Owning a financed car in Vancouver costs about $789 to $923 a month at 9.99% to 19.99% APR over 72 months. Riding TransLink instead costs $117.20 a month for a one-zone adult pass (checked October 15, 2026).
The range covers:
- a $22,000 dealer car with GST and PST borrowed and no money down
- ICBC’s average premium
- a month’s fuel
- a $105 street permit
Gas is what sets Vancouver apart: 206.7¢ a litre in August 2026, the highest of the three cities we cover (Statistics Canada). That means fuel costs more each month than insurance does. ICBC’s average spans every Autoplan policy in BC, and your own premium could land well above it.
The short answer
- 206.7¢
What a litre of regular cost in Vancouver on average in August 2026, 37.9¢ more than a year before (Statistics Canada, table 18-10-0001-01).
- $1,408
ICBC’s average Autoplan premium across BC for the year to March 31, 2026, Basic and Optional combined; it is not a Vancouver figure or a quote (ICBC).
- $2,640
The 5% GST and 7% PST on a $22,000 car from a BC dealer, which our example finances for six years (CRA; NotchUp calculation).
- $117.20
The adult one-zone TransLink monthly pass; two zones cost $156.70 and three cost $211.65 (TransLink).
On this page 6 sections
How much does it cost to own a car in Vancouver?
In Vancouver the standard financed car runs about $789 each month with a 9.99% APR over 72 months, rising to $923 at 19.99% APR (NotchUp calculation, checked October 15, 2026). That total adds ICBC’s BC-wide average premium, fuel and a $105 permit to the payment. Gas, at $206.70 for 100 litres, is the second-biggest line.
With 5% GST and 7% PST added at the dealer (CRA), the amount financed is $24,640. Swap in your own ICBC estimate as soon as you have one, because that line can move more than any other. The gas line is our assumption of roughly 1,200 km a month at 8.3 L/100 km.
| Expense | Monthly, 9.99% APR for 72 months | Monthly, 19.99% APR for 72 months | Basis and source |
|---|---|---|---|
| Loan payment | $456.35 | $590.05 | NotchUp calculation on $24,640 ($22,000 plus 5% GST and 7% PST). Total repaid $32,857.20 or $42,483.60 |
| ICBC insurance (BC-wide average, not a quote) | $117.33 | $117.33 | ICBC average Autoplan premium of $1,408 for April 2025 to March 2026, divided by 12. Basic and Optional combined, storage and temporary policies included |
| Gasoline, 100 litres (estimate) | $206.70 | $206.70 | Statistics Canada August 2026 price for Vancouver, 206.7¢/L; 75 L costs $155.03 and 125 L $258.38 |
| Residential parking permit | $8.75 | $8.75 | City of Vancouver, $105 a year in most zones; $157.50 or $210 in a few; West End market rate $497.73 |
| Total (NotchUp estimate) | $789.13 | $922.83 | Payment plus ICBC, fuel and permit |
| Licence fee (outside the total) | $3.83 to $11.83 | $3.83 to $11.83 | $46 to $142 a year by vehicle weight, plus $18 once at registration (Motor Vehicle Fees Regulation) |
| TransLink pass (alternative) | $117.20 | $117.20 | Adult monthly pass, one zone; $156.70 for two zones, $211.65 for three |
| Gap between car and pass | $671.93 | $805.63 | NotchUp calculation, one-zone pass |
Vancouver example: $22,000 used car plus 5% GST and 7% PST, nothing down
- Amount financed
- $24,640
- APR
- 19.99%
- Term
- 72 months
- Monthly payment
- $590.05
- Cost of borrowing
- $17,843.60
- Total repaid
- $42,483.60
Assumes equal monthly payments, no fees outside the APR and no early repayment. Illustration only, not an offer.
On the 19.99% APR, 72-month example, interest totals $17,843.60, and part of it is interest on the sales tax you financed. For comparison, the Bank of Canada’s average for auto loans advanced by chartered banks is 6.66% (July 2026, Bank of Canada). For published non-prime offers, see Canadian car loan rates.
How does Vancouver compare with Toronto and Calgary?
Vancouver lands between the other two: the 9.99% APR, 72-month version of our example totals $789 here, compared with $751 for Calgary and $897 for Toronto (NotchUp analysis, October 2026). Vancouver pays the most for fuel and has the smallest insurance benchmark, though ICBC’s average is not like for like.
| City | Insurance benchmark per month | Total at 9.99% APR | Total at 19.99% APR | Adult transit per month |
|---|---|---|---|---|
| Toronto | $239 (FSRA, GTA average) | $897 | $1,032 | $155.10 (TTC fare cap) |
| Calgary | $159 (AIRB, Alberta average) | $751 | $877 | $126 (Calgary Transit pass) |
| Vancouver | $117 (ICBC, all of BC) | $789 | $923 | $117.20 (TransLink, one zone) |
Totals add the loan payment, insurance, gas and a residential parking permit. The insurance benchmarks are not like for like: FSRA’s is a GTA average, AIRB’s is an Alberta full-coverage average and ICBC’s is a BC-wide average across all Autoplan policies. Estimates, not quotes.
At 206.7¢ a litre, 100 litres cost about $44 more a month than in Calgary and $36 more than in Toronto (Statistics Canada, August 2026). Vancouver’s price also rose 37.9¢ in a year. PST rises in tiers on pricier cars (PST Bulletin 308, revised August 2026). The tiers and private-sale tax are explained in our BC car loan guide.
How much is ICBC insurance on a financed car?
ICBC’s only published average is $1,408 per Autoplan policy for the year ended March 31, 2026, about $117 a month (ICBC 2025/26 Annual Service Plan Report). It blends Basic with Optional cover and counts storage and temporary permit policies across BC, so a Vancouver commuter with a financed car may pay more.
ICBC says crash risk is generally higher in populated urban areas. BC is split into 14 rating territories, and the Lower Mainland is one of them.
Every car on a Vancouver loan needs ICBC Basic Autoplan, the mandatory coverage for any vehicle in BC. ICBC lists collision, which pays for your repairs even when you are at fault, as optional. But the loan contract can require it, since the lender holds the car as security. Our tips on lowering an insurance quote can trim the bill.
Is it cheaper to take transit than finance a car in Vancouver?
Yes: a one-zone TransLink adult pass at $117.20 a month is about $672 to $806 cheaper than the benchmark financed car. Even a three-zone pass at $211.65 saves more than $577, and every bus trip counts as one zone (TransLink, checked October 15, 2026). So does any trip after 6:30 p.m. on weekdays or at weekends.
On time, the car usually wins. The 2021 Census put the Vancouver area’s car commute at 25.6 minutes each way against 42.6 on transit. Three in four workers (74.7%) used a car, truck or van and 14.9% rode transit (Statistics Canada, 98-10-0457-01). Because the count fell in pandemic-era May 2021, treat the split as approximate.
Debt pressure is lighter here: the Vancouver area recorded 2.5 consumer insolvencies per 1,000 adults in 2025, against 3.4 in Toronto (Office of the Superintendent of Bankruptcy). In a proposal now? See financing a car during a consumer proposal.
Who offers car loans in Vancouver?
Dealer-arranged financing is the main route for non-prime buyers in Vancouver, ahead of online car retailers and marketplaces that pass your application to lenders. The table includes only providers whose own sites confirm BC service, each with our October 15, 2026 check date. No lender may charge over 35% APR, the Criminal Code s. 347 limit.
| Provider | APR as published | Term | Provinces | How to apply | Last verified |
|---|---|---|---|---|---|
| EdenParkThrough a dealer | Not published | Not published | BC, AB, ON | Through a participating dealerWholly owned subsidiary of Fairstone Financial Inc. (Fairstone Bank of Canada); reports payments to the credit bureaus. | Oct 15, 2026 |
| iA Auto FinanceThrough a dealer | From 8.99% | Not published | BC, AB, ON | Through a participating dealer; no direct consumer applicationRate Reducing Loan cuts the rate by 10% of the current rate every 12 months if all payments are on time and loan terms are met. | Oct 15, 2026 |
| LendCareThrough a dealer | Not published | Not published | BC, AB, ON | At the dealer's point of sale (dealer uses LendCare's FrontLine portal)Finances vehicles with no age restriction and up to 250,000 km; wholly owned subsidiary of goeasy Ltd. | Oct 15, 2026 |
| Prefera FinanceThrough a dealer | Up to 28.00% | Not published | BC, AB, ON | Through a participating dealer (Dealertrack / Compass Direct Portal)Mainly recreational and powersports financing; its 15-year terms apply to those loans, not cars. | Oct 15, 2026 |
| Rifco National Auto FinanceThrough a dealer | From 12.90% | Not published | BC, AB, ON | Through a participating dealerDescribes itself as 'Full spectrum non-prime lending' for dealers across Canada. | Oct 15, 2026 |
| Santander Consumer BankThrough a dealer | Not published | Up to 96 months | BC, AB, ON | Choose a vehicle at a dealer that uses Santander; the dealer submits the applicationRequires minimum income of $1,800/month and finances vehicles up to 10 model years old and 180,000 km. | Oct 15, 2026 |
| Scotia Dealer AdvantageThrough a dealer | Not published | Up to 96 months | BC, AB, ON | Only through partner dealers; no direct applicationScotiabank's dealer arm for near and non-prime loans, including buyers with no credit history. | Oct 15, 2026 |
| easyfinancialApply directly | 29.99% to 35.00%Personal loan rates; no auto-specific rate published | 9 to 84 months | BC, AB, ON | Online or at an easyfinancial branch (unsecured personal loan usable for a vehicle)Home page offers a 2% lower rate with a co-applicant; auto financing through dealers is handled by sister company LendCare. | Oct 15, 2026 |
| FairstoneApply directly | 29.99% to 34.99%Personal loan rates; no auto-specific rate published | 6 to 60 months | BC, AB, ON | Directly, online or at a branch. Fairstone says requesting a quote does not affect your credit score; a full application is a separate step.Private-sale car loans for vehicles 10 model years old or newer, 6 to 60 months. Its page states both $50,000 and $20,000 as the maximum. Its dealer financing arm is EdenPark. | Oct 15, 2026 |
| Canada DrivesLoan marketplace | Not published | Not published | BC, AB, ON | Online pre-approval, then referral to a partner dealer, which runs a credit inquiryNo longer sells cars itself since its 2023 creditor protection filing; it still buys cars from consumers. | Oct 15, 2026 |
| CarsFastLoan marketplace | Not published | Not published | BC, AB, ON | One online application; matched with lenders and a network of about 350 dealershipsStates it assists 'all types of credit including consumer proposals'. | Oct 15, 2026 |
| LoanConnectLoan marketplace | 8.99% to 35.00%Personal loan rates; no auto-specific rate published | 3 to 120 months | BC, AB, ON | Online application searching a network of Canadian lendersPersonal-loan search platform; loans of $500-$50,000 over 3-120 months. | Oct 15, 2026 |
| Loans CanadaLoan marketplace | 9.99% to 35.00%Personal loan rates; no auto-specific rate published | 12 to 96 months | BC, AB, ON | Free online quote; referred to third-party lenders/partner dealershipsSays it is 'a loan search platform and comparison website, not a lender'. | Oct 15, 2026 |
“From” rates go to the strongest applicants; your rate depends on your credit, income, the vehicle and the term. No provider pays NotchUp for its position in this table, which is sorted by type of provider and then alphabetically. Rates are hidden once a row is more than 30 days past its check. Nothing above 35% APR, Canada’s criminal rate, is ever shown. How NotchUp makes money.
Vancouver adds nothing to provincial law. BC’s rules are in the BC guide linked above. They include:
- high-cost credit licensing above 32% APR
- the seize-or-sue rule
- Vehicle Sales Authority (VSA) dealer checks
A larger down payment shrinks the $2,640 of GST and PST that would otherwise collect interest for six years. See down payments with bad credit.
Frequently asked questions
Does a BC lender make me buy collision cover?
Usually, yes, because your loan contract can require it even though ICBC treats collision as optional. Basic Autoplan is mandatory for every vehicle in BC; collision is what pays for repairs to your own car when you are at fault. Read the insurance clause before you sign, and price collision into your ICBC estimate.
Will ICBC rates go up during a six-year car loan?
Basic rates should hold until spring 2027: on October 28, 2025 the BC government announced “no increase to basic rates through to spring 2027”. It also said ICBC had put off any rate application to the BC Utilities Commission until late 2026. A 72-month loan signed today runs well past that, and Optional premiums were never part of the freeze.
Which ICBC rate class do I need if I drive to work?
Pleasure use allows up to six days a month of commuting, business or delivery driving, so a driver who commutes more often than that needs a different rate class. ICBC warns that the wrong class could affect your coverage and leave you personally responsible for claim costs. That is a serious risk on a car that is the lender’s security.
How many TransLink zones do I need?
It depends on how many zones your trip crosses: an adult monthly pass costs $117.20 for one zone, $156.70 for two and $211.65 for three. Buses are always one zone, and so is any trip that starts after 6:30 p.m. on a weekday or at the weekend (TransLink, checked October 15, 2026).
How do I get a residential parking permit in Vancouver?
Buy it online from the City of Vancouver as the declared principal operator, with ICBC documents showing your address in the permit zone, then wait three hours before you park. Most zones charge $105 a year, a few charge $157.50 or $210, and the West End market rate is $497.73. Some parts of the city have no permit zone at all.
Sources
- Statistics Canada, Monthly average retail prices for gasoline, table 18-10-0001-01 (August 2026)
- ICBC, 2025/26 Annual Service Plan Report (August 2026)
- ICBC, Products and coverage
- ICBC, Territory and rate class
- Government of BC, ICBC basic rates release (October 28, 2025)
- TransLink, Pricing and fare zones
- City of Vancouver, Residential parking permits
- BC Laws, Motor Vehicle Fees Regulation, B.C. Reg. 334/91
- Canada Revenue Agency, GST/HST rates by province
- Government of BC, PST Bulletin 308, Vehicles (revised August 2026)
- Office of the Superintendent of Bankruptcy, Annual consumer insolvency rates by census metropolitan area (2025)
- Statistics Canada, Main mode of commuting by commuting duration, table 98-10-0457-01 (2021 Census)
- Justice Laws, Criminal Code s. 347