CarsFast Car Loans

Interest rates from 4.9%
- Thousands of vehicles
- Multiple financing options
- Pre-approval in 60 seconds
- Vehicle delivery to your door
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
CarsFast Car Loans
Interest rates from 4.9%
Knowing your options for buying, leasing or even refinancing your dream car can get you out on the road more quickly – and leave you with more money in your pocket.
A car loan is a type of financing used specifically to purchase a new or used car. After buying the car, you’ll make monthly payments of both principal and interest until the loan is fully paid off. Auto loans are usually secured loans — the car itself is used as collateral and can be repossessed if you don’t make payments.
How much you can borrow and what interest rate you get depends on the lender and your personal financial situation. The best way to ensure you’re getting the best deal available to you is to compare offers from multiple lenders before signing on to any car loan.
When it comes to how much you’ll pay for auto financing, you need to factor in both ongoing costs built into the loan and upfront costs. These are going to include:
In addition to APR, the length of your loan term also affects the overall cost. Your loan term is the amount of time you have to pay off your loan. A short loan term generally results in higher monthly payments, but a lower total loan cost. A longer loan term gives you lower monthly payments, though you’ll ultimately pay more in interest.
After your APR and term, you’ll want to pay attention to how much you’ll have to pay up front and in taxes:
If you’re financing with a dealer, ask about any cashback discounts to avoid leaving money on the table. Three main types include cash rebates, low-interest dealership financing and special leases. Government rebates for low-emission or hybrid vehicles are also available in many states.
Some dealerships offer interest-free financing, but it’s not always easy to get. Keep these drawbacks in mind before signing on to 0% APR financing:
Before you compare lenders for car loans, calculate how much you can afford to pay for a down payment, monthly repayments, any fees and your loan’s overall cost. Look up the taxes and fees associated with purchasing a car in your province or territory, and add them to the cost of each car you consider.
Banks, credit unions and online lenders often ask borrowers to choose a car before applying. Matching services and dealerships, on the other hand, usually ask you to come with an open mind. Regardless of where you apply, narrow down the makes and models of different cars in order to get an idea of the type of car you can afford.
Click on each question to expand more information about what to look for.
You’ll find that some of this information isn’t readily available online for loan-matching services and dealerships. In those cases, it’s worth taking a look at reviews, forums or calling a customer service line to get a ballpark answer.
Promoted for
Quick Approval
Promoted for
Financing Repairs
Promoted for
$0 Down Financing
Promoted for
Any Credit Score
You’re ready to apply for a car loan if you:
Use our car loan monthly payment calculator to see how much you can afford
The car loan application process can vary wildly depending on the type of financing you choose. Getting financing from a dealership doesn’t involve most of the steps outlined below, for example – instead, you start at the dealership.
Go to your lender’s website or physical store and follow the steps to pre-approval. This typically involves a soft credit pull and can take anywhere from a few seconds to a few days.
Depending on what type of lender you’re borrowing from, you might need to have a specific car in mind to qualify. Others will just want to know how much you’re willing to spend, including taxes and fees. Regardless of which choice you choose, go in with a specific number in mind.
Your lender will tell you the type of loan you stand to get once you’re preapproved. Some lenders also guide you toward vehicles you can qualify for at this point. Carefully consider your finances to make sure you can afford your loan before taking the next step.
At this point, your lender might ask to see documents to verify your income, insurance and more. Online lenders typically allow you to upload forms and documents as PDFs.
You typically need to sign off on your loan before going to the dealership, but that’s not always the case. Regardless, read the terms and conditions with extra care, and look up anything you don’t understand. Never skim a loan contract – always read it thoroughly.
You must find insurance before purchasing a car. While your dealership (and some lenders) can offer insurance, you won’t necessarily get the best deal through them.
See if your lender can set up an appointment for you. Otherwise, go to the dealership and tell the salesperson who you’re financing with. Then, pick out a car you can afford.
This step can be the most uncomfortable, but also the most crucial. Negotiation is generally expected at car dealerships – and reflected in prices.
Look out for extra unnecessary fees and confusing language. Ask lots of questions, especially if something seems fishy.
After paying the dealership, your lender will take care of setting up your loan’s repayment schedule.
You can register, get ownership and get registration plates for your car at Service Canada, for a fee. You may also be able to do some of these steps at the dealership.
Most lenders ask to see at least three documents when you apply for a car loan:
So, you’ve finalized the deal that got you behind the driver’s seat. Now it’s time to start paying off your car loan. With many lenders, you can set up automatic payments so you don’t forget to pay. Keep track of your personal account and loan balance to make sure everything goes smoothly.
Before signing your loan contract, find out if you can make early repayments without incurring additional fees by contacting your lender directly.
How easy it is to get approved for a car loan depends on several factors. These include your creditworthiness, your income and how much you can afford to pay for a down payment. If you have strong credit and enough disposable income to afford a down payment plus monthly repayments, getting approved isn’t difficult.
The state of the economy can affect how easy it is to get a car loan. If the economy is doing poorly and you work in an industry that’s experiencing a lot of lay offs, lenders might be more cautious about giving you a car loan. On the flip side, if the economy is doing well, lenders are typically less concerned about you losing your job and could be more willing to approve you with favourable rates.
What makes a good APR depends on your personal credit score. If you have excellent credit, a good APR could be 0.99% to 4% on a used car loan. If you have poor credit, the lowest APR you may be eligible for could be around 12%, or much higher. It all depends on your creditworthiness and your options.
Generally, yes. Most car loans are secured with the value of your car, which can be repossessed if you stop making repayments. In fact, you typically don’t own your car’s title until you’ve paid off your loan entirely.
Usually, you will need to be a Canadian citizen or a permanent resident. However landed immigrants can sometimes be approved for car loans. Having a valid Canadian address will likely be the most important factor.
Yes. Refinancing can offer you a better rate and lower repayments and is an option available from many lenders.
This depends on the lender you are applying with. Check the requirements of the loan before you apply.
Leasing a car can be an option to consider if you’re looking for a newer model car every two or so years – just remember you will never have ownership of this vehicle. Repayments will generally be lower on lease agreements but they are harder to get out of than just selling a car under finance, so you need to be sure you’ll want the car for the next two years. Learn more with our buying vs leasing a car guide here.
Typically, 0% financing is only available to borrowers with excellent credit scores – between 800 and 900. Dealers typically also consider aspects of your personal finances like your income and debt-to-income ratio when deciding your interest rate.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
Splash Auto Finance specializes in car loans for borrowers with less-than-ideal credit histories.
Canada Drives simplifies the process of buying a car, showing you how much you can borrow along with a list of vehicles you’ve already qualified for based on your approved financing.
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 auto financing at competitive rates to help you buy a car.
Want to get top rates on your car loan? Compare lenders using this online car loan broker.
Do you need a bad credit car loan? Enjoy decreasing interest rates every year that you make on-time payments with this reputable lender.
Get competitive interest rates and top-notch customer service with this reputable car loan provider.
Find out how to qualify for bad credit loans with this BC-based lender and learn whether it’s a good fit for your unique set of needs and budget.
Get approved for a loan with this Ontario-based lender and have your new vehicle delivered straight to your doorstep all within a couple of days.
Find out more about what you’ll need to do to transfer a car loan to another person in Canada.
Looking to buy a new car? Find out how much Canadians will typically spend on car payments.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.