Automotive loans in Canada are financial products that allow individuals to purchase a vehicle by borrowing money from a lender. These loans are typically secured loans, meaning that the vehicle serves as collateral for the loan. Canadian consumers have several options when it comes to automotive loans, including traditional banks, credit unions, and other financial institutions. Interest rates, loan terms, and eligibility requirements vary depending on the lender and the borrower’s creditworthiness. In Canada, automotive loans can be used to finance new or used vehicles, and borrowers can choose between fixed or variable interest rates.
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