1. Rent to Own Programs This is an option, but typically only with older vehicles and at higher interest rates. You must be sure that these places will report the positive repayment history to the credit bureaus (Transunion / Equifax) or there’s a chance your credit score may not improve even after full repayment.
2. Buy a Vehicle with Cash Although this is not an option for a lot of Canadians, the one way to beat the bank is to avoid them all together. The downside is if your cash savings don't allow for a very good vehicle purchase.
3. Online Car Loan Service There are services like Canada Drives that allow customers to apply for a vehicle and financing (even with bad credit) online.
4. Large down payment Again, this is only possible if you have a sizable savings account.
5. Credit Rebuild Programs There are programs available that allow Canadians to slowly improve their credit score by making payments on time (sometimes with secured credit cards). This is only a good option if you have time to wait to get a vehicle and don’t need one right away as it may take a while for your credit to improve to a point where you can get an auto loan through your local bank.
6. Dealership with Non-Prime Departments Some dealerships have special departments that can assist customers with low credit scores (or new to credit) in getting a vehicle. These dealerships can be hard to find as many will advertise this service, but few will be effective at helping hard-to-finance customers.