How to finance a car in Ontario (Toronto & GTA)
A friendly guide to APR, term lengths, and total cost — so you can choose confidently.
1) APR, interest, and term length
APR is the yearly cost of borrowing. A longer term lowers your monthly payment but usually increases the total interest you’ll pay. We help model 48 vs. 60 vs. 84 months so you can see the trade‑offs.
2) Loan vs. lease vs. cash
Each option has pros/cons. We compare total out‑of‑pocket over the time you plan to keep the car, considering mileage and wear/tear for leases.
3) Insurance and maintenance
Budget for Ontario insurance and routine maintenance. These can change the real monthly cost more than you’d think.
4) Next steps
- Know your budget and term comfort zone.
- Ask lenders for APR + total interest at your preferred terms.
- Bring a checklist when you talk to sellers.