The cost of a financed car in Toronto is about $897 to $1,032 a month for our standard example. The TTC alternative costs at most $155.10 a month under its 47-fare cap (TTC, checked October 15, 2026).
Our example is a $22,000 used car with 13% HST rolled into the loan and nothing down. Insurance is what makes Toronto expensive. On the GTA average from the Financial Services Regulatory Authority of Ontario (FSRA), $239 of every month goes to cover before you buy a litre of gas.
Total a month$897.11
- Loan payment$460.4351%
- Insurance$23927%
- Gas$170.3019%
- Parking$27.383%
Insurance is the FSRA GTA average, not a quote. Gas assumes 100 litres a month.
The short answer
- $2,868
FSRA’s average annual auto premium for the GTA as of June 2026, against $2,218 for Ontario as a whole.
- 170.3¢
Toronto’s average pump price for a litre of regular in August 2026, up 34.3¢ on August 2025 (Statistics Canada, table 18-10-0001-01).
- $155.10
The most an adult pays for TTC fares in a month under the 47-fare cap at the $3.30 PRESTO fare (TTC; NotchUp calculation).
- $742
What a Toronto commuter saves each month on the TTC instead of our example car at 9.99% APR over 72 months; at 19.99% APR it is $877 (NotchUp calculation).
On this page 7 sections
How much does it cost to own a car in Toronto?
A financed $22,000 used car costs about $897 a month in Toronto at 9.99% APR over 72 months, or $1,032 at 19.99% APR (NotchUp calculation, October 15, 2026). The loan payment is about half of that total.
HST at 13% (Canada Revenue Agency) lifts the amount financed to $24,860. Gas assumes about 1,200 km a month at 8.3 L/100 km.
| Line item | At 9.99% APR, 72 months | At 19.99% APR, 72 months | Source and basis |
|---|---|---|---|
| Loan payment | $460.43 | $595.32 | NotchUp calculation on $24,860 ($22,000 plus 13% HST). Total repaid $33,150.96 or $42,863.04 |
| Insurance (average, not a quote) | $239.00 | $239.00 | FSRA GTA average premium of $2,868 a year as of June 2026, divided by 12 |
| Gas, 100 litres (estimate) | $170.30 | $170.30 | Statistics Canada, Toronto regular at 170.3¢/L, August 2026. 75 litres would be $127.73 and 125 litres $212.88 |
| Parking permit | $27.38 | $27.38 | City of Toronto on-street permit, $24.23 + HST a month, first vehicle, no on-site parking (2026 fee) |
| Total (NotchUp estimate) | $897.11 | $1,032.00 | Loan, insurance, gas and parking |
| Not in total: plates and renewal | $0 | $0 | $59 once for plates with a permit; southern Ontario renewal has cost $0 since March 13, 2022 (Ontario) |
| Transit instead: TTC | $155.10 | $155.10 | 47-fare monthly cap at the $3.30 adult PRESTO fare (TTC). The Adult 12-Month Pass is $143 a month |
| Car minus TTC | $742.01 | $876.90 | NotchUp calculation |
Toronto example: $22,000 used car plus 13% HST, nothing down
- Amount financed
- $24,860
- APR
- 19.99%
- Term
- 72 months
- Monthly payment
- $595.32
- Cost of borrowing
- $18,003.04
- Total repaid
- $42,863.04
Assumes equal monthly payments, no fees outside the APR and no early repayment. Illustration only, not an offer.
At 19.99% APR over 72 months, interest on this car comes to $18,003.04. Chartered banks averaged 6.66% (July 2026, Bank of Canada) across every credit tier, and our car loan rates tracker lists what non-prime lenders publish.
How does Toronto compare with Calgary and Vancouver?
Toronto is the dearest of the three cities: $897 a month for the identical financed car at 9.99% APR over 72 months, against $789 in Vancouver and $751 in Calgary. The GTA’s $239 monthly insurance average explains most of the gap, since Vancouver pays far more for gas (NotchUp analysis, October 2026).
Loan payment, insurance, gas and a residential parking permit. The insurance benchmarks differ: FSRA's GTA average, AIRB's Alberta average and ICBC's BC-wide average. Estimates, not quotes.
The line-by-line budgets are on our Calgary car loan page and Vancouver car loan page. Tax widens the gap: this car carries $2,860 of HST in Toronto against $1,100 of GST in Alberta (CRA).
Why is car insurance so expensive in Toronto?
A GTA driver pays about $650 a year more than the Ontario average: FSRA’s June 2026 averages are $2,868 for the GTA and $2,218 for Ontario. Insurers price by where a car is kept, and on a financed car that location premium alone adds about $54 to every monthly budget.
Other urban Ontario averages $2,131 and rural Ontario $1,791 (FSRA). The GTA figure has risen $230, or 8.7%, in 20 months:
- $2,638 in October 2024
- $2,765 in June 2025
- $2,810 in October 2025
- $2,868 in June 2026
The car is the lender’s security, so expect the contract to require collision and theft cover. See how to lower car insurance for deductibles and discounts.
Is the TTC cheaper than financing a car in Toronto?
Yes, by about $742 to $877 a month against our example, if transit reaches your work, because TTC spending is capped at $155.10 (TTC, checked October 15, 2026). Since August 31, 2026, an adult who taps with PRESTO, a debit card or a credit card stops paying after 47 fares in a calendar month.
Car totals add loan, GTA average insurance, 100 litres of gas and a street permit.
Time is the trade. In the 2021 Census, Toronto-area drivers averaged 27.6 minutes each way and transit riders 47.7, with 36% of riders taking an hour or more (Statistics Canada, table 98-10-0457-01). The pandemic-era count is rough.
Toronto’s consumer insolvency rate was 3.4 per 1,000 adults in 2025, 2.8 of them proposals (Office of the Superintendent of Bankruptcy). In one now? Read car loans during a consumer proposal.
How much is parking in Toronto?
A City of Toronto on-street permit for a first car costs $24.23 a month plus HST, or $27.38, at a home with no on-site parking (2026 fees). Some streets have a waiting list, and we could not source a typical price for a rented spot or condo space, so price parking before you buy.
Where can you get a car loan in Toronto?
Most non-prime car loans in Toronto are arranged at dealerships, with online car retailers and loan-matching sites as the other routes. Every provider in the table below says on its own website that it lends in Ontario (checked October 15, 2026). The legal ceiling is 35% APR under Criminal Code s. 347, and Ontario sets no lower one.
| 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 |
| ClutchOnline car retailer | From 7.99% | 24 to 96 months | ON | Online, when buying a Clutch vehicle; soft check to pre-qualify, lenders may then pull a hard checkSells its own inventory with a 10-day or 750 km money-back guarantee; buying is Ontario only (BC is sell or trade-in). | 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.
Toronto adds no rules of its own. Our Ontario car loan guide explains the missing cooling-off period, OMVIC checks and repossession. Quoted in the high 20s? See how much to put down on a car loan.
Frequently asked questions
Can I still buy a TTC monthly pass?
Not an adult monthly pass: the TTC discontinued most monthly passes on August 31, 2026 and replaced them with a 47-fare monthly cap, worth $155.10 at the $3.30 adult fare. The Adult 12-Month Pass, a PRESTO contract at $143 a month, and the post-secondary monthly pass are still sold (TTC).
Do I need a letter to get a Toronto parking permit in a condo?
Yes. An apartment or condo tenant applying for an on-street permit needs a letter from property management confirming the building has no on-site parking (City of Toronto). Permits run in six-month terms, December 1 to May 31 and June 1 to November 30.
Do I pay to renew my licence plate sticker in Toronto?
No. Plate sticker renewal in southern Ontario has cost $0 since March 13, 2022 (Ontario). The costs come when you buy: $32 for a vehicle permit, or $59 for new plates with a permit, paid once at ServiceOntario. That is why plates sit outside the monthly total in our Toronto cost table.
What does the Toronto estimate leave out?
Repairs, maintenance, tires, tickets, 407 ETR tolls and a rented parking space are not in our $897 to $1,032 range. We found no reliable Toronto average for any of them. The range also assumes 100 litres of gas a month. At August 2026’s 170.3¢ price, 125 litres would add about $43.