Never Finance a Car This Way in Canada (Don’t Sign Yet)

At 8:47 on a Saturday night, Mike hears the words every car buyer wants to hear: “We got you down to $590 a month.” But that payment hides an 84-month loan, costly add-ons, and a total price far beyond the sticker. Rick breaks down the real cost of car financing in Canada: loan terms, interest rates, dealer add-ons, negative equity, and the five steps to take before signing. If you’re buying a car, these questions can help you understand what’s really inside the payment. Chapters: 00:00 The $590 payment trap 01:48 Mike’s car trouble 02:59 Why the monthly-payment question matters 04:26 What was really on the finance sheet 05:49 What the same payment can buy 07:03 Lever 1: Loan term and negative equity 09:10 Lever 2: Interest rates and pre-approval 11:06 Lever 3: Add-ons, warranties, and GAP 13:51 The better deal—and when to walk away 15:13 Getting the offer in writing 16:31 Five rules before you sign 18:24 Three questions to ask before signing ⚠️ Disclaimer: The figures and characters in this video are illustrative. This video is for educational purposes only and is not financial advice. #MoneyWithRicky #CarFinancing #PersonalFinance