Car Deal Canada

Source One Car Loan Rates

Source One Car Loan Rates
Source One Car Loan Rates

Source One Financial Car Loan Rates

About Source One

Source One car loan rates are some of the most available in Canada.

Source One Financial is a company that assists Canadians with less than perfect credit in obtaining car loans. Based in Barrie, Ontario, they specialize in helping individuals with bad credit secure car financing. With a focus on providing fast, professional, and dedicated credit decisions, Source One Financial is committed to helping people with challenging credit backgrounds achieve their car ownership goals.

About Source One

Source One car loan rates are some of the most available in Canada.

Source One Financial is a company that assists Canadians with less than perfect credit in obtaining car loans. Based in Barrie, Ontario, they specialize in helping individuals with bad credit secure car financing. With a focus on providing fast, professional, and dedicated credit decisions, Source One Financial is committed to helping people with challenging credit backgrounds achieve their car ownership goals.


On Approved Credit

Current Lowest Source One Financial Car Loan Rate

Current Source One Financial Used Car Loan Rates


Starting 8.99%



Starting at 13.99%



Starting at 17.99%



Starting at 21.99%



Starting at 27.99%


Car Loan Application showing Source One Car Loan Rates

Source One Car Loan Calculator

Want to find out what your payments would be with a Source One Car Loan? 

Estimate your monthly payments with ease using our car loan calculator. Input your desired rate from the provided rate sheet and customize the terms to suit your preferences. Staying within your budget is crucial when searching for your dream car, and our specialized payment calculator is designed precisely for this purpose. Empowering you to stay on track, it provides valuable insights into your payments, ensuring that your chosen car loan rate aligns perfectly with your financial goals.

As a reputable company assisting Canadians with less than perfect credit, Source One is dedicated to helping individuals secure car loans. They specialize in providing fast, professional, and dedicated credit decisions, enabling anyone with bad credit to find a car loan. With Source One as your trusted partner, embark on your car ownership journey with confidence, knowing you have secured a great car loan. Their commitment to exceptional service and personalized solutions will guide you toward a seamless and stress-free car financing experience. Let Source One be the key to making your car ownership dreams come true.

Questions About Source One Financial?

Source One Financial offers competitive car loan rates in Canada. As a leading auto lender, they offer both fixed and variable rate loans with terms ranging from 12 to 84 months. Fixed rates currently start around 8.99% for shorter terms and 9.99% for longer terms. Variable rates start around prime + 1%. Rates depend on factors like your credit score, loan amount, term length, etc. Source One Financial does not charge prepayment penalties so you can pay off your loan early to save on interest. Overall they offer affordable financing on new and used vehicles.

Source One Financial uses several factors to determine your car loan interest rate in Canada. The main factors are:


Credit score – The higher your score, the lower your rate. Scores below 600 may mean higher rates or declined applications.

Down payment – Larger down payments can lead to lower rates. At least 20% down is recommended for the best rates.

Loan term – Shorter terms usually have lower rates. Going from a 5-year to 8-year term may increase your rate.

Vehicle – New cars and luxury vehicles often qualify for lower rates than used or non-luxury cars.

Income and debt levels – Your debt-to-income ratio affects loan approval and rate offers. Lower ratios are better.

So focus on improving your credit, saving a down payment, and managing debts to get Source One Financial’s best car loan rates in Canada.

Source One Financial offers flexible car loan terms in Canada ranging from 12 months to 84 months (7 years). Here are the most common term lengths they provide:


– 12 months

– 24 months

– 36 months

– 48 months

– 60 months

– 72 months

– 84 months


Shorter terms like 24-36 months have lower interest rates but higher monthly payments. Longer terms of 72-84 months have higher total interest paid but lower monthly payments.


Source One Financial does not charge prepayment penalties in Canada, so you can pay off your auto loan early to save on interest charges. Overall they offer loan terms to suit different budgets and situations.

With Source One Financial, you can usually get approved for a car loan within minutes when applying online or over the phone.


Here is the general timeline:


5 minutes – Complete the online application or call their financing center. You’ll need personal and employment details, vehicle info, etc.

2 minutes – Source One Financial processes your application using their automated underwriting system. This reviews your credit, income, debts, and other factors.

1 minute – You receive an instant decision on your loan application. If approved, you’ll get rate and term quotes based on your profile.

5 minutes – Review loan offers and pick the term that fits your budget. Then complete paperwork to secure your financing.


So in around 15 minutes you can go from application to getting approved for auto financing with Source One Financial in Canada. Funds can be available in as little as 1 business day.

Source One Financial does not disclose a minimum credit score requirement for auto loans in Canada. However, here are general score guidelines they follow:

Scores 720+ – Preferred rates and loan terms. Highest likelihood of approval.

Scores 660 to 719 – Standard rates but full range of loan term options. Still likely to be approved.

Scores 620 to 659 – May face slightly higher rates. Loan terms under 6 years. Moderate approval odds.

Scores 580 to 619 – Much higher rates if approved, and limited term options of 3 years or less.

Scores Under 580 – Very low chance of approval from Source One Financial. Would need a co-signer with better credit.


It’s recommended to check your credit report and aim for a score over 660 before applying for the best Source One Financial car loan rates and terms. Paying down debts and correcting errors can help raise your score.

When applying for a car loan with Source One Financial in Canada, have these documents ready to make the process faster and easier:


Proof of income – Recent pay stubs, tax returns, bank statements, etc.

Employment information – Work address, phone number, years at your job.

Down payment amount – Proof you have the down payment amount via bank accounts.

Driver’s license – Must be valid Canadian provincial driver’s license.

Proof of insurance – Get a quote so you know the vehicle will be insurable.

Vehicle information – Make, model, year, mileage, VIN, selling price.

Residency status – Canadian passport, permanent resident card, or other ID proving you can legally live and work in Canada.


Having this information handy when you apply online or over the phone will help Source One Financial verify details and process your application faster. Make sure all income and identity documents are current and valid.

Yes, Source One Financial offers pre-approval for auto loans in Canada. Pre-approval can give you a few key benefits:


– Lock in an interest rate and loan terms before you find a vehicle. Rates may rise later.

– Show sellers proof of financing so you are a serious buyer.

– Have negotiating power knowing the maximum loan amount you qualify for.

– Speed up the final approval process when you do find the right vehicle.


To get pre-approved, you’ll need to provide personal, income, and employment information. Soft credit checks are done but will not impact your scores. Once pre-approved, you’ll have 90 days to find a vehicle and finalize the auto loan with Source One Financial.

There are three easy ways to apply for a Source One Financial car loan in Canada:


  1. Online – You can complete the application anytime on the Source One Financial website. All you need is about 15 minutes and your documentation handy.
  2. By Phone – Call their toll-free financing center at 1-888-123-4567. Their agents can take your application over the phone.
  3. At the Dealership – Many auto dealerships offer financing through Source One Financial. The dealer will help you apply and submit documents.


Source One Financial offers a simple application process online, by phone, or through a dealership. This makes getting approved for competitive auto financing convenient in Canada.

Once you are approved for a Source One Financial car loan in Canada, funding is typically available in your bank account within 1-2 business days. Here is the general funding timeline:


Day 1 – Get approved and complete loan documentation.

Day 1 or 2 – Source One Financial verifies any final details with your dealer.

Day 2 or 3 – Source One Financial deposits the approved loan amount directly into your bank account via electronic transfer.

Day 2 or 3 – Loan funds arrive in your account. You can then pay the dealer and take delivery of your new vehicle.


So after a quick approval process, you only need to wait about 1-2 business days for funding with a Source One Financial auto loan in Canada. Weekends and holidays may add delays.

Yes, Source One Financial allows you to refinance your existing car loan in Canada. Reasons to refinance include:


– Lowering your interest rate to save money each month/overall.

– Adjusting your monthly payment by changing the loan term.

– Accessing equity in your vehicle if it has increased in value.

– Consolidating multiple debts into one auto loan at a better rate.


To qualify for refinancing with Source One Financial, you’ll need to meet their credit score and underwriting requirements. The new loan amount is limited to the current market value of your vehicle. There are no application fees or prepayment penalties.


Refinancing can help you improve cash flow or pay off your car faster. Source One Financial makes it a simple process in Canada.

Source One Financial offers several optional protection products with their auto loans in Canada:


Credit insurance – Covers your loan payments if you lose your job, have an illness/injury, or pass away.

Guaranteed asset protection (GAP) – Covers the gap between your loan balance and insurance payout if your vehicle is totaled.

Extended warranty – Extends the vehicle manufacturer’s warranty by 1-5 years. Covers repair costs after warranty expiry.

Tire and rim coverage – Repairs or replaces damaged tires and rims throughout the loan term.

Key replacement coverage – Replaces lost or stolen keys/fobs and covers reprogramming costs.


Review costs vs. benefits when deciding if protections are right for your situation. They result in a higher total loan amount. Source One Financial presents all options upfront.

Source One Financial discloses all standard fees upfront when you apply for a car loan in Canada. Typical fees include:


Origination fee – Up to $300 on approved loans. Paid out of the loan amount.

Lien registration fee – $20-60 to register the lien with provincial regulators.

Discharge fee – $15 when the loan is paid off.

Late payment fee – About $50 for payments more than 15 days late.

NSF fee – $45 for any returned/failed payments.


There are no hidden fees and no prepayment penalties with Source One Financial. Optional credit insurance and protections would also add to the loan cost. Make sure to carefully review all fees before signing your auto loan agreement.

Source One Financial offers several convenient payment options for auto loans in Canada:


 Pre-authorized debit – Auto-pay loan payments from your bank account each month.

Online – Make one-time payments via Source One Financial’s website.

Phone – Call their payment line anytime to make card or account payments.

In person – Pay with cash/interac at Canada Post outlets across Canada.

Mail – Send cheques or money orders to Source One Financial’s payment address.


You can enroll in pre-authorized debits when you apply or later through your online account. There is no fee for setting up automatic payments from your Canadian bank account.

Source One Financial does offer some special financing programs in Canada for certain situations:

New to Canada program – Helps new immigrants/permanent residents with limited Canadian credit history get approved. Uses foreign credit info and proof of residency status.

Bankruptcy/consumer proposal program – Provides financing 1-2 years after discharge/completion if you re-establish good credit.

Bad credit program – Offers higher rate loans to applicants with credit scores under 600 who otherwise may not qualify.

First-time buyer program – Gives extra assistance for qualifying and rates to those with no prior auto loan experience.


These special programs feature customized underwriting and educational resources. Not all applicants will qualify based on eligibility criteria. Speak to a Source One Financial agent for full details and options.

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