Ontario driver with credit issues finds car ownership too expensive

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Издатель Aug 30, 2025

The average price of a new car in Canada is now more than $66,000, according to Autotrader.ca.

Due to the high costs, a large majority of car buyers finance their purchase and the average loan interest rate currently sits at about seven per cent.

However, a bad credit rating could leave you paying much more.

“I do need a car, I just can’t afford $800 a month,” Marva Yeboah of Bolton, Ont., told CTV News.

Yeboah said she bought a 2016 Mazda CX-5 three years ago, but had a credit problem when she made the purchase and received her loan.

Her contract shows she borrowed $40,064 for the vehicle at an interest rate of 12.64 per cent over six years. The cost of borrowing is $17,194, bringing the total cost of the loan to $57,258.

“My credit score was just below 600 so it was hard to get any loan. They approved me but it was at a high interest rate” said Yeboah.

After paying almost $800 a month for the past three years, Yeboah was shocked to find out she still owes almost $30,000 for the car even though she believes it’s worth less than half that amount.

“It’s really, really frustrating and I just don’t know what to do,” said Yeboah.

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