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Canada Auto Finance Review

Do you need a car loan but you don’t have the best credit? Canada Auto Finance connects you with local dealers to help you secure car loans at competitive rates.

To be eligible for a car loan from Canada Auto Finance, you must be a Canadian resident with a valid Canadian address, at least 18 years old with a valid driver’s licence and earn at least $1,500 monthly gross income for credit scores less than 625.

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4.90% - 29.95%

Interest Rate


Max. Loan Amount


Min. Credit Score

30-second take

  • Get financing from partnered local lenders. Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
  • Think about Canada Auto Finance if you’re looking for a car loan but you have bad credit or no credit at all. The loan matching service aims to connect you with lenders that will offer you a loan.
    • Pick something else if you’re looking to finance a motorcycle, a private sales or to refinance a current loan.

    Canada Auto Finance: An expert review

    Canada Auto Finance is a worthwhile option if you’re looking for a car loan but you don’t have the best credit score or if you’re looking for an easy application response with a quick response. All you need to do is fill out basic personal information, including details about your employment and income. From there, you’ll be contacted by a local lender who can pre-approve you for a loan.

    Interest rates on your car loan can vary from 4.9% to 29.95%, depending on how much you are looking to finance and for how long, your credit score and your financial circumstances. You’ll secure a better rate if you have a good credit score, a down payment and a steady income. But don’t let a bad credit score stop you from applying – Canada Auto Finance suggests lenders that will work with you to help you with your car purchase and customize your loan.

    First, do I qualify for a Canada Auto Finance loan?

    To be eligible for a Canada Auto Finance loan, you’ll need to meet the following criteria:

    • Be a Canadian resident, 18+ years old, with a valid Canadian address.
    • Be employed for at least 3 months, with a minimum monthly income of at least $1,500 monthly if your credit score is less than 625.
    • Have a valid driver’s licence and be the age of majority in the province you live in.
    • Have a down payment. While it isn’t always necessary, having a down payment available when trying to get a car loan can be helpful, especially if you’re an applicant with bad credit.
    • Have a valid Canadian bank account to make payments on time.
    • Have all bankruptcies discharged at the time of applying. You also shouldn’t have any repossessions in the last year unless they’re included in a bankruptcy that’s been discharged.

    What provinces is Canada Auto Finance available in?

    Canada Auto Finance is available in every province and territory.

    The financing you’ll get and the lenders available to you will vary by province and you may not be able to access financing in remote areas. However, most cities will be covered. It’s worth noting that Canada Auto Finance doesn’t issue the financing – the service connects you with local dealers across the country that approve loans for the purchase of a vehicle. Canada Auto Finance says it limits the number of authorized dealers it works with in each area.

    What makes Canada Auto Finance unique?

    Canada Auto Finance is unique because it acts as the broker connecting auto financing applicants with local lenders it’s partnered with. The application process is done online – all you need to do is fill out some basic information along with details about your current financial situation. Once the application is submitted, you’ll be contacted by a local dealer that can help you create an auto loan specific to your needs.

    Canada Auto Finance is free to use and you are under no obligation to accept any of the quotes you receive. It also helps you find a car loan even if you have bad credit or no credit.

    When you get a car loan, you’re typically making payments back to a lender rather than to a dealership. However, some dealerships partnered with Canada Auto Finance offer in-house financing, so customers with bad credit – or no credit – can apply for an auto loan directly with the dealership.

    What types of car loans does Canada Auto Finance offer?

    Canada Auto Finance offers a number of types of loans you may be able to qualify for.

    • New and pre-owned car loans. Get approved for a loan to buy a brand new or pre-owned car, truck, SUV or minivan from dealers partnered with Canada Auto Finance.
    • Bad credit car loans. Canada Auto Finance emphasizes that you can still apply for financing and get approved for a loan even if you don’t have credit, with a credit score as low as 300 or if your credit isn’t in the best shape.

    What financing options aren’t available with Canada Auto Finance?

    Because all loans are processed through local dealers partnered with Canada Auto Finance, approved financing is restricted to new and pre-owned car purchases. You won’t find financing options for motorcycles, private sales, refinancing current loans or arranging financing from dealers that aren’t partnered with Canada Auto Finance.

    How much will a Canada Auto Finance car loan and monthly payments cost me?

    The cost of your loan will depend on which lender provides your financing. Keep in mind, your interest rate will be somewhere between 4.9% and 29.95%, depending on a series of personal factors, including your down payment, credit score, the terms of your loan and the type of vehicle you want to purchase.

    Payments on a car loan are typically determined by three key factors:

    • The principal. This is the total cost of the auto loan, including any fees that the lender or dealership add on for the car loan. You can be approved for as low as $500 up to a maximum of $45,000.
    • The term. This dictates the length of time that payments will be made for. Your term can run from anywhere between 3 months to 96 months.
    • The interest rate. This is the percentage that your lender will charge you to borrow the money for your loan. Rates can be as low as 4.9% and as high as 29.95%.

    Canada Auto Finance car loan payment calculator

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    Where can I buy my vehicle once I’m approved for a Canada Auto Finance loan?

    Once you’re pre-approved for financing, you’ll be contacted by a local dealer partnered with Canada Auto Finance. You’ll work with the dealer to create an auto loan specific to your needs and purchase the make and model of the vehicle you want through them.

    These dealerships are stocked with an inventory of vehicles, so you can choose the option that makes the most sense for you. New and pre-owned cars, trucks, SUVs and minivans are fair game; however, motorcycles are excluded from financing.

    How is my Canada Auto Finance interest rate determined?

    Canada Auto Finance won’t determine the interest rate for your loan or provide your financing. It’s a car loan matching service, connecting applicants with local car dealers that will approve your loan, provide your financing and set your terms.

    Your APR – or annual percentage rate – is typically determined by a number of factors, including the amount you’re looking to finance, the term of the loan, your down payment and your credit score. It’s this combination of factors that will help to determine your loan as well.

    You can expect to see a range of APRs from 4.9% to 29.95%. Your loan can be from a minimum of $500 to $45,000.

    Compare Canada Auto Finance with other car loan options

    1 - 8 of 8
    Name Product Loan Amount Interest Rate Loan Term Min. Credit Score Requirements
    CarsFast Car Loans
    $500 - $75,000
    4.90% - 29.90%
    12 - 96 months
    Min. income of $2,000 /month, 3+ months employed
    Get a new or used vehicle delivered to your door.
    Browse thousands of vehicles from dealers across Canada and get matched with financing that meets your needs.
    Loans Canada Car Loans
    $500 - $35,000
    0% - 31.99%
    24 - 120 months
    Min. income of $1,800 /month, 3+ months employed
    Compare rates from 60+ lenders.
    Complete a single application to get quotes from different lenders. Bad credit, CERB and EI borrowers considered. 0% APR for new cars only, used car rates start at 7.99%.
    Coast Capital Car Loan
    $10,000 - No Max.
    18 - 84 months
    Able to service debt payment of $300/month
    Competitive rates and flexible terms.
    Finance new and used vehicles from one of Canada's largest credit unions. No credit union membership required. Available across Canada except SK, QC, NT, NU, YT.
    Clutch Car Loans
    $7,500 - No Max.
    From 3.90%
    12-96 months
    3+ months employed, Max.1 bankruptcy
    Pre-qualify for a loan in under 2 minutes with no impact to your credit score.
    Get approved for financing in under 24 hours for the used car you want. No hidden fees. Get the vehicle delivered to your door.
    Canada Drives Car Loans
    $7,500 - $99,999
    4.75% - 29.99%
    12-84 months
    Min. income of $1,800 /month
    Buy a used car online and get it delivered to your door in under 24 hours.
    Get pre-approved for financing in 3 minutes with no impact to your credit score. No fees or penalties for early loan repayment.
    Carloans411 Car Loans
    $500 - $50,000
    1.90% - 19.99%
    Up to 72 months
    Min. income of $1,600 /month, 3+ months employed
    High application approval rate.
    Get connected with suitable lenders to finance your next car, van or truck. Check eligibility for this loan through LoanConnect.
    Canada Auto Finance
    $500 - $45,000
    4.90% - 29.95%
    3 - 96 months
    Min. income of $1,500 /month, 3+ months employed
    Get financing from partnered local lenders.
    Financing for a new or used car is available for borrowers with bad credit, no credit, CERB, EI or bankruptcy.
    Splash Auto Finance
    $10,000 - $50,000
    9.90% - 29.90%
    24 - 84 months
    Min. income of $2,200 /month, 3+ months employed
    Apply with any credit score.
    Get financing for a new or used car. Auto loans for borrowers with fair credit, bad credit, no credit or bankruptcy.

    Compare up to 4 providers

    What are the benefits of using Canada Auto Finance?

    • Easy, secure online application with quick pre-approvals. After filling out the application form online, you’ll be pre-approved and hear from a local dealer on the same day.
    • Loans provided to those with bad credit or no credit. Canada Auto Finance offers car financing for any type of credit situation.
    • No fees. You won’t pay any fees for using the Canada Auto Finance application process.
    • No co-signer needed. You can apply for financing without a co-signer on your loan.
    • No down payment. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.
    • Lengthy terms. You’ll be able to lock in a term lasting up to six years to help bring your monthly payments down.
    • National reach. Canada Auto Finance is partnered with dealerships in all provinces and territories across the country.
    • In-house dealership loans. Rather than working with a lender, auto dealerships can offer in-house financing for your car purchase.
    • Large inventory. You can choose from new and pre-owned cars, trucks, SUVs and minivans on offer from dealerships partnered with Canada Auto Finance.
    • Fast turnaround time. In most cases, you can expect to hear back with a response on your car loan application in less than 24 hours.

    What to watch out for with a Canada Auto Finance loan

    • Only some lenders showcased. Canada Auto Finance limits the number of local dealerships it works with in each region, so you’ll only get quotes from a segment of lenders. Be sure to request quotes from a few options to make sure you’re getting the lowest rates.
    • Potential for additional fees. While Canada Auto Finance doesn’t charge any fees for its application process, you may encounter additional fees and extra costs as you go through the loans process with your lender.
    • Steep interest rates for bad credit. You may be able to secure auto financing despite having bad credit or no credit at all, but you could end up paying interest rates as high as 29.95% for your loan.
    • No online quotes or online comparisons. After you submit your application, a local dealer will contact you by telephone to go over your loan request. Other services let you compare multiple lenders at one time on an easy-to-navigate platform so you can do your homework on various offers and interest rates before making a decision.

    How do I apply for a Canada Auto Finance car loan?

    If you want to apply for financing, click the green ‘Go to site’ button above to be securely redirected to the Canada Auto Finance online application. The application form asks for personal information, including your full name, email, date of birth, your address and contact details. You’ll also be asked about your employment and monthly income.

    Once you fill in the application, you’ll be contacted by a local dealer willing to finance you and you can choose a loan that best fits your needs from what’s on offer. Once you’re approved, you can use your financing to purchase a vehicle from the dealer.

    I got the loan. Now what?

    Your repayment options will be outlined in your contract with the dealership that is providing your financing and your car. You’ll pay your loan back in bi-monthly or monthly installments over three to six years.

    You may be eligible to pay off your loan early without any penalties if you’re interested in getting out of debt faster. If needed down the road, you can also ask your dealer about refinancing your loan.

    Frequently asked questions about Canada Auto Finance

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