Auto Loans in Canada

Canada's debt crisis is really starting affect it's population of low income individuals. The extreme interest rates that banks and lenders are charging are at the point that they could and should be conspired predatory. Credit card companies can charge up-to 30% on the balance remaining for certain customers and some auto loans are going up to 39% and 45% APR. That is insane but the government is not doing anything to solve this issue. Yes there needs to be solutions for customers with bad credit or sub prime credit to get approved for car finance. But the rates need to be a lot better because a car is a depreciating asset which is loosing its value every day compared to a mortgage on a house where the house should keeping its value as long as the economy is in good condition. In conclusion getting approved for a auto loan or car finance can be tough but its best not to just jump at whatever is available because you may regret such a high interest rate. do your research people.