In MB, what should I know about rate hold / pre-approval validity for car loans?

In Manitoba, pre-approvals and rate holds for car loans typically range from 30 to 90 days across most Canadian lenders. This period allows you to secure financing terms, including a specific interest rate, based on your credit profile at the time of application, giving you a window to find your desired vehicle. The exact duration can vary significantly depending on the lender's internal policies and prevailing market conditions.

For instance, in a potentially dynamic market like 2025, where interest rates could fluctuate, some lenders might opt for shorter hold periods to mitigate their own risk, or be less inclined to offer extensions. While Manitoba doesn't have specific provincial regulations dictating the length of these holds, financial institutions operating within the province adhere to federal lending guidelines and their own established terms.

It is critically important for consumers to know the precise expiry date. If your pre-approval or rate hold lapses, you will likely need to reapply for financing. This means the interest rate and terms offered could change, potentially resulting in higher monthly payments or a different overall cost for your loan, especially if market rates have shifted or your credit situation has altered. Always confirm the exact validity period and any associated conditions directly with your lender or the dealership's finance department in Manitoba.