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Axis Auto Finance Review

Online lender Axis Auto Finance offers vehicle financing and a wide inventory of used cars in Ontario.

Axis Auto Finance allows Ontarians to apply for a car loan completely online. To be eligible, you must be an Ontario resident and at least 18 years old with a valid address, bank account and driver’s licence.

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30-second take

  • Consider Axis if you’re shopping for a used car online with a less-than-perfect credit score. Axis says it accepts all types of credit situations, too.
  • Pick something else if you’ve set your sights on a brand new car. You should also look elsewhere if you’re outside of Ontario, which is the only province Axis services so far.

What types of car loans does Axis Auto Finance offer?

  • Car loans for pre-owned vehicles. Get approved for a loan to buy a pre-owned car, pick-up truck or SUV. Axis says it has thousands of vehicle listings from a variety of manufacturers, including Audi, BMW, Dodge, Ford, GMC and Kia.
  • Bad credit loans. Axis emphasizes that it accepts all credit situations, including bad credit or no credit history at all.
  • Trade-ins. Axis asks if you have a vehicle to trade in towards the purchase of your new car. To confirm the value of your trade-in, Axis will schedule a trade-in vehicle inspection at its fulfillment centre.

How does buying a car through Axis Auto Finance work?

Axis moves the vehicle-buying process completely online, so you can secure financing and shop for your dream car without ever heading to a dealership. Here’s a quick summary of how it works:

  1. Complete a short online application and receive a quick pre-approval decision.
  2. With financing secured, browse through thousands of pre-inspected vehicles from Axis’s partnered dealers. Axis conducts a comprehensive 300-point inspection before used vehicles are put back on the market. You can check on each vehicle’s specs, including its mileage and pricing.
  3. Once you’ve made your pick, choose a delivery date for your new vehicle. You can also opt for picking up your new car at Axis’s fulfillment centre.
  4. Work with Axis to arrange your auto financing repayment plan. You can choose to trade in a vehicle or apply for a down payment.

Keep in mind, you do not have to opt for financing via Axis. You can buy your vehicle in cash or finance with a third party. Axis says that if you're approved for financing from a third–party lender, it will match your offer and give you $500 off the vehicle price.

If you find an identical vehicle with a lower price, Axis will also match the updated price tag and give you an additional $500 off.

Do I qualify?

To apply, you need to meet the following criteria:

  • Be 18 years old, with a valid driver’s licence.
  • Be an Ontario resident with a valid address and active bank account to set up automatic loan repayments.
  • Have a steady form of income to manage loan repayments.

Compare car loans

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Name Product APR Loan Amount Loan Term Requirements Long Table Description
CarsFast Car Loans
4.90% - 29.90%
$500 - $75,000
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Requirements: Min. income of $2,000 /month, 3+ months employed
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0% - 31.99%
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Requirements: Min. income of $1,800 /month, 3+ months employed
0% financing applies to some new models with loan terms up to 60 months. Offer ends May 31, 2023.
Canada Auto Finance
4.90% - 29.95%
$500 - $45,000
3 - 96 months
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Clutch Car Loans
From 8.49%
$7,500 - No max.
12 - 96 months
Requirements: 3+ months employed, Max.1 bankruptcy, Ontario & Nova Scotia only

What are the benefits of an Axis Auto Finance vehicle loan?

  • Easy online application with quick pre-approvals. Simply fill out an application online and receive a pre-approval decision within minutes.
  • Bad credit doesn’t matter. Your credit score shouldn’t deter you from applying, whether you have bad credit or no credit at all.
  • Loan matching guarantee. If you receive a financing offer from a reputable third-party lender that’s better, Axis will match the offer and give you $500 off the vehicle’s purchase price.
  • 7-day exchange or refund guarantee. If you don’t like the vehicle you selected online, you have 7 days to arrange a refund or exchange. You’ll just need to cover the fees for shipping.

What to watch out for

  • Interest rates aren’t disclosed online. Axis doesn’t say what its APR range is, so you’ll need to apply to learn what interest rates it’s pre-approving you for.
  • Potential for additional fees. You may encounter additional fees and extra costs as you go through the loan process. Watch out for these charges because they can drive up the cost of your loan.
  • Only used vehicles on offer. While Axis’s inventory includes thousands of vehicles, they’re all pre-owned vehicles. If you prefer to buy new, look elsewhere.

Is Axis Auto Finance legitimate?

It is. With a head office in Etobicoke, Ontario, it has been in business for the past 9 years and says on its website that it has helped 75,000 customers make their vehicle purchase. It’s accredited by the Better Business Bureau with an A+ rating.

It also has round-the-clock customer service via an online chat function. You can also contact Axis via email or phone number.

How to apply for an Axis car loan

To apply for a loan, head to the Axis Auto Finance website and follow these prompts:

  1. Click on “Get Approved” to begin the application.
  2. Fill in your personal information, including your full name, phone number, email, date of birth and marital status.
  3. Provide your home address, monthly rent/mortgage payments and how long you’ve lived at this residence.
  4. Provide your employment information, including the name of your employer, whether you work full or part time, your monthly gross income and how long you’ve been employed there. You have the option to include additional sources of income.
  5. Indicate whether you have a vehicle to trade in. Indicate the year, make, model and mileage to estimate your trade-in value.
  6. Review your application and hit “Submit.” You will receive pre-approval from Axis within minutes. After that, you can browse through vehicles you’ve been pre-approved for.

What documents do I need to apply?

To apply, you’ll need the following:

  • Primary identification, such as your passport or citizenship card
  • Your driver’s licence
  • Employment and income verification, such as pay stubs or bank statements
  • Proof of address

I got an Axis car loan. Now what?

Before signing off on your loan, triple-check that you’re happy with the interest rate, fees, terms and repayment plan. Because these details aren’t clearly listed on Axis’s website, this vital information will be revealed when you’re offered a loan. Axis allows you to schedule your repayment plan, according to monthly withdrawals that suit you. Make sure you stick to these terms outlined in your contract.

You may be eligible to pay off your loan early without any penalties or refinance your loan if needed. Discuss these options with your lender before agreeing to your loan if these are important features for you.
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Frequently asked questions

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