As we enter 2026, used-car interest rates in Ontario are likely stabilizing after recent increases. With the Bank of Canada policy rate now around 2.25% (as of late 2025), prime borrowers may see used-car loan APRs in the high-5% to around 7% range, while less ideal credit profiles could face double-digit rates.
At Good Fellows Auto, we understand these shifts and strive to make financing realistic for all buyers. Whether you have excellent credit, new credit, or are recovering from early credit hiccups, our team works with multiple lenders to find the right fit.
Here’s how we support you:
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Pre-approval assistance: We help you apply for financing before you choose your car so you know your budget.
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Flexible lender network: Our finance team works with banks, credit unions and speciality lenders to match your credit profile and vehicle choice.
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Transparent terms: We walk you through term lengths (36-96 months), down-payment options, and how choosing a newer, lower-mileage vehicle benefits your rate.
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Budget-friendly inventory: With an extensive selection of quality used cars in Toronto and throughout Ontario, you can pick a vehicle that aligns with your payment target.
What to ask when you visit Good Fellows Auto:
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“What APR am I eligible for given my credit and the vehicle I’m looking at?”
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“What down payment helps reduce my rate or shorten my term?”
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“Can I see the loan amortization so I know how much interest I’ll pay over time?”
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“Are there any incentives or special financing offers I qualify for via Good Fellows Auto’s lender partners?”
In short: financing a used car in Ontario in 2026 is still absolutely possible—and by working with Good Fellows Auto, you gain a partner who understands the market, the terms, and how to get you into a vehicle you’ll be comfortable driving and paying for.