Used Car Financing & Car Loans in Mississauga

Used car financing application form


When you shop for a used car, it helps to know what you can afford. If you need a used car loan in the Greater Toronto Area, the automotive finance experts at AutoPark Mississauga can help. We have decades of experience building relationships in the industry to help you secure financing rates that fits your budget and financial situation. You can apply for pre-approved credit to know what financing you can afford.
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Not everyone is in a financial situation to easily afford a car even if they need one for work and family life. If you have bad credit, or no credit, it can make it difficult to secure a car loan even for a pre-owned vehicle. Thankfully, you can always get help from our finance team at AutoPark Mississauga. We have a long track record helping people get used car financing that they can afford if they have:

  • Recently divorced
  • Recently bankrupt or with repossessions on their record
  • Recently missed payments or have large debts to pay
  • No credit history due to being a students or recently arrived immigrant to Canada

Contact us to let us know what financial troubles you have, and our finance team can tell you what we can do to help.


Pre-owned vehicles come in all shapes, sizes, brands, and price tags for you to choose from. At AutoPark Mississauga, we are a proud member of the Humberview Group — with 20 stores across Ontario we have access to more than 1,500 used vehicles. Whether you want an affordable used car, truck, van or SUV to fit a tight budget, or you want an almost-brand-new 2017 or 2018 used vehicle, we have something that fits what you’re looking for in a car.


Whether your car was totaled in an accident or you just moved to the area, sometimes you need to buy a used car right away. That’s why you can get same-day used car financing on any of our used vehicles for sale on our lot, to help you have the car buying experience you need for your situation.

You can also take advantage of our $0 down payment loans on our eligible inventory, because if you need a car loan fast you might not have cash on hand for a down payment. Contact us today to learn more about how we can make your car buying experience easier and stress-free.


Life doesn’t always go as planned, and you might find yourself dealing with sudden and dramatic changes in your life that make it hard to make your payments:

  • Unexpected car breakdowns and accidents that come with a big repair bill
  • Injuries, illness, and other health issues that cut into your finances significantly
  • Sudden job loss for you or your spouse

Any of these circumstances can instantly put people into a tough financial situation, and we know that can make it hard for you to pay off your car loan. That’s why you can get extra peace of mind with one of our protection plans and extended warranties that give you a safety net for such situations. They include the following options:

  • Vehicle Return Plus — you can avoid making payments up to $20,000, depending on the coverage you select
  • Power train coverage — gives you extra warranty coverage for all power train components regardless of the cause of a breakdown
  • Ultimate coverage — gives you total warranty coverage for every part and component of any used car you buy from us


Contact us today if you have any questions about our financing services and how the process works. Someone from our finance team will get back to you as soon as possible to answer all of your inquiries. If you want to get a better idea of what your budget range should be for what you can afford, you can use our payment calculator tool or apply for pre-approved credit below.

Our finance team is ready to help, and we will get back to you as soon as possible to help you complete the next step in the process. Contact us today!

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What used car loan interest rates do you offer?
There are a number of factors that affect what interest rate you can get for a used car loan. The main factors include:

  • Your credit score
  • Your current employment and income
  • How long the term of the car loan is that you want
  • How much of a down payment you make

This information is then sent to the automotive lending companies in the area along with the loan amount and length that you are applying for. If it is approved, the lending company will grant the loan for the amount and length you applied for with an interest rate based on your credit rating.

Why does used car financing have higher rates?
You might have noticed that used car loans tend to have higher interest rates that new car loans. This is because car manufacturers offer a lot of financial incentives to buy, lease, or finance their new cars, including by offering lower interest rates or even deferring any interest payments for the first X months of the loan. They do not offer these incentives on used cars, however, which does cause interest rates for second hand vehicles to be higher.

In addition, used car financing tends to be riskier for banks and car loan companies. Pre-owned vehicles are more likely to break down to the point that it is written off. If this happens before the loan is paid off, that affects how the rest of the loan remaining is paid off. Used vehicles are also more likely to be bought by people who don’t have as much money, have a bad credit rating, or have no credit at all. Both of these uncertainties are why financing institutions issue higher interest rates for used car loans to mitigate the greater risk.

How can I get a lower interest rate on my used car loan?
If you want to get a lower interest rate on a used car loan in order to lower your monthly loan payments, there are a few ways to do it:

  • Pay a bigger down payment
  • Use the value of a trade in vehicle towards a down payment
  • Request a loan with fewer years
  • Get a friend or family member to co-sign the loan

Getting a co-signer for used car financing is a common way for people with bad credit or no credit to get an approved loan that they wouldn’t be able to otherwise. Having an extra person with a better credit rating helps reduce the risk for the used car financing company, so they are more willing to approve the loan. They might even offer a slightly lower rate. Co-signing a car loan is more complicated, however, so make sure you and your co-signer fully understand how it works for both of you.

Can I lease a used car?
The only way to get a lease on a pre-owned vehicle is by taking over an existing lease from another individual. To do that, you need to work with the individual and their financing company. We do not facilitate any lease takeovers, and you cannot take out a new lease on any of our used cars. You can only buy them outright or take out a loan to finance the purchase.

How do credit scores and credit ratings work for buying a used car?
Your credit score is a number between 300 and 900 that tells financing companies how reliable or risky you are at paying off a loan. They will use your credit score to approve or disapprove of a loan and decide on the interest rate for the loan payments. People who are just starting to build their credit or who have a bad credit score will have a rating starting at 300, while a rating of 900 is the best possible score for people who have a long history of having a paying job and no missed payments.

When you apply for a used car loan, all of the information on your credit file is requested from the credit bureaus, who then send back your credit score to show how much risk they believe you represent in paying off a loan. Having a higher credit score means you will be offered lower finance rates and higher limits on your loan, so you can finance used cars that are more expensive. Having a lower credit score means you are perceived to be at greater risk of failing to make payments in the future, so you will be offered lower limits and higher interest rates on a used car loan.

How can I improve my credit score?
If you are a young adult just starting to build a credit history, or if you have a bad credit score, you can increase your rating by starting to consistently make payments on things like:

  • Utilities — cell phone bills, internet or cable, power and water, etc
  • Housing — apartment rentals, mortgage payments, etc
  • Credit payments — credit cards, lines of credit, etc
  • Loans — car loans or leases, bank loans, student loans, etc

When you build a history of consistently making payments on time, it shows credit bureaus and financing companies that you are more reliable and they can trust that you make your used car loan payments if they approve it. The other big factor is by having a job that consistently pays you enough money to easily make your payments.

If you have things like debts, a mortgage, or other loans that you still are making monthly payments for, that can also affect your credit score. Having other payments means what income you earn is tied up into payments you have to make, making it more likely you miss a payment for any new loan you take out. Paying off any debts or loans completely is also a good way to improve your credit rating.