Canada Car Program review

Use this Canada Car Program review to help you decide if you should apply.

Canada Car Program says it helps people with any credit score find a car loan by answering 13 questions. The website is underdeveloped and is missing key information such as a privacy policy, terms and conditions and contact details.

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Please note: All information about Canada Car Program has been collected independently by Finder and this product is not available through this site.

What is Canada Car Program?

Canada Car Program claims to be an auto financing agency that asks you 13 easy questions to get you approved for a loan. However, it seems that the company specializes in selling verified “leads” to dealerships across Canada.

This means that you likely can’t get a loan through the company. Instead, your information will be passed on to a third-party dealership in your local area which would then contact you about getting a loan or buying a vehicle.

Is Canada Car Program legitimate?

Unfortunately, we can’t sign off on Canada Car Program’s legitimacy for the following reasons:

  • Limited contact information. The company doesn’t have a physical address or phone number listed on its website. It only provides an email address.
  • Underdeveloped website. The website seems to be deliberately vague, with very few details presented upfront. It also requests a lot of sensitive information from users without describing what the company does.
  • Offers guaranteed approval. The company claims you can get approved for a car loan regardless of credit, but chances are you won’t be contacted or have your information passed on to potential lenders if you have a poor credit score and low income.
  • Minimal online presence. The company has very few online reviews, minimal social-media presence and negative reviews on its Facebook page (with most positive reviews coming from bots).
  • Not listed on provincial or federal business databases. We couldn’t find Canada Car Program registered in Ontario, BC or Alberta or on federal business databases.

Details as of October 25, 2022

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    What do I need to qualify?

    According to Canada Car Program’s website, you’ll need to meet the following requirements to be considered a valid lead for local dealerships:

    • Earn an income of at least $1,800 per month
    • Be employed for the last 3 months
    • Have a driver’s licence and be able to obtain car insurance
    • Have a valid phone number and email

    What information does Canada Car Program ask for on its application?

    1. Type of vehicle you want. Pick between a car, truck, SUV or van.
    2. Monthly budget. Specify how much you can reasonably afford to spend each month.
    3. Date of birth. You must be the age of majority in your province to qualify.
    4. Total income before taxes. You’ll need to prove you have the resources to make your monthly or bi-weekly payments ($1,800 per month minimum).
    5. Length of time earning that income. The longer you’ve been employed, the higher your chances of being approved.
    6. Employment status. Indicate if you’re employed, self-employed or retired.
    7. Employer name and job title. Specify where you work and what your position is.
    8. Housing situation. Specify if you own or rent your home.
    9. Cost of rent/mortgage. Indicate how much you pay for rent/mortgage each month.
    10. Length of time at current address. The amount of time you’ve lived in one place can help your lender determine if you’re in a stable living situation.
    11. Home address. The company uses this information to send your information to dealerships near where you live.
    12. Full name and contact info. Provide your full name, phone number and email.
    13. Credit score. Once you complete the application, you’ll be redirected to an outside site to verify your credit score (which requires you to input additional information).

    How to get a car loan that’s right for you

    You may want to compare the following features to get the best loan for your needs:

    • Annual percentage rate (APR). APR is the interest rate you’ll pay plus fees. These loans typically come with car loan rates between 3.99% and 29.99%, depending on the lender and your credit score. You may want to get pre-approved for a car loan with multiple lenders to find the best APR.
    • Loan amount. You could be eligible to get approved for between $3,000 and $50,000. You’ll typically need to purchase a newer vehicle to qualify for financing, but some lenders will finance used or older vehicles.
    • Loan term. Look for a term that makes your monthly payments affordable. Most lenders let you choose a term between 12 and 96 months. The longer your term, the lower your payments but the more interest you’ll pay over time.
    • Fees. Read the fine print to make sure you don’t get saddled with additional fees. These include NSF fees, late payment fees, origination fees, prepayment penalties or fees for loan insurance.
    • Repayment flexibility. Look for a lender that will let you pay the loan back on your own schedule. Some lenders offer only monthly payments while others will also let you pay weekly or bi-weekly.
    • Eligibility criteria. Some lenders will expect you to meet strict income and credit score criteria. Others are more lenient with credit scores as long as you meet their requirements for debt-to-income ratio.
    • Funding speed. Traditional lenders such as banks take longer to approve and fund car loans. Online lenders can usually fund loans on the same day you apply or the next day.
    • Lender reputation. Checking a lender’s online presence and customer reviews can give you a good indication of the quality of service you can expect to encounter with your loan. If you notice a pattern of complaints, that could be a red flag.
    • Down payment. You could get a no down payment car loan, or you could be required to pay between 10% and 20% upfront. Find a lender that lets you provide a down payment that suits your budget.

    Bottom line

    Canada Car Program claims to offer car loans to borrowers with any credit score. However, upon further investigation, it seems like the company specializes in generating car loan leads for dealers across Canada. This means your information may be passed on to third-party lenders who will reach out to contact you if you meet the lending criteria.

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