Canadian Auto News car loan review
Shopping for a car? Apply for an auto loan online and get pre-approved and matched quickly with the perfect car and car financing to meet your needs.
Canadian Auto News connects you with dealers from across the country to help you secure an affordable car loan. To be eligible, you must be a Canadian citizen with a valid Canadian address, be at least 24 years old and have a valid source of income of at least $2,000 per month.
3.99% - 29.95%
Max. Loan Amount
Min. Credit Score
Whether you have great credit, less-than-perfect credit or no credit history at all, Canadian Auto News matches you with dealers from across the country that can provide the financing you need. You can enjoy the convenience of car shopping and auto loan shopping from home without any obligation to move forward on the options you’re given.
- Consider Canadian Auto News if you’re looking for an easy-to-use online application that provides you with quotes from multiple lenders.
- Pick something else if you live in a province or territory that Canadian Auto News doesn’t serve or you’re looking for a private loan.
- Keep in mind that Canadian Auto News matches you with local lenders and dealers across Canada and isn’t a direct lender itself.
Expert reviewCanadian Auto News is an online broker connecting you with lenders and dealerships that can provide you with the car you’re looking for and the auto financing to purchase it. With a quick online application, Canadian Auto News lets you compare the rates on offer from various lenders. You’ll work with a customer service agent to help you decide on the best option to suit your needs.
The interest rates on offer will vary based on how much you want to borrow, for how long, and what your credit history looks like. Usually, you’ll get a better rate when you have a good credit score and a steady flow of income.
First, do I qualify?
First thing’s first, you need to make sure you match the eligibility requirements. To apply for a Canadian Auto News loan, you need to meet the following criteria:
- Be at least 24+ years old
- Be a citizen or resident of Canada with a valid Canadian address
- Have a valid Canadian bank account
- Have a steady form of income/be employed for at least 3+ months
- Have a gross income of at least $2,000 per month
- Consent to a credit check
Which provinces is Canadian Auto News available in?Canadian Auto News auto loans are available in the following provinces: AB, BC, MB, NB, NL, NS, ON, PE and SK. Quebec isn’t included in the serviced areas and neither are the territories. Your financing options and the lenders available to you will vary according to the province you live in. Canadian Auto News may not have partners in remote areas, but most major cities will be covered.
What types of car loans does Canadian Auto News offer?Canadian Auto News car loans include the following:
- 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 across Canada.
- Bad credit loans. Canadian Auto News emphasizes that you can still apply for financing and get approved for a loan even if you don’t have credit, your credit isn’t in the best shape or you’ve filed for bankruptcy.
What are the benefits of a Canadian Auto News car loan?
Using Canadian Auto News as a platform to secure auto financing comes with its perks. They include:
- Easy, secure online application. Simply fill out an application online and you’ll receive quotes from multiple lenders to help you compare your options.
- Multiple lenders. You’ll get quotes from several lenders when you apply, which means that you can compare the rates on offer and choose the best loan for you.
- Quick pre-approvals and financing. You may be able to get financing for your vehicle in a couple of days, depending on the lender you choose and how much you want to borrow.
- No collateral required. You won’t need a down payment or any collateral such as your home, vehicle or a cash deposit to secure your loan, although secured loans are an option if you prefer them.
- Lengthy terms. You may be able to take up to seven years to pay off your loan, depending on how much you borrow. Try not to prolong the length of your loan if you don’t need to. Your goal is to get out of debt as quickly as possible.
- Bad credit doesn’t matter. The state of your credit score won’t matter as much if you have a stable job and a steady form of income.
- No fees. You won’t pay any fees for using the Canadian Auto News application process.
What to watch out for
Because Canadian Auto News isn’t a direct lender, there are some caveats you need to pay attention to before you sign up for a car loan. They include:
- 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 agreeing to steep interest rates to secure your financing.
- Potential for additional fees. While Canadian Auto News 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, depending on which lender or dealership you go with. Watch out for these charges because they can drive up the cost of your loan.
- Limited to commercial-sale vehicles. You won’t be able to use your financing to purchase private-sale vehicles.
- Only some lenders showcased. You’ll only get quotes from lenders that are partnered with Canadian Auto News. This could lead you to miss out on a great deal, so it’s worth requesting quotes from a few options to make sure you’re getting the lowest rates.
- Not available in all of Canada. Canadian Auto News isn’t available in Quebec or in the territories.
How do I apply?
If you meet the eligibility criteria and you’re ready to apply for a car loan with Canadian Auto News, follow the instructions below. The application process shouldn’t take more than five minutes:
- On the home page, choose what your preferred vehicle is (car, truck, minivan or SUV).
- Provide details on your current employment status (employed, self-employed, student or other), your total monthly income before tax, and how long you have been receiving this income.
- Provide the name of your employer and your position.
- Provide your personal details, including your full name, your address, how long you have lived there and your birthday.
- Provide your contact details, including your email and phone number.
- Provide your credit score.
- Review and submit your application.
- Upon submission, a representative from the Canadian Auto News loans approval centre will contact you within one business day, or sometimes sooner depending on the time of day that you apply, with your loan options from various lenders and dealerships.
- Once you’re pre-approved, you can use your loan to purchase a vehicle from Canadian Auto News‘s partners’ inventory. You’ll be able to choose from over 14,000 vehicles without needing to worry about how you’re going to get the money to get your car on the road.
- Sign up for the loan you’re interested in and negotiate your contract with your lender.
- Pay for your vehicle and begin making payments on your loan.
What documents do I need to apply?
If you’re ready to proceed with a Canadian Auto News auto loan, here’s what you’ll need to provide to your lender:
- Government-issued ID. You’ll need to provide proof of your identity, such as your driver’s licence or passport.
- Void cheque. You’ll need to give your lender access to your bank account to deposit your funds and deduct your payments.
- Proof of income. You’ll have to show how much money you make each month with documents such as pay stubs and bank statements.
- Credit report. As you progress through the loans process, your lender will likely need to pull your credit score to assess your creditworthiness.
- Proof of residency. You’ll typically be required to show that you have a permanent address in Canada before you can get financing.
I got the Canadian Auto News car loan. Now what?
Your repayment options will be outlined in your contract with the lender that is providing the financing for your car. You’ll pay your loan back in bi-monthly or monthly installments over the course of a year up to seven years, depending on the terms you agreed to.
Make sure you’re committing to a repayment plan that you can stick to and ensure that you have sufficient funds to make these payments each month. If you have bad credit or no credit at all, this is a great opportunity to rebuild your credit and show your trustworthiness to lenders. Your best bet to make sure you don’t miss a single payment is to set up automated payments with your bank. You won’t have to deal with any late fees or penalties with autopay too.
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. Discuss these options with your lender before agreeing to your loan if these are important features for you.
Compare other car loans
If you’re shopping for an auto loan, Canadian Auto News is a free resource to get you started. You can apply online quickly and easily, and a customer service agent will contact you to outline a list of lenders that have pre-approved you for various loans. With this platform, you can compare several offers in one go and decide on which loan terms best suit your needs.
It’s also a great resource to keep in your back pocket if you have less-than-perfect credit. While banks and credit unions may turn you down for an auto loan, you can compare bad credit car loans on offer to you via Canadian Auto News. Always do your homework before deciding on a loan to secure the best interest rates and loan terms for you.
Remember, the service is free to use so you don’t have to commit to the options provided to you.