Interest rates in Canada

Damn, I feel very fortunate. In Feb 21' (when I bought my truck), I was offered 2.17% through U.S. Bank; plus I got a $1k rebate from Toyota. Several months before that, I refinanced my house and got 2.75%.

 

When I ordered my truck in October I think the rates were 3.79%. The day I took delivery and signed it was 3.69%. I usually just take the dealer financing then touch base with my bank every now and then to see what they can do for me. With our Highlander we transferred the loan to our bank within a year and was able to get a little over 1% better. We transferred our 4Runner loan last year and ended up getting 1.85%(I think). The way things are going I can't see that happening but will still check periodically to see what they can do for me.

 

We purchased our 2021 Rav4 in June 2021, and because we were a previous customer of Toyota Canada Finance (financed our 2020 Tacoma in Nov 2019), we got a 1% discount on the interest rate of the finance. IIRC were paying 2.49, when the advertised rate was 3.49. If you've financed with Toyota Canada in the past, ask your dealer about this discounted rate. This was at North Bay Toyota in Ontario FYI. They also offer a discount on top of that for OPP.

 

Depends when you purchased I think. There’s high demand and a vehicle shortage right now, so there’s no incentive for them to have low rates. I got 0.49% when I bought my 2015 and 1.49% on my 2020. Both 7 year loan and both with a 1% discount for trading another Toyota vehicle.

 

Do you not have credit unions in Canada? That's typically where you'll get the best rates

 

We do but they often wont attach the loan to the asset so you end up with a higher rate.

 

So they force their members to take an uncollateralized loan for an auto? I'm no banker but that logic doesn't make a whole lot of sense

 

Timing is everything! We bought our Taco in May 2020 and with the loyalty discount ended up at 0.0% financing, then a few months later we got a mortgage with a 5 year fixed rate of 1.49%. Feeling very lucky on both of those the way things are going.

 

Yes, we have Credit Unions. I have been a Credit Union member for close to 30 years. Prefer them over the banks. I got an excellent rate from them that the banks didn't want to match.

 

I am with a Credit Union as well. We have shopped around when the mortgage was up for renewal but most of the other banks couldn't come close to the rates we were getting.

 

It absolutely makes no sense, that's why in Canada it usually makes more sense to go through a dealer or get a line of credit.

 

Got my 2020 in Aug. of that year for 1.49%

 

Line of credit from your house ???

 

Or just an unsecured line of credit

 

When I went in last month to order my new truck the dealer said how do you want to finance it? I said I don't, it's a cash sale, I think they were shocked