Why zero down new loans are expensive
- The full price plus tax plus fees is financed, so you borrow more than the car is worth the moment you drive away.
- Terms stretch to 84 or 96 months to keep the payment low, which multiplies the interest.
- Negative equity builds fastest in the first 24 months, exactly when life changes most often.
How refinancing compares
You already absorbed the depreciation on your current vehicle. Refinancing simply reprices the money you borrowed, often with no down payment required at all.
If you truly need a different vehicle
Then a small down payment still matters. Even 1,000 to 2,000 dollars changes the loan to value and typically improves the rate you are offered.
Who qualifies to refinance
Most Canadian drivers with an active auto loan qualify. The vehicle, the remaining balance and your payment history matter more than a perfect credit score.
- The vehicle is registered, insured and roadworthy, with no active insurance claim against it.
- The loan is an auto loan or a dealer-arranged finance contract, not a lease.
- You have made at least a few months of payments on the current loan.
- The vehicle is not already pledged as security on a separate title or payday loan.
- You live outside Quebec, where our lending partners do not currently operate.
Save thousands
Save thousands by refinancing your vehicle anywhere in Canada.
Free to apply, no obligation, and no credit check to pre-qualify.
Frequently asked questions
In most cases yes. Refinancing does not require a down payment unless there is significant negative equity.
A lower rate reduces the payment on the same term, and no cash is needed to make that happen.
Rarely. Zero percent offers usually replace a cash discount, and the vehicle still depreciates faster than you pay it down.