What the numbers mean, and why your score is only part of the approval decision.
"What credit score do I need for a car loan in Canada?" is one of the most common questions buyers ask — and the honest answer is: there's no single magic number. Your score matters, but it's only one piece of the puzzle. Here's what the numbers actually mean and how they affect your options.
In Canada, credit scores (from Equifax and TransUnion) range from 300 to 900. As a general guide:
Not really. Prime lenders and banks generally prefer scores above 660, but many Canadians with scores well below that get financed every day. Subprime auto lenders work specifically with people who have fair, poor, or no credit — because they weigh your income, employment, and down payment heavily, not just your score.
Two people with the same score can get very different answers. The reason: lenders also look at your income and job stability, your existing debts, and how much you can put down. A steady paycheque and a down payment can offset a lower score more than most people realize.
You can check your score for free through Equifax or TransUnion, and many Canadian banks now show it in their apps. To improve it over time: pay every bill on time, keep credit-card balances low relative to your limit, and avoid applying for lots of new credit at once.
Don't count yourself out because of a number. Whether your score is 800 or 500, the smartest move is the same: get pre-qualified first so you know your real options before you sit down at a dealership.
Free, no obligation, and it won't affect your credit score. Ontario · Quebec · Alberta · British Columbia.
Check my options →There is no fixed minimum. Scores above 660 usually get the best rates, but Canadians with fair, poor, or no credit are financed every day through specialized lenders who also weigh income and down payment.
Canadian scores range from 300 to 900. Generally, 660+ is considered good, 725+ very good, and 760+ excellent. Below 560 is poor but still workable with subprime lenders.
Yes, it's possible. A score around 500 falls in the poor range, so you'd typically work with a subprime lender at a higher interest rate. A steady income and a down payment significantly improve your chances.
No. Checking your own score is a 'soft' inquiry and does not affect it. Only 'hard' inquiries from a formal loan application can have a small, temporary impact.