If you plan to buy a new car, get the best value from your purchase. Choose from among the best car brands in the world.
In Canada, the five top-selling car brands in 2022 were Ford, Toyota, Chevrolet, Hyundai, and Honda.
A car purchase is a major expenditure, so car financing is vital. Read on to learn about top-selling cars and financing options in Canada.
Key Takeaways
- The top car companies in Canada are Ford, Toyota, Chevrolet, Hyundai, and Honda.
- When it comes to luxury vehicles, many Canadians trust luxury car brands like Audi, BMW, Cadillac, Lexus, Mercedes-Benz, and Tesla.
- Get car financing in Canada through auto loans, car leases, and a line of credit.
- The best sites to buy a car in Canada are Clutch, AutoTrader, CarDoor, CarsFast, and Loans Canada.
Top Luxury Car Brands in Canada
Below are some of the top luxury car brands in Canada that you can purchase through car financing.
1. Audi
Audi, a subsidiary of the Volkswagen Group, is known for its sophisticated German engineering, superior luxury, and high-quality performance vehicles.
For 2022, it had a total sales of 29,137 in the Canadian market. The most popular Audi models are the Audi Q8, Audi A3 convertible, and the luxurious Audi A5.
Canadians wishing to own an Audi can benefit from financing with flexible loan terms ranging from 12 to 48 months.
With some models, interest rates range from 3.48% to 6.98%, with terms of 60 months. Audi financing features easy application, convenient payment plans, and no prepayment penalties.
2. Mercedes-Benz
The Mercedes-Benz brand is globally famous for its exceptional automotive engineering and quality.
A top luxury manufacturer in Canada, Mercedes-Benz sold 34,316 passenger vehicles and vans, with 28,490 representing passenger cars and luxury light trucks in 2022.
GLC SUV was the top-selling Mercedes-Benz vehicle in 2022. Other popular models included GLE SUV, GLB SUV, C-Class passenger car, and the A-Class sedan and hatch.
If you need financing options, Mercedes-Benz Canada offers financing with an application process in under 10 minutes and gets results within 1 business day.
Contract terms are flexible, ranging from 24 to 84 months. The estimated APR is 8.04%.
3. BMW
BMW, another German auto manufacturer widely known for its luxury cars, continues to be among the most well-known brands in Canada, selling 31,624 units in 2022.
The most popular model sold in the country in the said year was the luxury compact car BMW 3 Series sports sedan.
If you want to buy a BMW car through financing, the manufacturer offers retail financing on new and pre-owned vehicles.
Interest rates are as low as 6.99%, and contract terms are 24 to 84 months. There is also a broad array of down payment options and the freedom to select from weekly, bi-weekly or monthly payments.
4. Lexus
Lexus, a division of Toyota, is popular for making technologically-advanced and sophisticated vehicles with high resale value.
In 2022, Lexus sold 25,023 in the Canadian market. In 2023, the Lexus NX series, built at Toyota’s Ontario assembly plant, was recognized as the best mid-size premium utility vehicle for 2023.
Lexus is available for financing in Canada using the simple interest method financing plan. You can choose between monthly or biweekly payments or lump sum payments.
Flexible terms, ranging from 36 to 84 months, are available to meet various needs. Interest rates are at 6.90%.
5. Cadillac
Cadillac, the premier division of General Motors, remains a top luxury brand in Canada and is famed for its precision craftsmanship.
In Q4 2022, Cadillac sold 3,804 units. The top three models with the most increase in sales were the XT4, XT5, and the Escalade series.
Depending on your dealer, you can find Cadillac financing options offering interest rates for as low as 3.99% (depending on creditworthiness) with terms of up to 84 months.
6. Tesla
Tesla is a relatively new American car maker specializing in electric vehicles. It has become one of the most prevalent cars in Canada.
The Tesla Model 3 is the best-selling pure electric vehicle in the country. In September 2022, Tesla led all makers in BEV registrations with 41,974 new vehicles.
You can purchase a Tesla vehicle by securing a loan with a Tesla financier. Loan terms are from 36 to 96 months with an APR of 5.59%. Loan approvals are valid for up to 60 days.
Popular Car Brands in Canada
In addition to luxury cars, the following car brands are well-known in the Canadian market. They are also among the top car companies in the country.
7. Acura
Acura, the luxury-performance division of Honda Canada Inc., sold 11,412 vehicles in 2022. Among its units, the most popular ones are the MDX, RDX, and Integra models.
Acura offers a financing option through an open retail loan that uses a simple interest method to calculate interest charges.
Interest rates are 6.89%, and loan terms are 24 to 84 months. You can pay out the contract at any time without prepayment charges.
8. Ford
Among all the vehicles in the country, Ford is number one on the list of top Canadian car brands. In 2022, the company sold 232,709 units.
Meanwhile, its sales of SUVs and crossovers totalled 87,552 in all. To top it off, the Ford F-150 model is the most sought-after car in the country for the eighth year in a row.
Ford offers various financing options to purchase your next unit. The application is online and takes only a few minutes.
Depending on the vehicle model, you can get interest rates from 0.99% APR to 4.99% APR. Payments are made either monthly or bi-weekly.
9. Honda
Japanese car builder Honda remains reliable in the Canadian market due to its impressive build quality and advanced safety features.
In 2022, it sold 91,882 units. Its well-loved models, Civic and CR-V, had sales of 43,556 and 32,096, respectively.
To make it easier to own a Honda, the company offers financing with terms of 24 to 84 months and rates of 4.71% APR to 6.91% APR. Payments can be weekly, bi-weekly, and monthly.
10. Nissan
Nissan is another renowned Japanese brand in the Canadian market, owing to its superior reliability, exceptional safety ratings, and innovative designs.
The company finished 2022 with 70,965 units sold in Canada. Its most popular brands are the Nissan Rogue, Altima, and Frontier.
Nissan Canada offers in-house financing deals featuring a 6.99% interest rate and loan terms from 24 to 84 months. Payments options are weekly, bi-weekly, and monthly.
11. Mazda
Mazda is one of the best-selling Japanese automotive brands in Canada due to its superior reliability and reasonably-priced cars.
The company closed the previous year with 49,874 sold units. Its most popular models are the Mazda 3 sedan and hatchback and the SUV models CX-3 and CX-5.
Mazda Canada makes it easy to own a Mazda through its open retail loans that let you pay out the finance contract at any time without penalties.
Interest rates range from 4.45% to 6.70%, with flexible terms of 12 to 84 months on select models. Payments can be weekly, bi-weekly, or monthly.
12. Toyota
Toyota is the biggest name in the automotive industry in Canada due to its build quality, dependability, and stellar sales.
In 2022, the Japanese car maker delivered 175,181 units in the country. Its Corolla model was the best-selling passenger car, while the SUV/crossover model RAV4 remains a top-seller.
Toyota offers financing deals with interest rates ranging from 5.49% to 6.49%. Terms range from 36 to 84 months. Payment options are weekly, bi-weekly and monthly.
13. Volvo
Swedish brand Volvo, now owned by Chinese car maker Geely, is famed for its durability, sophisticated safety systems, and luxurious interior design in the luxury vehicle division.
In 2022, Volvo sold 10,289 vehicles in the Canadian market. Among its popular models are the crossover Volvo XC60, SUV XC40, and the Volvo S90 sedan.
Volvo offers competitive financing deals with affordable rates and terms of up to 85 months. The interest rates can range from 3.99% to 4.99%, depending on the model and loan terms.
14. Volkswagen
One of the biggest car makers in the world, Volkswagen is known for its innovative engines combined with elegant designs.
The manufacturer sold 46,951 cars in Canada in 2022. Its well-recognized models include the Jetta, Tiguan, and Golf.
Financing is available at Volkswagen and its dealers. For a limited time, you can buy a 2023 Tiguan with an APR starting from 6.49% and a loan term of 84 months.
15. Kia
Kia is the second largest carmaker in South Korea and is recognized for being reliable, convenient and versatile.
In 2022, the car manufacturer sold 68,258 units in Canada. Kia is best known for its sport utility vehicles and crossovers. Popular models include Sportage and Seltos.
Kia offers financing deals with rates from 3.99% to 5.99% APR, depending on vehicle type and terms, ranging from 24 to 84 months. Payment options are weekly, bi-weekly, and monthly.
16. Hyundai
Hyundai is a South Korean automotive brand that grew to become one of the biggest car makers in the world, with a reputation for affordability.
The manufacturer achieved sales of 112,559 units in 2022 in Canada. Its best-selling models are the Elantra compact sedan and the Tucson and Santa Fe SUVs.
Financing options are available on the Hyundai website. Loan terms are from 24 to 96 months, and interest rates range from 5.99% to 8.49%.
17. Buick
Buick is a division of General Motors along with GMC, Chevrolet, and Cadillac. Buick is a prevalent choice among wealthier and older individuals.
In 2022, the Buick brand contributed to the 228,003 units sold by GM in Canada. The most well-known Buick models are Encore, Envision, and Enclave.
The car manufacturer provides financing, with rates starting from 2.99% to 5.49% (depending on terms) for up to 60 months. Payments are weekly, bi-weekly, and monthly.
18. Ram
Ram is the best-selling product for the parent company and leading global automaker Stellantis. Ram was first released in 1981 as the Dodge Ram 150.
In 2022, Ram sold 81,483 units, with pick-ups accounting for 93% of the sales. The Ram 1500 is the best-selling model in Canada and ranked second to Ford F-150.
Ram offers financing deals with interest rates from 1.99% to 6.99%. Terms are from 36 to 96 months. Options for payment frequency are weekly, bi-weekly, semi-monthly, and monthly.
19. Mitsubishi
Mitsubishi is a global brand famous for value-focused, reliable, and affordable vehicles. It produces a complete range of vehicles, from sedans to SUVs and light commercial vehicles.
The Japanese car maker sold 22,101 vehicles in Canada in 2022. Its most popular models are the family-friendly Outlander SUV, Mirage hatchback, and the Eclipse Cross AWD.
The company offers financing options with rates of 2.99% APR to 5.49% APR. Terms are from 36 to 84 months. Payments can be bi-weekly or monthly.
20. GMC
General Motors Company (GMC), a manufacturer of a full line of luxury cars, SUVs, and trucks, is a consistent best-seller in Canada.
GMC Canada sales in 2022 reached 228,003 vehicles, making it on track for 14.5% of the Canadian market. GMC’s most popular brands include the Sierra, Terrain, and Canyon.
Financing from GMC features loan terms of 36 to 84 months and interest rates of 3.49% to 5.49%. Payment options are weekly, bi-weekly, and monthly.
21. Chevrolet
Chevrolet is GM’s biggest brand, known for producing premium sports cars, SUVs, and pick-up trucks.
The brand sold 114,436 units in 2022, led by some of its most popular models, including Bolt, Silverado, and Tahoe.
Chevrolet Canada is currently offering 3.49% financing for 60 months for a 2023 Equinox RS unit and 3.49% for up to 72 months.
22. Land Rover
British brand Land Rover, maker of premium and luxury four-wheel drive (4WD) SUVs, is a subsidiary of global automaker Tata Motors.
Referred to as Jaguar Land Rover (JLR), the brand has several well-known models, such as the Discovery SUV, 4WD Range Rover, and the compact Range Rover Evoque SUV.
Land Rover offers financing at around 6.40% and terms of 12 to 72 months.
23. Subaru
Japanese brand Subaru is a recognized name in the automotive industry in Canada due to its superior design and high-quality engineering.
The car maker is one of the top manufacturers of off-road vehicles in the world. Its popular models include the Subaru Outback, Crosstrek, Impreza, and Solterra.
You can get a new Subaru unit via financing with loan terms from 24 to 60 months and rates from 4.49% APR to 6.49% APR. Payments are on a weekly, bi-weekly, and monthly basis.
Why Are There No Canadian Car Companies?
Many ask, “Why are there no Canadian car companies?”
Canada manufactures vehicles for top global OEMs (Ford, GM, Stellantis, Toyota, and Honda) but is not widely known to produce its own Canadian cars.
This is because the industry is underdeveloped in the country and not seen as vital for the economy.
There is, however, a small group of Canadian car companies that produce specific vehicle types or supply related products to the domestic market.
There were several of these Canadian-made cars in history.
Among them is Quebec-based Prevost, founded in 1924. It makes business-class transport equipment and premium business and RV vehicles. Sweden-based Volvo Group bought Prevost in 2007.
Campagna Motors, founded in 1988 also in Quebec, is the manufacturer of the Campagna T-Rex, a two-seater tricycle.
Toronto-based Conquest Vehicles also manufactures its own cars, particularly ultra-luxurious, fully armoured, and handcrafted SUVs. It also makes specialty armoured vehicles.
How To Finance a Car in Canada
Financing a car in Canada is doable in three ways: through auto loans, car leases, and lines of credit.
Auto Loans
Auto loans allow you to borrow money from a financial institution to purchase a car. You pay the loan in increments directly from your bank account. You can choose to pay it weekly, bi-weekly, or monthly.
You can obtain an auto loan from various sources, including banks, credit unions, and online lenders like CarsFast, Loans Canada, and Clutch.
- CarsFast is an online comparison site to find car loan financing options. It takes a few minutes to fill out an application form and get a quote from various lenders who have pre-approved you.
- Loans Canada also provides choices for auto loan financing through a straightforward process of completing an application form and receiving offers from multiple lenders with personalized car loan offers.
- Clutch is an online car retailer with its own inventory of used cars and offers open-ended loans to finance your vehicle. After choosing a unit on the Clutch website, fill out a credit application form, and submit it to the lender. Once approved, Clutch will deliver your car to your doorstep.
Car Leases
Car leases are another means for you to finance a car. With leasing, you rent a car you like for an extended time.
Leases are often available through dealers. You fill out a leasing form, have it approved, and make regular payments over a specific period, such as 3 to 5 years.
With a lease, you will not own the car once the lease period ends. But you may buy out the unit at the end of your lease.
Payments are often lower in a car lease than with auto loans.
Line of Credit
Lines of credit are a popular financing option provided by most financial institutions. It is an alternative to getting a loan from a dealer.
This financing type gives you access to funds on a continuous basis, up to a maximum amount set by your lender.
You may find getting a line of credit is simpler if you have a strong relationship with your bank. If you have good credit, it will be easier to negotiate for more affordable interest rates.
Cars Fast
Cars Fast is a popular destination for getting a car loan regardless of your credit score. The platform has partnerships with top loan providers, including TD, Scotiabank, RBC, HSBC, and others.
Interest rate: Varies.
Loan term: 12-96 months.
Maximum loan amount: $75,000.
Eligibility: Earn at least $20,000/yr, reside in ON, BC, or AB; and be employed for 3 months+.
Best Sites To Buy a Car
Buying a car online has grown in popularity due to convenience. It streamlines the process by doing away with paperwork and making trips to multiple dealerships to choose cars.
Below are three of the best sites to buy a car.
Clutch
As was mentioned, Clutch is an online car retailer where you can do the entire car-buying process online.
From choosing a car to submitting requirements and getting financing, Clutch makes car-buying a breeze. Plus, you can arrange to have a Clutch representative deliver the unit to your home.
With Clutch, you can borrow $7,500 and up, with no maximum. Interest rates start from 8.49%, and loan terms range from 12 to 96 months. Clutch is available only in Ontario.
AutoTrader
AutoTrader is another well-known Canadian platform for buying new and used cars. It also offers a financing option.
Through this automotive marketplace, you can browse numerous cars, contact sellers, and directly negotiate with them.
If you need financing, fill out a credit application during checkout. Upon approval, you will instantly receive your credit terms. AutoTrader is available across Canada.
CarDoor
CarDoor is another platform that makes the car-buying experience stress-free through its online car-shopping process.
Browse the inventory of hundreds of used cars, read the vehicle descriptions, and choose from the different payment options.
If you choose to finance, complete the application form and submit it. CarDoor lenders will review your request and provide the funds if you are qualified. CarDoor is only available in Ontario.
Conclusion
Finding financing for your next car purchase is easier with the many options available today.
When choosing a car, decide what you can afford and set your budget. If you want to buy online, use a car finder tool. It will help you easily find cars that match your needs and budget.
If you plan on financing your car, review the alternatives you have and determine the ideal financing option that you can manage to ensure that you can pay off your loan when the time comes.
FAQs
Audi vehicles have mixed reviews when it comes to reliability. According to Consumer Reports, the Audi car with its trademark Quattro all-wheel-drive system ranks within the top ten in terms of new car brand reliability. To be sure, invest in maintenance to ensure that the vehicle will serve you well for years.
The Ford F-Series sells the most in Canada. For the 57th succeeding year, it has also remained the top truck in the country. In 2022, the F-Series sold 114,729 units.
In 1867, Canadian jeweller and watchmaker Henry Seth Taylor invented the first steam buggy in the country. Also, the Manic GT is a sports car built in Quebec from 1969 to 1971. The running gear was from a Renault 8 sedan.
Buying a used car equates to lower costs because it is cheaper than new units. A used car can also help you avoid the added costs of new vehicles. You can likewise get better value with lower monthly repayments.
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