes, dealerships or private sellers require full payment upfront or charge high-interest rates, making it hard to pay. In these cases, buyers may take a loan to pay the seller in full and then repay the lender over time.

What is the average interest rate on a car loan in Ontario?

Traditional car loans have an interest rate based on the market. Also, interest rates can vary based on the demand for the vehicle. If the car is in high demand, it could come at a higher rate, while cars with low demand have lower interest rates.

How do you get a car loan in Ontario?

Car loans are either directly from the auto dealership or from a financial institution. You can get a car loan using the equity on your home at Alpine Credits.

Homeowners get approved.

Unlike traditional banks, all you need to qualify for a loan at Alpine Credits is to own your home. We make the process as quick and easy as possible. Applying won’t affect your credit score.