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Car Loans Canada review

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Want to save money on your next car loan? Use this innovative platform to compare lenders and lock in competitive rates.

Search thousands of vehicles online, including $0 down options, from dealers across the country and get matched with affordable financing options. Auto loans are also available to those with bad credit, consumer proposals and bankruptcies to help rebuild credit.

3.99% to 29.90%

Interest Rate


Max. Loan Amount


Min. Credit Score


Product NameCar Loans Canada
Interest Rate3.99% to 29.90%
Loan Term12-84 months
Loan SecuritySecured
Serviced Provinces/TerritoriesAB, BC, MB, NB, NL, NS, ON, PE, SK
Turnaround Time48 hours
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More Info
  • Think about Car Loans Canada if you want to find reasonable rates and you’d prefer to get quotes from multiple lenders.
  • Pick something else if you want to compare your own quotes manually or you live in a province that Car Loans Canada doesn’t serve.

Expert review

Car Loans Canada is an innovative online platform that lets you compare the rates on offer for car loans from a number of different lenders. All you need to do is fill out some basic personal information along with details about your current financial situation. From there, you’ll be contacted by a customer service agent and connected to a list of auto financing providers.

Interest rates on your car loan will vary based on how much you want to borrow and for how long. You can also expect rates to fluctuate in line with your unique personal and financial situation. Usually, you’ll get a better rate when you have a good credit score and a steady flow of income.

First, do I qualify?

To be eligible for financing from Car Loans Canada, you’ll need to be 24+ years old, have a minimum monthly income of at least $2,000.00, be 3+ months employed, have a valid/provable source of income and be a Canadian citizen with a valid Canadian address.

To qualify for a loan, you’ll also need to be the age of majority in the province you live in and you’ll have to show that you have a valid Canadian bank account. On top of this, you’ll be required to consent to a credit check.

What provinces is Car Loans Canada available in?

Car Loans Canada is available in the following provinces: AB, BC, MB, NB, NL, NS, ON, PE, SK. 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. That said, most major cities will be covered.

What makes Car Loans Canada unique?

Car Loans Canada is unique because it lets you compare multiple lenders at one time with the click of your mouse. This means your choices will be streamlined so that you don’t have to compare quotes manually, which can save you a significant amount of time in the long run.

This platform is also unique because it lets you get the best deal on your car loan with repayments you can afford. It works with over 300 lenders to help you get pre-approved for financing so you know how much money you have to spend before you start shopping for a vehicle.

What types of car loans does Car Loans Canada offer?

There are a number of different types of loans you may be able to qualify for when you apply for financing with Car Loans Canada.

  • Used car loans. You can usually apply for used car financing if the vehicle you want to purchase is less than seven years old.
  • Bad credit loans. You can apply for financing and get pre-approved for a loan even if your credit isn’t in the best shape.

Where can I buy my vehicle once I’m approved?

Once you’re pre-approved for financing, you’ll have the option to purchase the make and model of the vehicle you want through a Car Loans Canada approval centre. These centres are stocked with a massive inventory of vehicles so you can pick and choose which one makes the most sense for you, without breaking the bank.

How much will my loan cost me?

The cost of your loan will depend on which lender you choose from the list of providers willing to finance you. Most lenders will charge interest rates that sit between 3.99% and 29.9%, depending on certain personal factors. These can include your credit score, your monthly income, the term of your loan and what type of vehicle you want to purchase.

Depending on what interest rates you secure, you may be able to save hundreds of dollars by comparing multiple lenders through Car Loans Canada‘s tech-driven process. Just be aware that this platform will only list the rates of providers that it works with. For this reason, you might want to go online and request quotes from a few unlisted options to make sure you’re getting the lowest rates.

What are the benefits of a loan with Car Loans Canada?

  • Flexible payment options. You can choose to make your payments weekly, bi-weekly or monthly, depending on your preferences.
  • Open-ended loans. You can pay your loan off in lump sums with no penalty for early repayment.
  • Long terms. You’ll be able to lock in a term lasting up to eight years to help bring your monthly payments down.
  • No down payment. It’s possible to get a loan without paying any money out of pocket to secure your vehicle.
  • Large inventory. You can select from over 14,000 vehicles with Car Loans Canada’s certified approval centres.

What to watch out for

  • Only some lenders showcased. You’ll only get quotes from lenders that Car Loans Canada works with, which could lead you to miss out on a great deal.
  • Fee for cancellation. You won’t be able to cancel your loan without penalty since Car Loans Canada doesn’t offer a cooling-off period.
  • Additional fees. You may encounter additional fees and extra costs as you go through the loan process, depending on which provider you go with.
  • High rates for bad credit. You could end up paying higher than normal rates for your loan if you have a bad credit score.
  • Not available in all of Canada. You won’t be able to use Car Loans Canada in Quebec or the territories.
  • No online quotes. You’ll have to speak to a customer service representative over the phone to get a list of quotes for your next car loan.

How do I apply?

If you want to apply for a loan with Car Loans Canada, click the green “Go to site” button above to be securely redirected to the online application. Once you fill in the application, you’ll then be contacted by a customer service agent to discuss your car loan needs. From there, you’ll be supplied with a list of lenders willing to finance you and you can choose the loan that best fits your needs.

Once you’re pre-approved, you can use your loan to purchase a vehicle from Car Loans Canada‘s 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.

I got the loan. Now what?

Your repayment options should be outlined in your loan contract when you apply. You’ll typically be able to pay your loan back over a term that lasts between one and eight years. These repayments will be scheduled to come out of your bank account weekly, bi-weekly or monthly.

You might also be eligible to pay your loan off early without penalty if you’re interested in wiping out your debt as quickly as possible.

Frequently asked questions

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