Map your pathway towards buying an affordable car: FCAC releases new online guide to help consumers navigate car financing options

News Release

For Immediate Release

June 8, 2016 – Ottawa, Ontario – Financial Consumer Agency of Canada

With long-term car loans boosting Canadian household indebtedness, the Financial Consumer Agency of Canada (FCAC) has published new online material to help consumers weigh the pros and cons of various car financing options.

FCAC’s “Financing a car” information is based on the research it recently published on long-term car loans. This information helps consumers navigate their options, needs and risks before financing what may be among the biggest purchases they will make, next to a home. “Financing a car” helps consumers understand the impact of the regular payments they choose, and the total cost of their car over time. It also outlines what to consider when assuming long-term car debt.

Quick facts

Car shopping smarts


“If you’re shopping for a new car, you may be inclined to choose a loan with a repayment term of six, seven or eight years. That’s a stretch from the traditional loan of five years or less. I encourage consumers to use the information we have developed to help them determine how much car they can truly afford and the financing option that best suits their needs. As much effort should be put into shopping for your car financing as shopping for the car itself.”

Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada

“FCAC’s ‘Financing a car’ information was created to help Canadians of all ages understand some of the key considerations when buying or leasing a car. Empowering consumers with the information they need when they are about to make one of the biggest purchases of their lives assists them in ensuring that they are making the right decision according to their needs.”

Jane Rooney, Financial Literacy Leader, Financial Consumer Agency of Canada

Associated links


Natasha Nystrom
Media Relations Officer
Financial Consumer Agency of Canada

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